Buyers trespassed and moved in early. Real Estate |
- Buyers trespassed and moved in early.
- Problem with sellers on closing day.
- After 3 years of lurking this sub, we finally closed on a house yesterday.
- Unhappy with our realtor and getting more so every day.
- Canceled Contract - Our Experience
- Possibilities for a Jumbo Loan in CA?
- How often does failed mediation progress to arbitration?
- Are the agents on Redfin buyers' agents?
- Can anyone recommend a good book for first time Landlords.
- Are we out?
- What kind of tax benefits can i get after buying a house?
- Switch to managing own property
- Need advice on delayed condo closing in Brooklyn, NY (Delayed TCO/CO)
- Signed Contract to Sell to Investor as is. Now thinking its cheaper to not sell my home. Am I likely to get sued if I default?
- When is Earnest Money Deposit due?
- Purchase Agreement Question r/ Financing Stipulation
- Feeling Very Unlucky
- 2 months into first home, discovering foundation issues (underpinning), blame inspector?
- Sellers getting three days possession
- Flood zone
- First time buyer
- First Time Homebuyer Nerves
- Bank won’t sell to an investor?
- What is a Stock Cooperative?
| Buyers trespassed and moved in early. Posted: 09 Oct 2020 04:48 PM PDT See previous post for detailed backstory. Y'all... We told the buyers agent that they did not have permission to move in prior to closing. It was a back and forth all day and it was very clear that the answer was "NO". Apparently they "thought of the house as their own already". Well, actually, it isn't until closing. Their agent sent an early occupancy agreement yesterday offering zero dollars a day with zero penalties for not closing. No thanks. Denied. Turns out that their realtor gave them the lock box code anyway and they started moving in this morning! We went by tonight to check the mail one last time and what do you know... there are people IN MY HOUSE. The very people we clearly said couldn't be there. My husband called the cops. I called my realtor. My realtor said the other realtor takes full responsibility. Ok great. He didn't apologize btw. Cops show up. It's a civil matter and cops can't make them leave because the realtors are our proxies and the buyer's agent said it was ok.... with no signed agreement. WHAT?! They did leave several hours later but apparently tried to leave with the key. I am so over this. What a shady POS. The buyer's agent is the broker so we won't be complaining to him- what's the next step? A state real estate commission? (Tennessee btw) How on earth is this not criminal?! What a zoo. What a freaking zoo. Stay safe out there. [link] [comments]  |
| Problem with sellers on closing day. Posted: 09 Oct 2020 08:01 AM PDT Hello! I am hoping for some quick advice. We are closing on our house today. We just discovered this morning that the sellers still have stuff all over the property and in the house. They also have a POD blocking the garage now and tore up the driveway getting it up. I'm actually not sure we will be able to get the POD back off the property now, let alone get our moving truck up. We have not signed the closing paperwork yet, but we have wired the money for closing fees to the bank. Any advice would be greatly appreciated! Do we go ahead and sign? Do we delay signing the paperwork until they finish moving all their stuff? The sellers are still there and there is no way with the amount of stuff still there that they will be out by the end of the weekend, let alone today. [link] [comments]  |
| After 3 years of lurking this sub, we finally closed on a house yesterday. Posted: 09 Oct 2020 11:15 AM PDT Only one month of searching. 30 days between offer and close. Closing was unceremonious and anticlimactic, lol (thank goodness). Thanks for all the extremely useful information from the folks here. I was surprised how much I knew about the process just from reading posts here. Cleveland area, listing $135k, got it for $140k. [link] [comments]  |
| Unhappy with our realtor and getting more so every day. Posted: 09 Oct 2020 09:06 PM PDT Before we listed our house, our realtor told us a few things we needed to take care of. There are some outdated (vintage) aspects to our home, but also a lot of high quality upgrades and updates. We also already moved out, so the house is empty and ready to sell (or rent). We did about three months of work on the house (on evenings and weekends and days off of work), but took too long with one specific upgrade we couldn't do ourselves and need to hire out. The contractor is out 6 weeks, so we got a quote and if someone put an offer on our house but had a problem with the vintage rooms, we were going to offer a concession. Our realtor ran the comps and said what he thought our house could sell for. We went right in the middle of his range. A few days pass once it's on the market with ONE showing and no offers. Ok, the realtor comes back with, "I just ran the comps (again), you are priced too high (like that's OUR fault?), AND you really need to do those other upgrades." Sure thing (eyes rolling at this point), let's find another contractor, luckily we found one who had a cancellation and should have the main thing up-to-date by next week. However, the house has now been on the market for over a week and the interest in it is dwindling rapidly. Tonight we got a text message from the realtor saying now we need to repaint our whole house (interior). We chose the existing colors because we liked them, they're not offensive, just not your "basic" beige or white. The one main room I'm going to paint, but would anyone on this sub seriously recommend painting every room in your house beige in order to sell it? Oh also, in the last five years, we have put a new roof on, installed all new Pella windows and doors, installed a new 16 SEER A/C, and several more upgrades. We wanted to put all this in the write-up, but the realtor told us no one cares about these things so he omitted them. Is that true, do people not care that they won't have to replace their roof for 25 years, or that their AC is brand new? I'm just getting really annoyed because he was hyping us up so much, and now he's saying our house looks like crap. I've never sold a house before, are these common tactics? Or is it reason to un-list the house and find a new agent, maybe try our hands at being landlords? If he doesn't want to let us out of our contract, would we have a legal route available? For reference, two months ago the house next door to ours sold for $220K, with a smaller main floor, an unfinished basement, and every room is completely outdated from the 1970s, old roof, old windows, etc. Our house has a finished basement, and the only thing outdated on the main floor is some dark wood trim & interior doors. Our realtor initially told us a high range of $275K, it he's now saying $240-250K. Which I'm honestly fine with and where I expected it from the beginning. Just annoyed that he hyped it so much and is now backpedaling and telling us we need to do all this other stuff after we've already spent three months working on it, and we're exhausted. [link] [comments]  |
| Canceled Contract - Our Experience Posted: 09 Oct 2020 01:10 PM PDT Not sure if this'll help anyone, but this was our 7 day experience as home buyers (2nd time home buyers, just sold our house last month)
Now I wished we waited for the appraisal to come in and not have wasted the money on an inspection we don't even have to look at, but c'est la vie. I highly doubt the owners will drop their price to $650K + $20K we were willing to put down. They have a lot of pride in their home and in all the beautiful upgrades they've made to the interior (which ultimately didn't matter to the appraiser.) The appraisal was rough but on the bright side: - Glad we didn't have to make the hard decision about whether we wanted to deal with possibly replacing plumbing and dealing with a really old septic system. We've been really looking to do as minimal. Also glad I have trained myself to not emotionally attach myself to this process. Taking this disappointment surprisingly well despite feeling amazing vibes from the house. [link] [comments]  |
| Possibilities for a Jumbo Loan in CA? Posted: 10 Oct 2020 12:21 AM PDT I was pre approved for a 701K conventional loan as a precursor to looking at houses. Upon searching, I've found that any house I actually want will require a jumbo loan. When I went to my lender and asked if I could get approved he told me that nobody can get a low down payment jumbo loan at the moment, but from what I've seen online this isn't the case. So couple of questions; 1. Is my lender correct? 2. If he isn't, what other lenders should I look at in CA that are offering low down payment jumbo loans? Thanks for your time. [link] [comments]  |
| How often does failed mediation progress to arbitration? Posted: 09 Oct 2020 08:00 PM PDT Hey all - this is happening in the Bay Area of California as background. Wife and I sold our condo a few months ago and the person who bought it has had his lawyer threatening us with mediation for the last 4 months but looks like we're finally going in a month or so. His demands are ridiculous: $150k for everything under the sun: soundproofing the unit, replacing the electric heaters with central heating (stating the electric heaters "aren't sufficient"), all new electrical which he claims is due to soundproofing. All this stems from him claiming we didn't claim noise issues from the unit above. His entire proof consists of things he claims our realtor told him verbally which she of course denies and he got a hold of one email from us respectfully asking the neighbors to not have a lot of guests over during the first open house we hosted as a courtesy to the showing. We've never had an issue with the neighbors above but even did disclose that you can hear the neighbors if they are loud, just in case. No complaints from us to the HOA, police, etc. Anyways, he's apparently yelled at our realtor and the other owner of the two condo units so we've heard plenty about how crazy he is and we don't suspect that mediation will go through amicably. With that in mind, how often does something with this much lack of proof proceed forward? Obviously the legal costs are our biggest concern and the mediation itself is already costing us way more than we want but we agreed to both mediation and arbitration in the sale contract so don't really have an option but to proceed. Anyways, would love to hear from folks who have either been in this situation or dealt with it as a lawyer. Thanks! [link] [comments]  |
| Are the agents on Redfin buyers' agents? Posted: 09 Oct 2020 07:36 PM PDT How does using the agents on Redfin to buy a house compare to an independent agent? [link] [comments]  |
| Can anyone recommend a good book for first time Landlords. Posted: 09 Oct 2020 04:35 PM PDT Going to rent out my place in the city as my wife and I look to move to the Suburbs. Can anyone recommend a good guide or book that for beginning Landlords? Thanks in advance. [link] [comments]  |
| Posted: 10 Oct 2020 01:59 AM PDT We bid on a home that we thought would be a long shot because the asking price was already the very top of our budget. It's a gorgeous house. They had over 50 families at the open house and we waited in line for half an hour since they were being cautious with distancing. Put in an offer slightly above asking (550 and asking price was 549), have no contingency to sell, flexible closing, removed appraisal contingency because home was priced well and even if we needed to come up with some cash for that we could. Also stated we would buy home as is. Also putting down 10 percent and earnest money was significant. Basically we are taking on all the risk because the market is so crazy here. Wrote a heartwarming letter. Didn't think we would even get close because there were 11 offers total. We got top three and ended up becoming the runner up. They said they loved our terms-yeah, no shit. We keep getting runner up!! So now I think they are still in attorney review, have to check with my realtor but are there any cards left to play here to have the sellers possibly change their minds while they're still under attorney review and can back out with no consequence? We can't offer more money-that is our top so that we can still have room to breathe. But, anything else at all? Or do I just sit back and hope the contract falls through on its own. It probably won't. Everything has been so competitive here. Just want to make sure we play all our cards. Really really love this home for us. [link] [comments]  |
| What kind of tax benefits can i get after buying a house? Posted: 09 Oct 2020 08:57 PM PDT I spoke to an agent and he said i can get some money back during tax filing. Does anyone have a comprehensive list of benefits? [link] [comments]  |
| Switch to managing own property Posted: 09 Oct 2020 05:05 PM PDT Hi newbie here. We have been using a property management company the last 2 years on a single family rental. The lease expired in July and they are now on a month to month lease. I have always been frustrated that we use this company because they charge a large amount ($500-600) each time they get a new tenant for us, not to mention a percentage of the rent when we are already kinda hands on anyway. I want to manage it myself (I already manage 1 myself) since I'm wanting to learn the property management side of things and willing to put in the time. We already have contacts for gardeners and handyman. I have talked to the tenant and they are okay with working directly with us if we manage the property ourselves. We would be executing a new 12 month lease with the tenant and keeping rent the same. My question is, is this allowed? What are the steps we should take to ensure this is handled in the right way? Would we just end the contract with the proeprty management company and the tenants would give their 30 day notice? Just want to make sure we are doing things the right way. [link] [comments]  |
| Need advice on delayed condo closing in Brooklyn, NY (Delayed TCO/CO) Posted: 09 Oct 2020 07:53 PM PDT Need some advice on this extremely frustrating situation. Was super excited to buy a condo in Brooklyn and ended up going into contract on a place in July in a 6-unit sponsor development. We were the first unit to go under contract, and now there's 2 under contract. Seller's agent quoted us an August closing (all that was needed was the TCO, which they were working on getting) and we definitely weren't concerned since we assumed it would take at least a month to get through appraisal, lender items, etc. Well, it's now October 9th and we still haven't closed. Seller's agent said that there are delays with the NY Department of Buildings all that's needed now is the plumbing inspection, and it's due to COVID. However, I am starting to wonder if this agent was full of crap from the beginning and knew we weren't going to close for a long while and knew we were clueless on the process. When looking on the NY DOB website, there still appears to be like 16 items remaining to get the CO. We can't even get an estimated closing date at this point. On an equally frustrating note, our attorney has basically ghosted us and won't help us to obtain updates. Our agent has tries to ask for updates on our behalf but just keeps getting the same answer from the seller's agent: still waiting on NY DOB. The sponsor has been delinquent on filling out the condo questionnaire for our lender. We also had to release our rate lock since it was expiring, but luckily rates should remain low. Not to mention, we are living in temp housing with most of our stuff in storage. Is anyone familiar enough with the process of buying new development in NY and what the actual progression of events/timeline looks like to get the TCO/CO? Any insights would be greatly appreciated! And are things actually delayed due to COVID or is the agent full of s***? [link] [comments]  |
| Posted: 09 Oct 2020 07:31 PM PDT The only thing that sounds like an exit from seling my house is a part that talks about defaulting as the seller. It says if I default I owe the buyer 1k as thats the equivalent to the earnest money. But then it also says that the buyer(aka the real estate investor) can potentially sue me in addition to that money being paid. We also signed something that I believe gives this investor first picks if we sell anytime in the next 25 years. Should I just cut my losses and sell to the investor still? Or am I unlikely to have several thousand owed if I get sued? Houses are just very expensive in my area and I think I'd be better off refinancing the one I have to try to lower my monthly payment. Thanks for any advice! [link] [comments]  |
| When is Earnest Money Deposit due? Posted: 09 Oct 2020 03:42 PM PDT After going under contract, at what point exactly in the process is the Earnest Money Deposit due? Does someone (lawyer, seller's agent, etc) formally reach out and request it? Thanks [link] [comments]  |
| Purchase Agreement Question r/ Financing Stipulation Posted: 09 Oct 2020 05:11 PM PDT Good evening all, our sellers are requiring in the PA that we finance locally. Is this common and if so what is the reasoning? We got great rates from a seasoned family friend across state. What gives? [link] [comments]  |
| Posted: 09 Oct 2020 12:36 PM PDT Hi everyone! So we started trying to buy a house a couple of months ago. We found one we liked, made an offer, and everything seemed to be rocking along until the appraisal came back. The appraiser found an easement on the property that would have to be removed before they could sell. We waited in limbo while the seller tried to fight it, but finally he was told it would take a couple of months and he would have to go in front of the city planning board. Our realtor advised us that our rate lock was expiring and it just was not a good idea to wait, so we moved my 9 year old back to his original school and we found another house in our area. Finally, right? Made an offer, went under contract, and it was looking good, until...the appraisal. It came in 20K low. I thought it might come in low, but everyone assured me it would not. Well, it did. Apparently the appraiser made some mistakes on the comps, so the listing agent and my realtor are fighting to get it fixed. Once again, here we are in limbo. On the first house, we missed 2 closing dates, and on this house, my realtor just informed me that we are probably not going to make closing next week. This has been an emotional rollercoaster. You look so forward to that closing date, just to have it yanked. I know my realtor is working her tail off to get us in this house, it's just so exhausting and depressing to be in limbo like this. Every day I wake up hoping for some good news, and go to bed disappointed. Oh well, maybe tomorrow... [link] [comments]  |
| 2 months into first home, discovering foundation issues (underpinning), blame inspector? Posted: 09 Oct 2020 09:23 PM PDT TL;DR inspector didn't notice that foundation needs underpinning because it is crumbling at the very bottom. Foundation repair will be expensive. What are my options? 1917 home in MD. Purchased as is but with inspection contingency, disclosures indicated that basement (unfinished) was leaky but french drain and sump pump took care of it. Basement had no funky odors, and a dehumidifier is usually running down there and came with the house. I am OK with this, and inspection reveals no issues, so I buy the house. 2 months into ownership, after having noticed a few leaks, I decide it's time to waterproof the basement properly, maybe from the outside, or regrade to divert water flow. I can also apply for a historic property grant in PG County, so I want to get some quotes from experts to submit a strong grant application. First expert comes over yesterday, peeks behind the cinderblocks covering the french drain (see pic of this setup), and notices that the mortar between the bricks is crumbling, and points out a gap between the foundation walls and the floor. He says that the foundation needs underpinning, the bricks need repointing, and if this is not done soon enough (maybe a year or two), there will be signs of undesirable settling (cracks in the walls, etc). He also suggests that this should have been apparent to the inspector, and even if inspector is not a structural engineer, inspector should have advised hiring a structural engineer to inspect the place before committing to buy. I start freaking out, and call in another waterproofing company for their opinion, as well as book an appointment with a structural engineer. They are coming next week. So...what can I do now? This house is otherwise perfect for me and my partner, and if we can get the historic preservation grant we would use it to fund the foundation repair. It could be $50k (grant is upto $50k). On the other hand, if we don't get the grant, I still have funds (or can get a loan) for the repair. It's obviously not urgent, but also not something I expected to do so soon after buying. We don't want to sell, and in the worst case, we spend extra $50k out of pocket and end up with a ~$525k historic home with a much-improved foundation (sale price was $475k). In this rising market it's not a bad deal. but... More importantly, what recourse do I have with the inspector? The gap under foundation walls is visible if you shine a flashlight behind the cinderblocks. I know the inspector is not a structural engineer, but the inspection report does not even mention any concern with the foundation. So how can I get them to make this right? My agent says inspector should be well-insured. I plan to accumulate evidence in the form of 2-3 repair estimates and photos of the issue, and then call the inspector and hold their feet to the fire. How would you approach this, and any advice in general for this issue? [link] [comments]  |
| Sellers getting three days possession Posted: 09 Oct 2020 09:41 AM PDT Currently under contract for a house in a hot seller's market, and while we got our contingencies, we also agreed to three days possession by the seller after close so they can have time to move out. I'm thinking it's too late to change the contract, but just want to be prepared for potential issues with this. From googling, seems like it's not that uncommon in a hot market. Also when would we even get the keys and everything and from whom? This isn't in the contract. I'll ask our agent but wanted to be informed before talking to her. Any logistics about this process or experiences with it would be appreciated! [link] [comments]  |
| Posted: 09 Oct 2020 08:09 PM PDT Went under contract on a home. Found out the house itself is not technically in a flood zone but the appraisal report showed half the property was in the flood zone. Literally the colored area reach just short of the back door (but onto the back patio) and onto the sides. The agents are downplaying this, saying how floodmaps change or they've never had a flood, but I'm upset bc no one disclosed this upfront. Or at the very least, my agent should have done their job and told me. I would never have made an offer in the first place and now I've wasted inspection, appraisal, and story fees. I even told them I was willing to accept the house as is and did not ask for a single fucking thing post inspection. Then to get this shocker felt so disrespectful. Then radon testing came back over the limit. My agent isn't being clear on when my last time to back out is. Anyone know? [link] [comments]  |
| Posted: 09 Oct 2020 08:07 PM PDT My SO and I just started looking to purchase our first house. We are paying cash. We are currently working with a realtor and checking out properties with his help. We found a listing of a seemingly perfect (checks all our boxes) house that we are going to visit. Seller is selling without an agent and I haven't mentioned this listing to my realtor as advised by family. Would this mean since no realtors are involved can we go lower on pricing since neither will be making commission if we decide this is 'the one'? [link] [comments]  |
| Posted: 09 Oct 2020 12:32 PM PDT I have this impending feeling of everything falling through on the home we just purchased, even though I rationally know that everything will turn out fine. Based on your experience are there any obstacles that would cause this deal to fall through? House & Appraisal: The seller accepted our offer of $237900 and we will be putting 10% down, causing the total loan to be $214110. Collateral Analysis values the home at $228000, CoreLogic values the home at $241600, and Quantarium values the home at $236918. The neighborhood is an up and coming historic district in a medium-sized city. Inspections: Inspections were successful. Seller agreed to all repairs and wrote a check to our selected contractor. Mortgage: My husband and I were pre-approved, have a high income in a low cost of living area, have no debt, credit scores > 770, and have just over 3 months of cash reserves. I don't know why I'm so scared that for some reason we'll be denied, I just keep thinking that there must be something that is going to go wrong. We applied for a 30-year conventional loan. [link] [comments]  |
| Bank won’t sell to an investor? Posted: 09 Oct 2020 04:14 PM PDT Hello, just a quick question. I am interested in a bank owned home but they advised that they are not selling to investors and they want to sell it to someone that will use it as their primary residence. I realize that the bank can make any terms that they want but is this something that is fairly common? Are there any loopholes to purchasing it as an investor? Thank you in advance. [link] [comments]  |
| Posted: 09 Oct 2020 07:26 PM PDT Google gives me some rough info, but not enough to gague its effect on prices. Is it similar to a Tenancy in Common? I saw a place that looked like a good deal, but it has a line at the end saying it was a stock cooperative. Location: San Francisco, CA [link] [comments]  |
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