I think the couple who bought my house are trying to sue me two months later? Real Estate |
- I think the couple who bought my house are trying to sue me two months later?
- The appraisal system is incredibly flawed. We need a new one.
- About your Home improvement "upgrades".
- (MA) Is it weird or any kind of issue to write a letter to the buyers?
- (CA) First time buyer, housing prices dropping, what should I look out for?
- Seller has a ton of liens - will this hold up the sale of a property?
- Cash out refi on owned property
- Only 1.5 hours until lawyer office closes, and still no mortgage money from our bank!!!
- Wholeselling in Ohio
- Lock Rate (2.875%)?
- USDA Assets
- FIRPTA and Trust
- Which is more appealing to a seller—20% downpayment without a contingency or 50-60% down with a contingency?
- Ah4r wants to take my deposit and charge me 967.19 extra.
- Assessed value went up $186k this year. Do I do anything?
- Learned some more about our Realtor and wondering if it’s enough to release us from the contract with the Broker
- First time real estate investor with $15,000 cash. What are some ways I can use that. I would rather buy and flip then hold onto and charge rent .
- Anyone have a minisplit HVAC system as their primary heating/cooling?
- Discouraged. Wife and I just lost our dream home. Help!!!
- Nearby home sold for much less and screwed my appraisal, how?!
- What is your best or worst Real Estate Agent experience?
- Which is the fastest and easiest real estate school online? (California)
- Buyer inspection objections in a seller's market
- Final loan approval rejected, switching loan types?
- Looking for recommendations for Loan shopping
| I think the couple who bought my house are trying to sue me two months later? Posted: 16 Oct 2020 03:41 PM PDT I live in Georgia and just sold my house in the middle of August. We had a normal due diligence period and addressed issues such as the septic tank, paint, etc. Nothing out of the ordinary. Closing came and went without much hassle. I just received an email today (almost two months later) that the buyers want my current address because there is a "substantial leak" of water coming from outside into the basement when it rains. They found this leak after the recent hurricanes brought much stronger than usual rains to our area. I was never aware of this issue. The inspector when we bought the house didn't mention it, and when we sold it, neither my agent nor their inspector mentioned it. The purchasing couple emailed me and said they had a few questions and had "some information they wanted to send me via mail". Are they trying to serve me? Should I contact a lawyer? [link] [comments]  |
| The appraisal system is incredibly flawed. We need a new one. Posted: 16 Oct 2020 10:19 PM PDT First, no disrespect to appraisers. You all work hard and your time, efforts and education are appreciated. Simply here to share a recent experience that shed light on some incredible inconsistencies in the bank / appraisal process that I feel need a major overhaul. Realtor in Los Angeles here. Some buyers of mine had an offer accepted in a 12-offer bidding war on a home for $805,000 - We knew that the accepted price was on the higher end of the area, but the home wasn't a fixer, nor was it newly remodeled (14 year old partial remodel). We felt confident with 6 comps within a mile & 6 months that could support the value. My buyers were putting down 10%, which was most of their cash. Their lender was a loan broker.
This is an incredibly flawed system. Many lenders have told me "an appraiser makes up their mind on value before they even visit the property" -- Well, frankly, that's not good enough. People are putting their lives & futures in the hands of these appraisers, and I don't think any consideration is made regarding this. Buyers & sellers are trying to move forward on their dreams, their debts, their lives and more. It's disappointing that one person can disrupt that all so severely. This process needs an overhaul. Appraisers, banks and agents should be able to have more open discussions. All of the "we're not allowed to talk to the appraisers" rules create a huge divide. Additionally, realtors like myself probably need better training on the appraisal process. Perhaps this will control bidding wars a little more. Nonetheless, something needs to change. Scenarios like the above are happening all too frequently. [link] [comments]  |
| About your Home improvement "upgrades". Posted: 16 Oct 2020 05:14 AM PDT Hello, It seems every week there is a rant from a "butt hurt" home seller about the expected ROA on Her/His home improvement expenditures and the very minor appraisal impact - if any . Hopefully, these posts are reviewed by people in the process of a project of at least future food for thought. Buy/Build/improve for your enjoyment and benefit and if necessary, look into the comps if you are worried about building yourself out of the market. these improvements are to protect your investment and when the time comes to sell, could make your unit more sell-able or less time on the market . it is difficult to quantify this but you can easily calculate the cost to carry , per day of your property and the difference of sitting on the market 1 week vs. 4 weeks is definitely worth $$. and if you upgraded properly , may result in a stronger offer. TL:DR upgrade for yourself, not the market [link] [comments]  |
| (MA) Is it weird or any kind of issue to write a letter to the buyers? Posted: 16 Oct 2020 09:55 PM PDT My mom sold her house yesterday. Closing is complete. Her health took a sharp downturn and she moved into assisted living. I moved away across the country 11 years ago about couldn't help her. She was originally going to sell her house to the neighbor for some random dollar amount that she thought she saw on Zillow once. That random amount was way below market. My mom and I fought about it a lot it stressed me out. The neighbor backed out. The house was appraised. The realtor was going to list it but scheduled two showings for interested clients within his brokerage first. After the first showing, the buyers put in a very good offer above appraisal, with earnest money, solid deadlines, and they weren't required to sell their house first. They were first time home buyers in their 20s. I read over the offer to my mom who agreed and I signed it as power of attorney. The rest of the process was fine. One small thing came up in the inspection and we credited they buyers some cash for it. My mom had to move quickly and didn't get a chance to go through her things. There was no time or man power to list things on Facebook marketplace or whatever. I couldn't fly out to help her due to covid. We let the buyers go through the house and pick out what they wanted to keep. They got some furniture, lawn care equipment, tools, and shelving units. My friend was telling me that real estate in our market goes fast and it's really hard to buy a house. I feel like my mom's buyers acted quickly, decisively, and aggressively (in a good way) to get the house. I'm really happy that the real estate process went smoothly and that things worked out so well for the buyers. I'm glad it was simple and drama free for my mom too. The house is within walking distance to beaches, parks, local events, restaurants, etc. I have a lot of great memories there. I just want to express to this young couple how happy I am for them and I hope they have great memories too. I'm grateful they helped make this process so simple for my mom and that they were able to use a lot of things that would be otherwise thrown away. I don't know if this would be weird or an issue. I feel like they're a taboo to communicating with people on the other side of a real estate transaction. Is it ok if closing is complete and the correspondence is 100% positive? Do I open up my mom to any kind of issue opening this channel of communicating? I don't want to be their pen pals just felt compelled to congratulate them now [link] [comments]  |
| (CA) First time buyer, housing prices dropping, what should I look out for? Posted: 16 Oct 2020 11:35 PM PDT I started touring homes, 3 of which are tomorrow. I'm a bit skeptical that these houses dropped in price up to 150k over the pandemic year, but everything seems within reach now a days. I've been a renter for over 10 years. I was wondering what are things I should be on the lookout for when purchasing a home vs renting? And do these things still apply for condos with HOA's? For the record, I have been doing most of the home repairs to homes myself. (Thanks to landlords) and have a somewhat stable job for the economy. [link] [comments]  |
| Seller has a ton of liens - will this hold up the sale of a property? Posted: 16 Oct 2020 01:08 PM PDT Purchasing a home from a seller who has two years of unpaid taxes and several liens. We are purchasing it for $900k. Based on the title commitment doc, they have a $350k mortgage, $40k in past due property taxes, $130k in IRS liens, $28k in state income tax liens, $56k in outstanding court judgments. The house is owned by both the husband, wife, and a trust. This may be more a legal question, but could there be anything else outstanding that would also take away from the proceeds of the sale or not identified by the title company? We are supposed to close in 2 weeks, but I'm starting to feel like this is highly unlikely given that all of that stuff is unresolved. [link] [comments]  |
| Cash out refi on owned property Posted: 17 Oct 2020 01:13 AM PDT I own my condo outright and want to pull some equity out of it, a realtor mentioned a lender can do a cash out refi to facilitate this. I'm planning on using the money to buy another property, live in that and rent this condo I'm staying in now since rents are sky high and so is the HOA/cost of living. I have enough money to buy a house outright right now but a bit more would help with getting something nicer & in a better neighborhood (something I'd actually want to live in) than what I could afford with what's in my bank account. its a seller's market right now if there ever was one, but I'd like to start investing and getting returns as soon as I can. should I wait it out and see what 2021 brings or go ahead and relocate now? [link] [comments]  |
| Only 1.5 hours until lawyer office closes, and still no mortgage money from our bank!!! Posted: 16 Oct 2020 12:17 PM PDT We are closing on our house today. We have very hard to book movers and appliance delivery people coming tomorrow to bring things to the house, and we STILL do not have our keys because our lawyer still has not received the funds from our bank. They said the bank assured them that they would have the funds to them this afternoon but there is only an hour and a half until the lawyer office closes. I'm freaking out. If we have to cancel the movers and appliances it could take WEEKS to rebook them and we only have our rental until next Wednesday. What should we do? Has anyone else experienced this?? [link] [comments]  |
| Posted: 17 Oct 2020 12:22 AM PDT Is it illegal to wholesale in Ohio without a real estate license? Google is using big words I don't understand when I try to find the answer to my question there [link] [comments]  |
| Posted: 16 Oct 2020 03:17 PM PDT Hi redditors, Finally under contract for a house. Should I lock in 2.875% for a high confirming loan (in SoCal)? Is that a good rate? Or anyone else have a better rate for high conforming loan in SoCal? Thanks [link] [comments]  |
| Posted: 16 Oct 2020 06:33 PM PDT I am at my closing date and the underwriter to my USDA loan is telling me I am $1000 and some change over the asset requirement to qualify for zero down. Is there a legal way to shed some money legally to be eligible for 0%down? I have student debt and credit card with no debt. [link] [comments]  |
| Posted: 16 Oct 2020 10:17 PM PDT I'm in escrow for a home and the sellers are 50% trust and 50% a US citizen. The CAR form Trust Advisory says that this sale is not exempt from the withholding requirements. So, does this mean that I need to make sure the escrow company withholds 15% of the purchase price and to send it to IRS? My LO was only aware of it for foreign nationals. I have messaged my agent, but can anyone help clarify for me? [link] [comments]  |
| Posted: 16 Oct 2020 10:12 PM PDT We plan on selling our first and only house. We've paid off about $400K and plan on putting it all towards the new house once we sell our current home, but I'm not sure if we can pull together a 20% downpayment on a new home without first selling. We live in such a competitive housing market (California) that I'm worried we'll be overlooked with a contingent offer. What are my options here? Sorry that I'm so oblivious to everything real estate related... but if my husband qualifies for the mortgage loan on his own, could I get a loan in my name for whatever additional amount we need to make an offer with a 20% downpayment without a contingency, then repay the loan immediately after selling our current home? [link] [comments]  |
| Ah4r wants to take my deposit and charge me 967.19 extra. Posted: 16 Oct 2020 04:03 PM PDT I rented from american homes 4 rent and I lived in the property for about 5 years. I paid a deposit of $2625. I moved out last month and ah4r sent me a letter stating that there were damages beyond wear and tear which is simply not true. They sent me an itemized list which totals $3653. And they want to take my deposit and pay the difference. They claim they have to paint the house and needs full interior cleaning. I hired a cleaning company before I moved out to clean the house which leads me to believe that they just put a list together that is not true. The house was not in bad shape and I feel they want me to pay to remodel that house. Is there anything I can do on my end? The lease says im responsible for anything excluding normal wear and tear. [link] [comments]  |
| Assessed value went up $186k this year. Do I do anything? Posted: 16 Oct 2020 03:38 PM PDT I was looking for possible historical documents for our house on the state's website and saw the tax assessment jumped for 2020. It's still significantly (approx $100k) under the market value but that's what it's supposed to be, right? House was completely renovated in 2018 and 2019 - before we bought it. Do I do anything? Seems like a steep jump. [link] [comments]  |
| Posted: 16 Oct 2020 05:46 PM PDT My husband and I closed on our new home eight weeks ago. We were doing improvements on our old home and went with a realtor whom my husband knew and thought was a good realtor. First of all, he priced our house about 10% too high. Then he told us things to do before we listed the house: paint the rooms light gray or light beige, for instance. The house got one showing in two weeks, with no offers. I asked a friend who worked with a realtor and she's the one who told us the house was priced 10% too high. My own realtor came back and is trying to convince us we (not him) priced it too high, and wants to drop it by 20%, which I think is extreme. Then he brought in a "high end interior designer" who said we needed to paint the whole interior white. We live in a decidedly middle class neighborhood, NOT high end whatsoever. Besides, he's the one who told us to paint light grays and beiges. When I said that to him he said there is "good better and best, and white is best." He's taking no responsibility for what we did based on his previous recommendations. Furthermore when I said I was too frustrated and exhausted to repaint the entire interior, he said "I'm sorry you're upset" which is an infuriating non-apology. So I did some more research and turns out he does not do much real estate anymore. Mainly he is a landlord, and the houses he does list are lake cottages hours away where he has a lake house. He's sold two houses this year (one being the one WE bought) and only one house last year. Whether or not he was obligated to tell us he's not really into selling anymore, he should have told us he doesn't do it very much, and not in our area. But he didn't. And his attitude about all the work we need to keep doing over is really rubbing me the wrong way. Does anyone think these are valid reasons to contact the broker and be able to get out of this contract? We honestly don't even care about selling anymore as we can technically afford both mortgages. [link] [comments]  |
| Posted: 16 Oct 2020 05:14 PM PDT Should I buy land and hold on to it ? I see land for $15,000 in a good suburb. [link] [comments]  |
| Anyone have a minisplit HVAC system as their primary heating/cooling? Posted: 16 Oct 2020 02:34 PM PDT What do you think of it? Does it work how you would expect? Are all rooms the temperature you would like or do some rooms like bathrooms get too hot/cold? [link] [comments]  |
| Discouraged. Wife and I just lost our dream home. Help!!! Posted: 16 Oct 2020 08:21 PM PDT As everyone knows, buying isn't Easy in this market. A month ago my wife and I went under contact for our dream house/land/neighborhood. Today we found out the seller had an amount of liens against the title that totaled more than the selling price. Long story short, the seller is choosing the foreclosure route, turning it over to the bank. The seller will not have the right to sell the house. We are going to try to work with the bank to see if we can maybe work a short sale deal before it goes to sheriff auction. Chances feel pretty slim. Any advice for help? [link] [comments]  |
| Nearby home sold for much less and screwed my appraisal, how?! Posted: 16 Oct 2020 08:14 PM PDT Under contract to purchase a home and was waiting for my appraisal. A similar home a couple blocks away sold a few days ago for 15% less than my purchase price and of other comparable units! This listing got included in my appraisal and dropped my home value below my purchase price which is going to be problematic. The home is similar but why in the world would a seller sell for so low?! If it was a distress sale, does the appraiser have knowledge of that? Can I get this listing excluded? [link] [comments]  |
| What is your best or worst Real Estate Agent experience? Posted: 16 Oct 2020 08:11 PM PDT The barrier of entry to become an agent is fairly low so their are lots of agents put there, some good, some bad. What is your "story" of your best or worst experience with a real estate agent. [link] [comments]  |
| Which is the fastest and easiest real estate school online? (California) Posted: 16 Oct 2020 07:22 PM PDT I'd like to take the test and complete my school requirements asap, any advice is greatly appreciated (: [link] [comments]  |
| Buyer inspection objections in a seller's market Posted: 16 Oct 2020 07:13 AM PDT So I recently put my house up for sale (we are in a Colorado front range town, which is currently a very hot market). House was priced at or slightly below comps. I received 3 offers within the first day of showings and went under contract for 10k over asking. The buyer came back with a laundry list of inspection objections, all of which are not cheap. The major ones include: Replacement of FP Stab-lok panel (I was aware and willing to do) Hiring a professional landscaping company for backfill to fix negative grading at back side of home Hiring a structural engineer to further evaluate foundation and make recommended repairs (The house had permitted foundation work done in 2010 and was evaluated and in good condition 2 years ago when I purchased the home. Minor/moderate settling cracks are normal in our area, due to the clay-based soil). In addition to all these things, there is a pretty nit-picky list of about 12 more items. My initial thoughts are to provide a credit for the Panel replacement along with a bit extra to show good faith for some of the other items on her list so that we can meet in the middle. If she pushes back hard, I'll put the house back on the market. I just don't see the need to go through the hassle of having a structural engineer come out for what are likely minor issues when I'm getting multiple offers over asking. I suppose my question is, does my thought process sound reasonable in response to her objections? [link] [comments]  |
| Final loan approval rejected, switching loan types? Posted: 16 Oct 2020 03:23 PM PDT Hello. Hoping someone with a bit more knowledge can put my mind at ease. I'm buying my first house and we were supposed to close on the 9th, but my lender took forever getting the condo certification they needed and this delayed the closing. Since then I guess my debt to income ratio increased by 1% from 42 to 43%, which is now preventing me from getting the loan approval on this freddie mac first time home buyers product, even though the debt to income required for the loan is less than 45% according to my lender. Now my lender is stating that they are trying to get me a lower interest rate on the mortgage (currently locked at 2.89%) to lower the debt-to-income, but if that fails they will switch me to a conventional mortgage and my interest rate and PMI could be higher. Is switching loan types a huge ordeal? How long will my closing be delayed? I dont want to lose to house. How much higher could my costs be on conventional vs the freddie mac new home buyers program? Is there a chance the funding could fall through completely and I will be SOL? I suffer from severe GAD, and I can't handle all of these unknowns. I feel like I'm going to faint. This never would've happened if the lender had their shit together regarding the condo cert in the first place :[ Any information you can provide will be most helpful. [link] [comments]  |
| Looking for recommendations for Loan shopping Posted: 16 Oct 2020 03:16 PM PDT Hey Redditverse, first time home buyer in SoCal here. My wife and I have been renting in OC/IE area for the last 3.5-4 yrs. We started looking at some properties last December and when the pandemic hit this year we thought we were going to get the best deals of the decade. Boy were we wrong. We are both mid career professionals (I am an engineering manager and my wife's a transportation planner) and had a decent saving- but this crazy sellers market, crazy home prices and aggressive offers from 15-20 parties on each of the properties we liked forced us to look outside North OC (where we ideally wanted to buy in the first place). We finally have an accepted offer at Riverside in the city's best school district. For a multitude of reason whether Riverside was a good decision on not, we have to move to our own property as soon as possible. The sellers have a 15-17 day period contingency to find a new property, which is ok with us. Long story short-we are in the market for a lender right now and we have some time to get quotes. Our agent for us connected to a really reliable lender whom we like and after some research I think his closing cost estimates are fair. However I still wanted to get some advice from the savvy real estate redditors regarding what they recommend in my situation. Note that I'm looking for direct lenders and no brokers for my first purchase. I have excellent credit in the range of 780-800. It would be good for my "frugal conscience" to shop around for the loan a little bit to reduce the closing cost- however I don't really know where exactly to start and what closing costs I can really optimize. Here's what I know so far:
Thanks to the community in advance for any recommendation and guidance :) [link] [comments]  |
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