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    Home Unlabelled Excited First Time Homebuyer Real Estate

    Excited First Time Homebuyer Real Estate

    January 29, 2021

    Excited First Time Homebuyer Real Estate

    Excited First Time Homebuyer

    Posted: 28 Jan 2021 10:07 PM PST

    I've been looking forward to purchasing my first home for over a year now. The last few months were spent aggressively saving up for a down payment + closing costs and researching local markets. I knew exactly what kind of property I was looking for when I finally had enough saved, and there was one that caught my attention. I knew it was exactly what I needed after visiting it. My real estate agent said it had been on the market for 25 days which is a long time considering the current market and the fact that it had lots of updates and new appliances. However, there was another potential buyer that visited earlier in the day who was going to put an offer in. I put an offer in myself later that day with an acceleration clause to go up to 5k over asking. First thing next morning I get a call from my agent saying the seller accepted my offer, and I could not have been happier. The icing on the cake was that the other potential buyer put an offer in under asking so I got it for asking price. That was my first and only offer on any home, and it was accepted!

    I was shocked at how smooth the whole process was up to that point. I was waiting for the other shoe to drop with the home inspection, but it came back basically spotless. The inspector pointed out a window that doesn't lock properly and a noisy bathroom fan (probably just needs to be cleaned/dusted). The seller agreed to fix the window at their expense. On top of everything my real estate agent said there was an equivalent condo unit sold and appraised for the same amount as the one I'm purchasing, so the appraisal should not be an issue either.

    Just wanted to share a happy story here. Closing date cannot get here fast enough!

    submitted by /u/EliteNoobForce
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    Things I wish I had known before buying a prewar NYC co-op

    Posted: 28 Jan 2021 11:23 AM PST

    First time buyer here, posting this for people looking to buy an NYC co-op because I did a lot of research and I still knew nothing. I hope this can be helpful to someone else. This is mostly specifically about prewar co-ops.

    1. Look at the building's windows. Historic windows are expensive to replace, $900-$2200 each. Are all the windows rotting? No storm windows? Could mean a big assessment for the building or a big expense for you. Can give you an idea if the building is on top of repairs.
    2. I asked our agent many times about getting an inspector and he pressured us out of it because co-ops have strict maintenance standards (not always true), but I think it's worth getting your unit looked at. I personally wish I had got an electrician to look at the unit, and/or a plumber. In our unit the electric box was new but after poking around post move-in lots of things looked jerry-rigged, and after swapping out a ceiling light we discovered frayed 1920s era wires. Not that you could necessarily have known that from an electrician's visual, but they would have some insight I'm sure. Our sinks didn't drain properly as well (we didn't run them long enough during the walkthrough). I would wager experienced plumbers and electricians have probably seen a lot more than an inspector, particularly ones who work in pre-war co-ops. Also flushomatic toilets, hard to replace.
    3. Ask when the building last updated their plumbing, elevator, roof, lintels, brickwork.
    4. If the co-op's maintenance is very low compared to similar co-ops it could be that many of the residents living there have been there a long time, are perhaps on fixed incomes, and want to defer on the maintenance. This was the case in our building and there were many band-aid solutions for old problems. This can result in a ton of assessments at once, and the younger people in the building will ultimately have pick up the slack, could be a huge expense.
    5. Ask your agent to ask the co-op if you really need to print out 5 x 300 page applications or if the board can look at it digitally.
    6. Our agent, who we had a negative experience with, told us to get renter's insurance which was absolutely the wrong kind of insurance. This caused trouble when the pipe under our sink leaked into the unit below. You need condo insurance. Google around reddit for recommendations, some insurance is really basic. Your local customer service office might be super nice but their claims agents are another story. Take time to compare policy quotes. Ask the co-op manager where the co-op's policy ends and yours should begin. For instance are you responsible for your windows, or the pipes under your shower, etc.
    7. Our agent tried to pressure us out of looking at the board minutes because they took a while for the building manager to assemble, but you should absolutely look at them and see what expenses are coming up, noise complaints, etc.
    8. This one is speculative and perhaps specific to our agent, but if your agent is trash talking a co-op, or hyping one up you're thinking of putting an offer on, ask for evidence. Ours would talk all the time about what shape certain buildings were in and how good the board was, only to totally reverse his claims later, forgetting what he had said. I have no idea why he did this but I suspect the pool of agents repping historic co-ops in this neighborhood is quite small and he had friends he preferred to work with. In retrospect I doubt that he had intimate knowledge of all these different boards' inner workings.
    submitted by /u/ContentHog
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    So confused. Please help

    Posted: 28 Jan 2021 06:32 PM PST

    My wife and I began searching for a home in the fall. We quickly got our pre-approval and certificate of eligibility from the VA. We found the home that we had dreamed of at the beginning of November. (We live in a rural area where everyone is familiar with one another). Our realtor is a long-time friend of mine and was brutally honest throughout the duration of the process. He mentioned that the selling agent told him numerous times that it was a waste to show the house because according to her "it will never pass a VA appraisal". Our realtor encouraged to move forward only if it was the home that we wanted and that if not, we could continue looking. We made our offer which was quickly accepted and signed a contract on the 15th of November. The only modification to the contract was the seller/selling agent requesting that the negotiation period be cut from 10 days to 5. We happily agreed as we were eager to own our (hopefully) forever home. My deposits were made and our inspection was completed within a week. Our only requests were small things with the exception of two bathrooms being repaired that were completely inoperable, yet was never disclosed by the selling agent or the advertisements. They promptly agreed to our terms and the VA appraisal was ordered. The appraisal was returned on the 15th of December. The value came in exactly where it needed to be and the repairs required for the VA loan totaled at most $2k, of which were the same repairs that I requested to be made after my inspection.

    Flash forward to the week of our estimated closing date of January 15th.

    We scheduled a meeting with the selling realtor at the home to see if there was anything that still needed to be completed. The selling realtor did not show, but the owner of the home did come and speak to us and let us know that she didn't really know what to do or where to start. No repairs had been completed whatsoever. I confided in my realtor about my disappointment. We did buy down our interest rate to 2.5% and every extension to our closing date saw our cost to close rising. Having knowledge of the selling realtor, he disclosed that she had other offers on the table and didn't seem eager to complete our transaction. I cannot say for certain, but I am assuming at least one of those offers includes her as the dual agent. My realtor contacted the selling realtor and made mention of her not showing up and that we were supposed to close in five days.

    Things progressed and all necessary repairs were completed in less than a week. This brings us to this week. The only thing to our knowledge remaining was receiving the final appraisal inspection. It was then that we were notified that there was an issue with the drain field that unexpectedly had to be repaired. This was known for over two weeks, but no one from the selling side made us aware of this. In an attempt to figure out what was going on, I contacted the septic company ran by a friend of mine. He stated that he has been waiting for nearly two weeks just to be told when and where to put the new drain field. At this point I am furious. I contacted my title company to speak with them regarding moving the closing date from our now scheduled date of February 1st. It was at this time in which the title agent let me know that the selling realtor had told her to not complete any title searches because the deal was "going to fall through, anyway". This event occurred only two weeks ago as well. (She forwarded the email to me regarding her comment).

    Here we are with no set closing date, closing costs growing, a lease that expires on Sunday, and me leaving with the army in the middle of February, leaving my wife and two young children home to handle this mess. What can I do? What should I do? Is this normal? Am I being irrational?

    Quick side note, my client care specialist that has been handling my loan, has cc'ed me on all communications that he has had, just so that I was always in the loop. In every single communication between him and the selling realtor, I was removed by her.

    Edit: I apologize for being so long-winded while also being new to reddit. I wanted to paint the whole picture. My wife suggested posting our situation here, because, well, you guys and gals are a lot smarter than I am.

    submitted by /u/reconbyfire19
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    Put in our second and final offer for our first house ever today

    Posted: 28 Jan 2021 08:51 PM PST

    And we didn't get it. That's pretty much it. I'm in a highly competitive market and I know it's to be expected, it's not the end of the world, more houses will come, most people experience several rejections before they get their offer accepted.

    But I'm still bummed.

    submitted by /u/mashtartz
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    Additonal Termite inspection

    Posted: 28 Jan 2021 11:26 PM PST

    Home sellers had a termite inspection done prior to listing. Should I do an additional one or pass on it?

    submitted by /u/HatefulAngryNation
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    Any concerns on a house around a power/electrical substation?

    Posted: 28 Jan 2021 11:10 PM PST

    We recently saw a house that we really like but just found there is a power/electrical substation in the neighbor when we were driving by. The direct distance between the substation and the house is about 1000 ft based on google maps. We couldn't hear any humming sound or noise from the substation when we were touring the house. Not sure if that distance is considered too close to the substation to create any noise, resale, or even health concerns.

    submitted by /u/dk3nck
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    Renting (love this place), landlord started bringing people through to sell (my guess), my property is somewhere else (renting-good set and forget investment)

    Posted: 29 Jan 2021 02:54 AM PST

    What's the game ? Get in touch with the owner and negotiate something between us? How do I not get screwed over in this situation? I just don't want to move, this place is it.

    submitted by /u/Elchivato80
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    Update: I think the couple who bought my old home are trying to sue me now

    Posted: 28 Jan 2021 03:09 PM PST

    Hey All,

    I initially posted here: https://www.reddit.com/r/RealEstate/comments/jcjven/i_think_the_couple_who_bought_my_house_are_trying/

    TL;DR - A couple bought my home in August of last year and contacted me in October about water intrusion in the basement, and wanted to "send me information" in regards to it.

    Update - So last week they sent a certified Letter of Demand from an attorney, saying they believed I knew about the issue and misrepresented it during the sale. A contractor came out and removed a portion of the back deck and the basement ceiling and found that some improperly installed flashing/rot were the reason for the intrusion. He quoted them $12k for the repairs, and they asked for that in the letter. Thankfully, my work provides legal insurance, and I contacted a lawyer and responded saying I did not know of the issue and was 100% truthful in my disclosures. I fully expect them to take this to court some point soon.

    Does anyone have any advice for this situation/anything to ease my anxiety? I know I did not hide anything and did everything I was supposed to on my end, but the couple who bought my home has a father who works in commercial real estate and he's not the nicest dude - I am just worried something will go wrong and I will be on the hook for $12k, which I definitely do not have.

    submitted by /u/_Agent_Michael_Scarn
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    Another happy Costco refi customer

    Posted: 28 Jan 2021 06:04 PM PST

    We left the city and bought a SFH in the burbs in April 2020 with a rate of 3.5%, which was decent for the time. I've been watching the rates dip since and reading all of the refinancing success posts here had me itching to get it done and so last Friday I signed up for a Costco membership online. By Monday I had two companies beating each other's offers, as well as quotes from Better.com and LenderFi. One of the Costco-afflilated companies gave us the best rate at 2.5% with no points with $1500 in lender credits and we signed the paperwork yesterday. We'll save $215 a month and $45k in total if we pay off in 20 years or $52k over 30. Thanks to everyone here who touted this program — the loan officers I spoke with were incredibly kind and easy to get in touch with and I'm just hopeful the rest of the process goes as smooth. I've never even shopped at a Costco before. but I guess I will now...

    submitted by /u/yumyumcoffee
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    (CA) How should I divide home equity with my sister?

    Posted: 28 Jan 2021 09:27 PM PST

    Back story:

    My grandparents built a house 50yrs ago. When they died its value was divided between their 3 sons, but it stayed in possession of my father. When my sister got married she convinced my uncles to sell her their shares, which she got a mortgage for. She was married and in possession of the house for a year and a half, at which point she separated from her husband and transferred her shares & signed the mortgage over to myself so as to keep it in the family.

    Fast forward 12years:

    I've paid about $415,000 in mortgage and maintenance/repairs in this time, about 2/3 covered by renting the upstairs suite. The assessed value has gone up by 30%. The mortgage is up for renewal. My father has died. My income is unlikely to get approval for the mortgage without some additional signatory. My sister will sign back on, but...

    The "deal":

    My sister wants to take over the upstairs suite (current rent would be $2800) with her once & again husband, and to increase her(their?) share to 50% over the next 5 years. Her current share is technically 1/6(half our dad's share), but if figured 25% to be nice. She & her husband would pay the mortgage( $1600mo) and I'd cover insurance/tax/power/water/internet(about 40-45% of yearly home expenses).

    My issues:

    *Her moving into upstairs suite will more than double my current cost of living here due to the loss of rental income.

    *25% seems like a huge & unfounded increase in her share given the last 12 years and my continuing to pay more than 1/3.

    *lets say the house increase 500k in the next 5yrs, I only see $140k of that due to their increasing share.

    *This is my retirement and my daughters inheritance, I don't want to shortchange myself.

    What do?:

    Relationships sometimes fall apart, sometimes 2-3 times(right sis?), how do I make sure I'm not screwed or forced to sell by B.I.L.? I'm increasingly tempted to sell for around a million or so, give her her cut, and fuck off somewhere way more affordable than Victoria. Is this the best option?

    What if I sell and put everything in GME? /s

    This ain't 'Bama so I don't want to fuck her, or be fucked by her.

    How do we make this equitable?

    Also, she'll probably see this, so tell one of us how dumb we are.

    submitted by /u/OddCanadian
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    What would you do

    Posted: 28 Jan 2021 03:19 PM PST

    Home has been on the market for a week. Received an offer (not full price but within range). Person wants closing 45- 60 days until divorce is finalized. What would you do?

    submitted by /u/britt_57
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    What’s the best way to get listings in a low inventory market?

    Posted: 28 Jan 2021 06:26 PM PST

    I'm a brand new agent and this area is so hot that people from out of state are buying at all-time-high prices, usually sight-unseen.

    What techniques are best for finding folks who have extra property to sell, or who might consider selling? And encouraging them to list with me if they do want to sell?

    submitted by /u/RidgetopDarlin
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    Is my agent from Zillow sketchy or not?

    Posted: 28 Jan 2021 04:32 PM PST

    I'm looking to buy a condo, and I have very specific preferences and I pretty much knew the square mile(s) in which I wanted to buy my condo.

    So when a listing that fit all my criteria popped up on Zillow, I just typed some questions into the question box on Zillow and an agent got in touch with me, and told me that he is representing me and not the seller.

    He seemed really nice but the unit on Zillow was smaller than I thought, so I asked him to let me know if anything else got listed in that building. The agent told me that he's done almost 10 sales within the apartment building (if I had to guess, the building has maybe 70 units total) and that he was friends with a lot of residents.

    Maybe 3 days later, he messaged me and said that another unit will go on sale for a certain sum of money (he told me but I don't know if I should say that here), but that the owner is still arranging some final things before listing it.

    Almost a week later, it's still not listed, but as I do more research on the past sales of the condo, I found two units that are similar to the one that will go on sale (in terms of #bds and square footage, as well as the layout), and they were sold for $50k less just 6-ish months ago. I asked the agent about it but he said that the pictures and the info on Zillow must be wrong for at least one of the units because he sold it to a friend and he knows the unit. I asked him about the other unit, and asked for floorplans for the two units plus the one that I would like to buy, but I'm getting silence for over 8 hours now.

    I'm a first time homebuyer, so I'm not sure if I'm overreacting, but I guess I'm getting a little bit suspicious about my agent for the following reasons.

    1. He knew that a unit will be listed way in advance, so does this mean that he's possibly representing the seller as well? His Zillow reviews mostly come from sellers who are very happy that he sold their properties above market price.

    2. He said that he knew a lot of the residents of the building, so I'm not 100% confident that he's acting with /my/ best interests in mind, especially given that he's just named a number that seems way above the market price.

    Maybe someone can shed some light on whether I'm overreacting or not. I'm debating

    1. Confronting him about all this (I'm not particularly amazing at confrontation, and I also don't want to burn bridges since it seems like he's pretty much got this building under his control, and I guess I'll want to sell my unit at some point in the future)

    2. Getting a new agent (same thing about burning bridges, plus I don't know if it's ethical to change agents. Plus maybe what he's doing is standard in the industry)

    So I'm curious about what you all think. Is my agent sketchy or not? I feel like I'm usually a decent judge of character and I thought he was really nice when I met him (of course, because of masks, I couldn't really look at his face).

    Not sure if it's relevant, but I'm a young Asian woman buying a condo alone, and while looking at the first unit, when I said that the unit was too small and overpriced, he asked about my price range, and I said "it's not so much the price that's the problem, but I just want a fairly valued apartment", and I'm worried that he took that to mean that I'm loaded. Needless to say, I regret saying that now.

    submitted by /u/binbinbin3
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    Is the crash starting to happen?

    Posted: 28 Jan 2021 11:42 PM PST

    I check zillow quite often just to browse for a future condo or home purchase, generally in the Los Angeles area. Just recently I've seen a huge influx of new listings and the existing listings are having price drops over and over as much as 5k - 20k. I'm talking about just a couple weeks apart. Did something happen with deferrals ending or a deadline announced?

    I'm not saying every single house is up for sale or that theyre still not getting swooped up quickly, I'm just noticing a greater than usual amount of new listings popping up across the map. I had to check my filters a couple times.

    submitted by /u/Popular_Ad9150
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    Is this legal or illegal?

    Posted: 28 Jan 2021 10:52 PM PST

    Is it legal to refuse to sell to anyone who is moving from out of state? And I mean fully legal to where this could be advertised. Could there be a website where people on it selling their homes have chosen to only sell to locals?

    Or would this be considered discrimination?

    submitted by /u/jWilzz
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    Capital Gains Tax Question

    Posted: 28 Jan 2021 03:12 PM PST

    Here's the situation. I'm looking to potentially sell our home which we moved into in December of 2019. In 2020 my wife and I had a total income of $81,469 and a taxable income after standard deduction of $56,030. If I sold my house before we've lived in it for 2 years (Dec 2021), would I be subject to the 15% capital gains tax?

    This will be a huge decider in selling our home or not.

    Thanks!

    submitted by /u/eagleparadise
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    Do I have to pick a loan officer to get underwritten pre-approval?

    Posted: 28 Jan 2021 10:28 PM PST

    Currently talking to two different loan officers to find who we best jive with, and to get rates/fees down once the time comes.

    We are in a pretty competitive market (So Cal) so we are hoping to get a fully underwritten pre-approval to make our offers more attractive. Right now we have regular pre-approvals from both. Do we need to pick one loan officer before getting underwritten, or could we ask both of them to go ahead and do this?

    We figured we can wait until after an offer is accepted to decide who to go with (we like them both), but I'm not sure if that changes if we want to go ahead to underwriting.

    This is something I'd normally ask my realtor, but one of the loan officers was recommended by him so he might be biased towards just going with that one.

    submitted by /u/moneybusiness123
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    Are all (buyers) agents like this? [Los Angeles]

    Posted: 28 Jan 2021 09:54 PM PST

    TL;DR: our agent (buyers) pressured us to take a deal we couldn't afford, seems to be pulling comp prices out of thin air, should we get a new agent?

    First time buyer. Interested in a specific condo complex that has two different floorplans. One type is slightly more expensive & sells significantly faster than the other, and one of these came up for sale last week. I would be happy with any unit in this complex, but for resale value the faster-selling floorplan is appealing.

    When this listing hit the market we were already pre-approved but didn't have an agent. So, I looked up the last one of these models that sold and called the buyers agent. Figured she would have some insight on the specific details of the complex, and she was very helpful... initially.

    The available unit was listed $10k higher than the one she closed a month ago. I felt that it was listed way too high (original kitchen from the '60s, smaller sqft, 1 parking lot space).

    By the time we went to see it there were already 3 other offers at/over asking. We made the highest offer but seller countered all, asking buyers to waive appraisal contingency. If this unit appraised at the same price per sqft as the last one, the appraisal would be $30k lower than our offer. Our offer was well within our budget & pre-approval amount but we don't have that kind of extra cash on hand.

    First, our agent insisted it would appraise high enough. Then she says her last buyer in this complex also waived the appraisal contingency and "it was fine." Then she says that buyer's unit actually sold for $10k more than it said in public records. At various points she told us different appraisal amounts for that last-sold unit, ranging from $30k under asking to list, so at the very least her last buyer coughed up an extra $10k.

    We weren't convinced, so she sent a list of comps in the area... but all of the comps were in much newer/nicer complexes, all were renovated, all had attached 2 car garages.

    We passed on their counter. She called us every day until the condo went under contract with someone else saying we should reconsider, that it's a great deal.

    I'm not upset about losing this condo - we weren't in love with it, it's just a condo, it's not like we're homeless as a result, I'm sure we will lose more bids before we finally get a place. There are two units of the less desirable floorplan currently available - they've been on the market for months. We have plenty of options.

    But our experience with this agent has left a bad taste in my mouth. Should we get a new agent or is this the kind of pressure we should expect from all agents?

    submitted by /u/99dunkaroos
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    [WA] Looking to buy a piece of land to build a house on in the next year or two. Apprehensive looking at sale history and deed wording, looking for resources/help

    Posted: 28 Jan 2021 05:42 PM PST

    Sorry for the wall of words ahead, but I don't know what is relevant or not so going for the over.

    Looking at the history on the lot (pending sale twice, multiple delistings/price reductions past 3 years) and looking at the county and city records, the lot is relatively flat, no critical areas/wetlands, looks like a fairly easy build. Something isn't adding up.

    I was going to send an email to the city and call the listing agent probably tomorrow to ask some questions but I also didn't know what specific questions I should ask.

    The records I can find online have:

    Late 80's: land was bought (link doesnt work for copy of the deed)

    Mid 00's: Spouse dies, deed states:

    "Subject to: Easements, restrictions, reservations, slopes, and declarations of covenants, conditions, and restrictions of record"

    Mid 10's: Sold, added expetions:

    "Reserving and excepting from said lands so much or such portions thereof as are or may be mineral lands, contain coal or iron, and also the use and the right and title to the use of such surface ground as may be necessary for ground operations and the right of access to such reserved and excepted mineral lands, including lands containing coal or iron, for the purpose of exploring, developing, and working the land.

    "The company makes no representations about the present ownership of these reserved and excepted interests"

    Is this just saying that if during development, or over the course of any use of the land, if a mineral/coal/iron deposit is found, the company listed as granter has dibs? So I run the risk of finding something and having it swooped away? How concerned should I be.

    submitted by /u/amanwithaknife
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    anyone with experience accepting extra move out cash?

    Posted: 28 Jan 2021 09:23 PM PST

    Doing my first FSBO and am about to accept an offer on my home (out of another competing offer), with the offer being just over listing and the buyer also offering a few extra thousand cash for "moving out expenses or whatever we want to use it for." Buyer's agent simply states it will "be paid out to us upon the close of escrow."

    I feel like I should be having the agent include it in a contract, or I can trust it be paid and worst case scenario if the buyer fails to pay I rather close the deal and seek the money after the fact. Any suggested way to proceed with this?

    submitted by /u/950lingua
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    Washington State Broker Exam

    Posted: 28 Jan 2021 01:50 PM PST

    Has anyone taken the WA state broker exam since COVID started? Almost done with my coursework but can't find info of how the test is working with restrictions.

    submitted by /u/ClassroomKlutzy6473
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    Irritated by buyer’s counter

    Posted: 28 Jan 2021 08:42 PM PST

    Put in offer, below ask price (podunk town, my agent ran comps, etc.- def not a sellers' market or hot area with a plethora of lower priced competition) with an ask for closing costs & "home warranty not to exceed $800."

    Home is over 100 yrs old, likely has mold and there are cracks in the plaster walls in EVERY room. It's been on the market since the summer of 2019 with one price drop after a year. No idea if they've ever had an offer.

    Their counter was reasonable (only if you take into consideration they are way overpriced out of the gate), but they maxed out the home warranty at $600.

    I'm irritated by the measly $200 refusal in the warranty. Seriously? I'm willing to buy your home for hundreds of thousands of dollars and you're gonna pull off $200 from a warranty? I am irritated (with a tinge of amusement).

    It just seems petty - so hit me with your best shot - I obv like the home enough to lay down an offer, but it's not a must have and am leaning very heavily to walking on to another (that won't need a structural engineer inspection or mold testing) over that damned $200. WTH? 😂

    submitted by /u/Rmzrad
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    Buyer backed out after signing sale agreement

    Posted: 28 Jan 2021 08:41 PM PST

    I have a home listed for sale in PA and recently received 3 offers the same day. It is a unique property with a creek setting. The home was a grist mill in the early 1800s and was converted to a home in the 1980s. It is a beautiful place but needs some work to be perfect and the 3rd and 4th floors are unfinished. -One offer was cash but too low. - A second offer was okay but the realtor we were working with (because this offer was written by our realtor) suggested asking for $10k more if we wanted to take that offer. This offer was contingent on obtaining a mortgage and a structural engineer assessment of the building. -A 3rd offer was a cash offer. It was $20k more than the next closest offer. The buyer sent a letter along with the offer stating how much he loved the house and the land. The 3rd offer included contingencies for home inspection, water, land use/zoning and pests. The agreement related to the home inspection states that the buyer would pay up to $30k for any repairs with no single repair costing greater than $10k. The roof and windows were excluded from the repairs as the condition is known. The earnest money of $10k was to be given within 5 days.

    So we signed an agreement Wednesday evening. On Thursday morning our realtor was talking to the realtor for the buyer. The buyer and realtor apparently had a long conversation that morning and visited the property unbeknownst to us. Our realtor got a message from the buyers realtor that stated "T##r, he is getting cold feet..Had a long talk this am with him and told him bail out now. I will Let you know ". 20 minutes later our realtor received a call that the buyer is going to bail. The second offer is still available but $20k less than the offer we accepted. We received a termination letter from the buyer a few hours later. The reason refers to 12c of the contract which states: "For elected Inspection(s), Buyer will, within the Contingency Period stated in Paragraph 13(A), complete Inspections, obtain any Inspection Reports or results (referred to as "Report" or "Reports"), and accept the Property, terminate this Agreement, or submit a written corrective proposal to Seller, according to the terms of Paragraph 13(B). No inspections were done. The buyer backed out because he was in over his head apparently. Our realtor said our only course of action is to take the #2 offer which had we taken yesterday we would have asked for $10k more than what was offered. We pointed out that the termination letter we were sent does not match the facts and asked that it be corrected to show that the buyer backed out prior to completing inspections. Do we have any legal recourse because this buyer got cold feet? Are we entitled to any earnest money? No earnest was given yet so would we have to sue to get it? Does anyone think it is worth our time to have a real estate attorney review our situation? Or should we just cut our losses and hope buyer #2 follows through?

    We lost out on the $10k we could have added to offer #2 if accepted. Overall we'll end up with $20k less than the agreement we signed with the buyer yesterday.

    submitted by /u/tboardz
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    SF: Tenancy in Common

    Posted: 28 Jan 2021 04:13 PM PST

    Planning to buy a unit that's apart of a two-unit TIC building and then condo convert after a year. Both units are currently vacant so a new TIC agreement will have to be drawn up between the new occupants. Secured the TIC loan this week as well.

    Does anyone have any advice or things I should watch out for when making a TIC purchase?

    submitted by /u/Lopsided_Good4615
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