Unintentional omission about Asbestos - Buyers are threatening to sue Real Estate |
- Unintentional omission about Asbestos - Buyers are threatening to sue
- Selling a Flip - Diary Day 1
- Any success stories out there? Seems like all doom and gloom lately. Would be great to hear some positive homebuyer experiences from you all!
- Lost another offer.
- I was interested in potentially placing an offer on a house with the listing agent, since I don’t have an agent. But the agent said she doesn’t do dual agency. How common is this?
- Agent interview questionaire?
- How many houses did you have to see before you found "the one"?
- Another harsh lesson learned in this dog eat dog market
- Offers due tomorrow at noon. When should I expect sellers to start responding?
- Advice Needed - Sewer Line Inspection (Photos Included)
- How can we POSSIBLY compete?
- Offers Keep Getting Shut Down
- Owners selling <6 months after buying
- New Construction questions
- Penny wise, pound foolish to not pay for inspector walk-through?
- Manufactured home? Worth it in the long run or should we skip it?
- Can you back out of a dual agency agreement?
- FL - VA Refinance with subdivide
- Regrets buying condo?
- Does it hurt my credit to apply for a home loan with various lenders to see which one has the best rates?
- Made offer for asking price, cash. Seller accepted a lower offer, cash...
- Assuming strong inflation over the next 2 to 4 years, what is the drawback from purchasing a pre-sale condo with 20% deposit, which doeant complete until 5 years from now?
- [US - Arizona] Good time to buy a house in Tucson or should I wait?
- Is "interspousal deed" mandatory in california ?
| Unintentional omission about Asbestos - Buyers are threatening to sue Posted: 01 Mar 2021 05:17 PM PST I recently sold my house in GA in February 2019. Earlier in 2018, I had an HVAC company come look at my A/C and ducts since the house wasn't cooling well. The HVAC company found asbestos and told me it wasn't in a harmful state, but if I wanted to replace the ducts, they'd have to have a professional remove it before they could install new ones. I chose to forego the installation since the A/C still worked, it just didn't work efficiently due to loss in the ducts. During the selling process, I had the A/C system certified by another HVAC company for the Home Inspection Warranty, and paid for some minor A/C fixes. While filling out the Seller Disclosure, I mentioned the A/C to my Realtor, but we both agreed since it wasn't broke, and it was getting certified, there was no reason to list it on the disclosure. I completely forgot about the asbestos since it wasn't affecting the house in anyway. Around October 2020,my realtor emailed me that the buyers were seeking remedy/threatening legal action due to the presence of asbestos in the house. They had the same HVAC Company come out to look at the A/C unit, and the Company shared texts from me to them stating I knew about the asbestos and inquiring about what courses of action I had. The buyers wanted $3.5k to remove the asbestos, and $6k to replace the ducts. From my viewpoint, I feel absolutely guilty about omitting the asbestos from the Seller Disclosure. I also, however, understand that it's an old house (built in the 40's) and I can reasonably expect there to be asbestos in some part of the house (ducts, tiles, etc.). I also understand that it doesn't pose any danger. The only way it would negatively affect the house, is during replacement of the ducts. The buyer's viewpoint is he has a young child and a wife, he most certainly would not have bought the house if the asbestos was labeled. After talking with a lawyer and my realtor, I initially offered $2k to settle, which the buyer rejected. I then offered $3.5k to just remove the asbestos, which the buyer also rejected. He then told me, "be prepared for legal action", and "it is going to end up being much more expensive for [seller]". Finally, in February 2021 (3 months after rejecting my offer), I received an email back from the buyer stating he has an attorney and is willing to go to a Magistrate Court for small claims based on claims of fraud and breach of contract. However, since I am currently in Germany (military), he cannot press forward until I return to the US due to the SCRA. He therefore asked for a $5k settlement. His tone has changed drastically from his previous emails. What are your thoughts on this? Should I pay the $5k? I know GA is mostly a "buyer beware" state, but I did know of the asbestos prior to selling it out. Again, I truly do feel guilty for omitting the asbestos from the disclosure, but I tried to remedy that by offering to pay for the removal. [link] [comments]  |
| Posted: 01 Mar 2021 07:41 PM PST TL;DR - I've flipped a house and now I'm selling it. Maybe I will make money. This is a diary of the process. So I bought a house at a foreclosure auction a few months ago and have spent the winter fixing it up. I'm done and ready to list it. Here are the relevant numbers (fudged to hide my precious identity): Purchase Price: $110,000 Renovation Costs: $15,000 ARV: $160,000--$200,000 The comps are pretty great. A nearly identical house in the neighborhood sold for $170,000 back in December after 1 day on the market, and there have been a few others that have sold in the $190,000 range, though the finishes in those homes were better. I'm 100% certain I would sell this house in a day if I listed it at $160K, and I'm pretty sure it will sit for months if I list it at $200K. $175K was originally my opening price, but recent sales in the zip code have convinced me that I could possibly get away with $190K. So here's my plan: I've posted pics of the house and a list price of $185K on the HOA's facebook page. I'm listing the house on the MLS this coming up weekend, so I'm going to use this posting to guage whether I've listed the house too high. I've also let a couple of my preferred buyer's agents know that this house is about to hit the market. I'll update this tomorrow. Hopefully I start to get a few nibbles. [link] [comments]  |
| Posted: 01 Mar 2021 10:29 AM PST |
| Posted: 01 Mar 2021 08:45 PM PST I just wanted to pop by and say to others looking for a home right now: It sucks. I feel you. But I believe the right home/situation/sellers will come along! I felt really good about this one, but it just wasn't the right timing & chemistry combination. On to the next! Send out the good vibes. [link] [comments]  |
| Posted: 01 Mar 2021 05:19 PM PST There was a property that I really liked. But there are currently 27 offers on the house. I didn't even want to see the house. I just wanted to place an offer because I actually really like the house based off the pictures and I don't really need to see it. I asked the listing agent to see if I could she could represent me in this transaction. But she said she doesn't do dual agency. I think this is the first time I've ever heard of this. What do you guys think of this? [link] [comments]  |
| Posted: 02 Mar 2021 05:52 AM PST Hi everyone. I'm about to interview some out of town realtors. Is there a good list of questions I should be asking them all to get a feel for how they will work? Thanks so much! [link] [comments]  |
| How many houses did you have to see before you found "the one"? Posted: 02 Mar 2021 05:00 AM PST I am feeling a bit dejected in my house search and I wanted to know if other people had to look at tons of houses before they found their home. TIA [link] [comments]  |
| Another harsh lesson learned in this dog eat dog market Posted: 01 Mar 2021 09:35 AM PST Here is another way to not play nice in this not so nice market: put a tight response deadline on your offer. My experience: House A: Higher end of our budget that removed a chunk of competitors. Our offer (reasonably above ask) was the first on Sat. Seller's agent said 2 other buyers have shown interest but no offer yet, said the owner wife was out of town and cannot review offers until Monday night. I thought of putting a response deadline within Sat but after speaking with agent we decided to be courteous. By Sunday night they got another crazy bid cash offer so of course they went with that. House B: Lower end of our budget so expected a ton of competition. This seller also told everyone they will review all offers Monday night. Put in offer Sun. We went above ask but the size of the house does not justify offering more. Sun night the house suddenly went pending. Apparently a high cash offer came in with a short response deadline so the seller went with that. I don't begrudge anyone here. Sure, buyer for house B basically completely bypassed the Monday timeline and essentially scr*wed all the other buyers. Sure, the seller did not honor their original timeline. But hey, this is how the market is playing now and both of them win. No one is observing etiquette or courtesy. Thinking back on house A, we should have put in a deadline for same-day reply and we might have gotten the house. Lesson: ignore all seller talk about reviewing all offers by a certain date (usually Monday); if you are making a strong offer above ask or you are the only offer, request a short response deadline. Don't be afraid to "offend" anyone because if they like the money they will take it. Put some power back in your hands. Remember, sellers have no problem putting a deadline on all offers; they don't care if your spouse is out of town or your agent has to work Sunday night. [link] [comments]  |
| Offers due tomorrow at noon. When should I expect sellers to start responding? Posted: 01 Mar 2021 08:01 PM PST We're submitting our offer first thing in the morning, and will be sitting on pins and needles. Our offer expires 24 hours later. Should I expect a response at 12:01? Later in the evening? Next morning? I know every seller is different, but I'm very anxious and don't want to end up staring at my phone nonstop for 24 hours. [link] [comments]  |
| Advice Needed - Sewer Line Inspection (Photos Included) Posted: 01 Mar 2021 07:42 PM PST Hello! We are first time home sellers and we received not-so-great news from the new buyers. They say that the drain inspection shows cracking. I took screenshots of the cracking that they mentioned. Does this look like it needs urgent repair to you? Our house was built in 1953. We've lived in the home for 7 years with no issues. Thank you. We will most likely get a second opinion. [link] [comments]  |
| Posted: 01 Mar 2021 11:59 AM PST We need advice, Real Estate Reddit. I'm feeling super defeated. My husband and I (33m, 29f - currently in DC) have finally reached the point where we are financially and emotionally ready for the responsibility of homeownership. After 5 years of careful planning and many months of sifting through historically low inventory and less than prime houses in our preferred market (Pittsburgh City + Metro Area - my hometown), we finally found a home that checked all the boxes and was within our price range. We booked a last-minute trip, went to view it, and instantly fell in love. I mean this place was gorgeous. Original hardwood, original stained glass accents, vintage Jalousie windows on the front porch, immaculately maintained. Totally a paradise - our dream home, and it was listed at $200k. Our realtor felt confident, so we put in a very aggressive offer - $35k over asking with an escalation clause covering an additional $25k - Up to $260k. We wrote the buyers a sweet, genuine letter with photos of us expressing how special we felt the home was, how we're moving to give back to the community, and how it's the perfect space to grow our young family. We really, REALLY thought we had it in the bag. The next day we got a call from our realtor saying we had been beaten by $50k - not only that: A cash offer with a waived inspection and appraisal... by a Real Estate investment firm. Not even by another family who would cherish the home, which still would have sucked, but considerably less so. We were informed we were 'runners up' and that if the deal fell through, we were first in line, but it would be extremely unlikely. Needless to say, we were heartbroken and super pissed at the system. Like, congratulations on your 20th property acquisition this year that you're just gonna let sit around and then rent out for double what our mortgage would have been. Cool. According to friends in the area, this happens often - more and more every day. My question is this: How can a young couple who DOESN'T have 300k liquid to piss away ever compete? Our realtor said we did everything right - from our letter to the offer, there is nothing we could have done differently that would have led to a different result. I feel like there has to be something. We've worked so hard. Is there ANY kind of competitive edge we would be able to use over these big firms? I know money moves the world or whatever, but there has to be a place for two middle-class people who just want a good home to bring a baby home to. Any advice would be helpful. TL;DR - We got fucked by an investment firm while bidding for our dream house. How are normal people supposed to compete? Is there any kind of advantage we would ever have over a large firm with millions of dollars to throw around? [link] [comments]  |
| Posted: 01 Mar 2021 09:37 PM PST I am a first time home buyer and have been searching and making offers for over 6 months now. I recently made an offer with escalation $30k over list, full appraisal waiver, shorten inspection, $5k earnest, an as-is after inspection clause, and a 30 day FREE post possession lease back and still lost the house to a lower bid who completely waived inspection. I'm not sure what else to do at this point, without adding the risk of a no inspection. There have been other cases where I was beat out by an offer less than mine. My agent is asking listing agents what we can do to juice our offers, but sometimes get little to no feed back. WHAT IS WRONG WITH THESE SELLERS?? I am literally asking what they want and not getting answers. [link] [comments]  |
| Owners selling <6 months after buying Posted: 01 Mar 2021 05:39 PM PST What's the best way to approach a home whose owners have only owned it for a few months? Of course I would ask the agent what the reason is, but it raises red flags for some kind of problem with the property that might be difficult to detect. Any thoughts on this? Edit: Not a flip/renovation scenario. No changes to property from previous listing. [link] [comments]  |
| Posted: 01 Mar 2021 06:50 PM PST Buying a new construction in colorado soon and had a couple of questions:
Thanks! [link] [comments]  |
| Penny wise, pound foolish to not pay for inspector walk-through? Posted: 02 Mar 2021 12:43 AM PST I have a no contingency opportunity to purchase a property and have a walk through scheduled within the next few days. I can't access the property inside or out until then. I can be there for an hour and bring an inspector for an hour and it will cost me $400 for a 5-point inspection: Roof, Electrical, Plumbing, foundation and appliances. I'm inclined to inspect these things myself but having another set of eyes while I look at everything else is nice too. But $400 seems like too expensive and makes me want to skip it. Thoughts? [link] [comments]  |
| Manufactured home? Worth it in the long run or should we skip it? Posted: 01 Mar 2021 06:32 PM PST How do you all feel about manufactured homes? I'm a first time homebuyer and saw a manufactured home with it's own land pop up today. It's been recently remodeled and is adequately sized compared to every normal house we've looked at. Its technically a double wide manufactured and its sitting on a cement slab, I believe. My biggest concern is resale value and the actual integrity of the home. Its listed for the same price as a stick built home and my realtor is worried by the time we want to sell we wont make our money back. It seems the value tends to not increase as well as a stick built home. I'm also unsure about repairs or remodeling because its built differently than stick built. What would you do? I'm in love with the square footage and it has 2 full baths which is impossible to find in our price range and this market. [link] [comments]  |
| Can you back out of a dual agency agreement? Posted: 01 Mar 2021 06:08 PM PST I'm currently on the market to purchase my first home and came across an open house yesterday and was interested in the home. Once I started throwing out numbers to the realtor she revealed that she is both the home owner and the sellers agent for the home and told me to sign a dual agency agreement, which I did. Now I didn't know what I actually signed until I googled it and realize that is not what I wanted at all. So incase I do move forward with the home is there a way I can back out of the agreement and use my own real estate agent? Because I really had no idea what I was signing I was just signing shit thinking it was protocol. [link] [comments]  |
| FL - VA Refinance with subdivide Posted: 01 Mar 2021 05:45 PM PST I have been working with a lender, whom I shall not name, and after all the niceties were out of the way, the customer service went out the window. I am done working with them and ready to pull the plug. Looking for recommendations for lenders who may be willing to subdivide property that's currently on my existing mortgage. I have reached out to Own Up after finding them highly recommended but they don't have any lenders who would subdivide. Is this even a possibility? Many thanks, -One stressed out homeowner [link] [comments]  |
| Posted: 01 Mar 2021 11:11 AM PST Hey guys at this point I don't think I'll ever afford a single family home lol Anyway, those of you who have been able to purchase and ended in a condo, do y'all have any regrets? If so why? If not, do you love it? Tell me more about it. Love it or hate it? [link] [comments]  |
| Posted: 01 Mar 2021 11:00 PM PST |
| Made offer for asking price, cash. Seller accepted a lower offer, cash... Posted: 01 Mar 2021 10:47 PM PST So, to preface, I am 100% completely new to real estate. My wife and I decided to purchase our first home. We had a decent amount saved and decided on a cap for purchasing a home and a cap on how much we would use for repairs and the like. We did a Google search for realtors in this area and went with someone who had over 20 years experience and some extra badges on the website for real estate courses taken, etc. This person appeared to be the most qualified (as if that's really a thing beyond a certain point). We found a house we wanted, got the disclosure and told our agent to make an offer. We wanted the place so we sent an offer for the full asking price. Our agent had made some 'mumbling' comments about how bad of a realtor the seller was using. Our agent also mentioned they had issues in the past with the sellers agent. We filled out the contract and submitted it. We assumed that with a cash offer at asking price we'd pretty much be guaranteed the sale presuming no one randomly offered a higher cash price than asking. Again, assuming, if the seller got notice of a no-contingency cash offer of asking price there shouldn't be any discussions or even a second thought. If the seller wanted more they would have listed it more... not told their agent 'hey, let's refuse this offer and see if anyone offers to pay more'. At any rate, later that night my agent contacted me and told me the seller accepted a lower offer and the house would now be under contract. That's it. I don't know how my agent got the information that the offer was lower. I don't understand why the seller would take a lower offer especially with a quick and easy cash sale. I think something isn't right. There are several red flags here. I know it's generally frowned upon to contact a seller directly and I don't think contacting the sellers agent would do any good as they made the decision to bypass my offer already. I was wondering if I should contact the seller and explain we placed our offer for a larger cash amount. I am thinking the sellers agent either didn't submit our offer or lied about what our offer was. Any insight would be helpful here. We really want the house and if something was done unethically or illegally to keep us from being able to purchase the house I would like to do what I can to remedy this situation. [link] [comments]  |
| Posted: 01 Mar 2021 10:27 PM PST My thought is if inflation is 3% per year, event if real real estate prices stay flat, thats 15% return on your property thats levered 5X, to say your return from inflation alone will be 75% ROI. Thoughts? [link] [comments]  |
| [US - Arizona] Good time to buy a house in Tucson or should I wait? Posted: 01 Mar 2021 06:27 PM PST I'm military and just recently got assigned to Tucson, so I'm weighing the options rent vs buy or even build on a lot. I'd prefer to buy as I hate throwing rent money away with no equity to show for it, but I was just thinking about the effect CovID has had on the market and perhaps it's better to wait for all the foreclosures etc after the pandemic... I posted this over on r/tucson as well, but I thought maybe someone here might have helpful feedback as well. Thank you. [link] [comments]  |
| Is "interspousal deed" mandatory in california ? Posted: 01 Mar 2021 10:08 PM PST I am from India working on work visa and my wife is in India. Currently in middle of purchasing a condo in california and one week away from closing . Now the escrow officer has informed that "Interspousal deed" is mandatory, so my wife needs to be in US or go to US embassy to get a notary, both of which seems will take atleast 2 weeks. I think they will charge me with 1% of purchase price for delaying it which is very high. I couldn't find anywhere if "interspousal deed" is mandatory and neither the real estate agent or the loan officer has mentioned about this. I couldn't find anything about this in the documents I signed, Can someone please help me out on what can be done. [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment