Septic tank not disclosed, drainfield failed. Real Estate |
- Septic tank not disclosed, drainfield failed.
- House From Hell - $590,000 Listing Price - multiple offers garnered
- How was the process to buy a home in the US during the 60, 70 and 80?
- Two different pages in the same book
- LCOL towns/small cities with low crime and good amount of rain?
- Builders Auctioning Lots
- Bit of an advanced question, but if you can answer it, appreciated.
- Washer machine shut-off values dripping
- How do i find investors? I want to learn the skill of raising capital without the bank
- New build delays -Question (UK)
- It doesn't always go up (much)
- Sort By Lot Size Absurdity
- Buying a condo in San Diego
- Help with house deed transfer?
- Thoughts on buying a house based on my profile?
- Commercial agents, have you seen this before?
- I forgot how hard buying a home is ...
- Selling has been a wild ride...closing delayed again
- Buyers Agent Expectations (Relocating)
- Is it normal for taxes to go up 10% per year
- Institutional investors flooding the market: Is there any way to turn back the tide?
- Tips for the CA RE exam and anything that can prepare me for my first few months at the brokerage…
- Need some advice please.
| Septic tank not disclosed, drainfield failed. Posted: 19 Jun 2021 03:33 PM PDT House was sold as city sewer, all paper work says sewer, after closing I turn on electric and water and find out there's no waste water. So begins the hunt for the septic tank. 48yr old concrete tank, original to the house. Hasn't been pumped or inspected in a very long time. The neighbors knew, that's for sure. Listing agent has apologized for taking the sellers word for it and putting incorrect info into mls. She paid for the inspection and cleanout. We would have had this inspected before purchasing obviously. The drainfield failed and is a 4k+ repair. I am beyond pissed. When the sellers bought the home just 2 yrs ago they were probably told it was septic. But how do I prove it? It's just the cherry on the shit cake of our "recently remodeled home" that was actually remodeled in 2016 after a fire (also didn't disclose that, inspection uncovered it, kinda wish we'd backed out then) Unfortunately inspection didn't uncover the failing shower that needs a complete remodel, the windows that won't lock, the doors that are out of plumb and barely close, the ac that needed repairs, etc. So 4k on top of the 20k we've already had to put into this "move in ready" is just the last straw. Hubby says I should just let it go. That it's not worth a law suit, especially if we can't prove they knew. It's bullshit that sellers can just claim ignorance on issues. They never paid for wastewater so did they think a shit fairy just collected their toilet water or what?! [link] [comments]  |
| House From Hell - $590,000 Listing Price - multiple offers garnered Posted: 19 Jun 2021 08:59 PM PDT Article text: VIDEO: https://abc7news.com/house-from-hell-colorado-springs-for-sale-housing-market-homes/10810396/ COLORADO SPRINGS -- If there were ever a time to sell a house of horrors, the time is now. In this wild market, in which record low inventory and soaring demand is pushing home prices ever higher, you might expect that any old thing you put on the market would sell. Mimi Foster, a real estate agent with Falcon Property Company in Colorado Springs, Colorado, decided to put one home to the test. She listed a five-bedroom home in the Broadmoor Bluffs Estates neighborhood for $590,000. That may sound like a steal, but buyer beware. While the house appears fine from the outside, and is situated among homes that typically sell for $750,000 to $800,000, what awaits on the other side of the front door is vandalism, destruction, animal remains, years of neglect, and... a pretty intense odor. "Honestly, you can feel the smell," Foster said. But Foster didn't hold back in her description of the house when she listed it on Tuesday. Describing the home as "every landlord's nightmare," Foster wrote: "If you dream of owning your own little slice of hell and turning it into a piece of heaven, then look no further!" "Come feast your senses, DO NOT GO ON BACK DECK. DO NOT OPEN FREEZER IN BASEMENT," she writes in the Redfin listing, which has been viewed more than half a million times. Reminiscent of a dog adoption posting for a "13 pound rage machine" that went viral at a time when everyone wanted to adopt a puppy, this home tests just how far buyers are willing to go. The home, which according to Foster is owned by an ailing seller who lives out of state, was rented to a tenant who lived there for a decade. It was managed for some time by a property management company, she said. When the tenant was evicted in the fall of 2019 for not paying rent, she was allowed to return to collect some of her possessions, according to Foster, but instead trashed the place. Black spray paint covers every fixture, floor covering and surface, said Foster. Even more daunting, Foster said: the freezer in the basement that's full of meat and hasn't had electricity for over a year. By February 2020, said Foster, the seller was facing foreclosure on the home because she was no longer able to pay the mortgage. But once the pandemic hit, a national ban on foreclosures prevented that. The homeowner tried to work with her insurance company to repair the home in order to sell it, but the process was slow and not hugely successful, said Foster. Meanwhile, as the end of the foreclosure protection fast approached, the local market was on fire. "If there was ever a time that we could throw something like this at the market and see if it would stick, it is now," Foster told her seller. They decided on the price by determining the amount of money that would make the owner whole, including covering the first mortgage, liens on the property, title, commissions, closing costs and back taxes. But, Foster said, she's only accepting offers from buyers who visited the property -- because of the smell. "I'm not allowing sight-unseen offers," she said. When an agent called to let her know she was sending over an offer from a Denver-based investor for $625,000, Foster said she told her: "I'm sorry. You have to come and smell it first." UPDATE: 'Little slice of hell' house in Colorado Springs sells 1 week after being listed [link] [comments]  |
| How was the process to buy a home in the US during the 60, 70 and 80? Posted: 19 Jun 2021 08:02 AM PDT |
| Two different pages in the same book Posted: 19 Jun 2021 09:02 PM PDT My partner and I relocated to beautiful San Diego, pre pandemic. We found a rental, 2 Bdrm 2.5 bath 1350 sqft in a reasonable price range in a desirable/prestige community. Up until pandemic, 3 months of living, my partner swore he loved our property. "Would love to buy it" was the right term. Once pandemic started, my partners life became a 1 for all. Our townhome became the home, work, raise children, workout, social gathering destination. We started actively looking for the next "bigger place", however my partner thought it was still a buyers market..i.e listing 540k, let's offer 520k and see what happens.. 9 months have passed by, and he still feels he can under bid the market, when clearly what we like is 60-100k going OVER asking price. Even at our highest loan amount, 750k, it buys us 1450 sqft with a backyard VS a patio/backyard. I have a hard time agreeing to paying 100-150k more then what we are currently paying for someone's rent, just to have 100 ft more and a backyard. Every condo we have seen, he has low offered or said it wasn't good enough... However our current landlord has at one point offered to sell it at a reasonable rate, under 600k. Which financially puts us in our desired rent/mortgage threshold with out feeling like we are compromising on life or current habits. We are a growing family, another one on the way and my partner returns to work 3 days a week starting next month. Am I crazy to think living and buying our current house is the most logical and feasible options in a crazy pandemic market? Or should we be buying a slightly bigger house, pay more for it and settle with the high cost of living. Both are our options today. [link] [comments]  |
| LCOL towns/small cities with low crime and good amount of rain? Posted: 19 Jun 2021 06:00 PM PDT I've decided it's time to sell my houses in AZ and move somewhere else. I want to downsize everything anyway, so I figure this is a good a time as any with our market being crazy here. I can't take another AZ summer. I'm looking for anywhere in the US with lots of green, hopefully some mountains, and smaller / low cost of living houses. Some states I've done a bit of wandering around in are Tennessee, Kentucky, and Arkansas, though anything green and mountainy would be wonderful. The only thing I love about my current neighborhood is the almost 0 crime. I can walk around at 2 AM (sometimes do this just when i can't sleep) with headphones on and not a care in the world. Any amazing little towns and cities out there that are good and nature focused? I don't care about bars/restaurants/cultural centers/plays/whatever. Just nature. [link] [comments]  |
| Posted: 20 Jun 2021 03:35 AM PDT Many of the builders in my area in Southwest Florida are now doing a Highest and Best Offer for their lots. They start with minimum bids and go from there, usually between $30-$70k suggested minimum bid. Any other areas seeing this? [link] [comments]  |
| Bit of an advanced question, but if you can answer it, appreciated. Posted: 19 Jun 2021 03:54 PM PDT So we've had enough in checking to cover the down payment of a home for months. We chose the higher closing cost option to reduce the rate and monthly payment. The lender is understandably wanting verification of the entire amount due at closing. Now, from the FHA requirements, any large deposit needs to have an explanation. While it might be possible to use the entire checking balance, I don't want to leave a small amount in there, especially being new home owners. Now, as I understand it, the down payment and earnest money need to be seasoned, which they are more than seasoned. The requirements on the cash beyond that are not as stringent. Well, I am planning on selling $5,000 in gold scrap I own, and I will be issued a check, as well as a statement showing that I personally owned the gold, the value of the gold, the amount of the check, etc. But, if only my wife is on the mortgage, does it matter if the check is only made out to me? Her name IS on our joint checking account. [link] [comments]  |
| Washer machine shut-off values dripping Posted: 19 Jun 2021 07:49 PM PDT Just moved in to my house, and noticed that the washer machine shut-off valves (both hot and cold) dripping water slowly. It looks like the valves won't completely shut off. This is a 15-years old house, so I guess the reason is because of worn out o-rings/bushings. We are getting a new washer pretty soon. I guess once the washer is connected, the dripping water issue will be hided once the values are turned on. However, should I call a plumber and replace the valves now? My second question is, if we have to replace the shut-off valves, can I ask the previous owner to pay for the cost? When we did the inspection, the seller's washer was still connected, therefore the inspector didn't discover this issue. [link] [comments]  |
| How do i find investors? I want to learn the skill of raising capital without the bank Posted: 20 Jun 2021 01:29 AM PDT |
| New build delays -Question (UK) Posted: 20 Jun 2021 01:07 AM PDT Hi all, sorry if this is the wrong place to ask this, but we're having some slight issues with our first home purchase and was wondering if this is standard. So we purchased our new build house in February (this year), and it was surprisingly smooth sailing. The mortgage went through straight away, everything went right and we went from reserving to fully purchased in under 2 weeks, so we felt super lucky. The house we purchased was supposed to be built by August of this summer, but we knew that delays sometimes happen. We visited the site a few times and it flew up. The majority of the estate had been built in the previous years and our house was on a sort of stand alone road at the edge of the estate and was the final road to be done, so it's not like they were still completing the rest of the site. I'd say there were around 20 houses maximum on the road and I guess we were number 12 in order of building (they were building from left to right so this was logical progression). Anyway, we went to visit the house in early May and it was already in progress, I'd say around front door height in bricks. So everything was on track. The problem: Mid May we got a call saying our August move in would be moved to November. Now like I said we know delays happen, but 3 months when the road was well on schedule in some of the nicest weather ever seemed odd. Especially since the reason they gave us for the delay was 'covid-19 delays'. This would be a valid reason, but we bought the house a month in to this lockdown, when restrictions were much harsher than they are in May. The previous delays from last year where builders couldn't work had long since passed so this was just an odd excuse in general. Anyway cut to this weekend and we visited the site again (non-officially) and our house was exactly the same as it was in the start of May. BUT, two of the houses to our right were fully built in terms of bricks, and were at the stage with the wooden roof supports up, looking like the roof was due to be put on. I know they commonly build multiple houses at the same time, but them plots of land were literally a mound of dirt in May, and I know our next door neighbour to the right had a November move in date so this made sense. Having seen that nothing has been done to our house in well over a month however and the houses to the side of ours have been erected is infuriating, considering the delay we were given. Does anyone have any advise about this or even a reason for why this may have occurred? Thanks in advance. TLDR; our house was delayed but the builders have built the houses around ours instead [link] [comments]  |
| It doesn't always go up (much) Posted: 19 Jun 2021 11:41 AM PDT Just out of curiosity I looked up the house I lived in when I was a kid, central midwest town, about 140K people, suburban neighborhood. 4 bed, 2.5 bath, 2 car garage, finished basement, about 2300 sq ft. I moved out when my parents sold it in 1998 for $139,500. The "zestimate" (I know, but just for comparison purposes) is $220K now in June 2021, and $40K of that appreciation is in the last 12 months. The kicker? Property taxes are over $5K/yr. Not to mention whatever insurance costs. No real point to this story, but it's an interesting counterpoint to the crazy market that's out there right now. It doesn't always go up. [link] [comments]  |
| Posted: 19 Jun 2021 08:15 PM PDT So on say Realtor.com when you click on sort by lot Size, listings come up that have 1000s of acres or even 50000 acres that are obviously either a small lot or even a condo. Are these scams? Why are there so many of them? Why does realtor.com let these listings just keep on getting posted? I understand when you have a 5000 sq ft lot and you maybe enter acres by mistake, but when so many listings have absurd acreage and you have to go through a couple pages of these posts before you actually see the listings that are real...it's annoying.... Can anyone explain what's going in here to me? [link] [comments]  |
| Posted: 19 Jun 2021 11:56 PM PDT I currently live in San Diego and was looking to get my foot into a small condo something like this (https://www.zillow.com/homedetails/17099-W-Bernardo-Dr-UNIT-204-San-Diego-CA-92127/62773428_zpid/) not necessarily this property though, I'm open to smaller properties than this my baseline is a 1br 1ba and 500 to 600sqft. I currently have a annual income of 75k and about 45K available for a down payment although I could potentially dip into my ROTH IRA but I'm trying to avoid doing that. For the property I eventually do want to live in it but am also open to renting the property out for a few years to build some more equity in the property since I still am able to live with family at a low cost, but I know that increases requirements for down payments from 3% to 20% and it also increases the mortgage rate. I know these figures are pretty low for San Diego and real estate does seem pretty high right now so I'm not sure if I should hold off for a few more years till I'm a bit more mature in my career (only worked 3 years) or take advantage of my ability to live at home and step into a property? I get put off by real estate due to mortgage interest rates eating into some of the appreciation of a property versus letting the money sitting in a index fund, but I also do eventually want a place of my own [link] [comments]  |
| Help with house deed transfer? Posted: 19 Jun 2021 07:59 PM PDT Forgive me if this is the wrong sub, I might post this to r/legaladvice and r/tax too... Quick summary: My parents divorced in 2012, and my dad remarried later. He only has 2 kids, me and my brother, so no new kid with new wife (NW). Before he left, he signed a quitclaim deed to 7/8 of the house to my mom and me, but we never filed it with the city assessor (stupid of us, I know). He visited this year and I believe will leave the last 1/8 piece to us, b/c he'd rather his children have the house than NW. We are visiting the bank tomorrow where he will have his will notarized. I'm reading up on the process of property transfer, and it's really complex! My concerns are mainly the following:
Thanks so much if you read all the way here! Any input is appreciated. [link] [comments]  |
| Thoughts on buying a house based on my profile? Posted: 19 Jun 2021 07:34 PM PDT Want to preface this with I don't NEED a home, I WANT a home. I want my own property and to have a garage again. I live in one of the blazing hot markets right now where population growth has been stupid high the last decade. Literally increasing thousands each month with most being transplants from up North. Currently rent a small 1/1 for about $950/m, but it looks like rents will go up to $1200/m or more by the time I renew (and areas around me easily $1500+ for a basic 1/1, with many hitting $2k). I have been saving for the last 5 years to buy this year and of course I could not have picked a worse time haha. Stats on me: 24 single, no kids, no family members Income ~$75k salary, bonus of 10-15% puts me up to a max of $86k My parents both died suddenly last year and left me two very large dogs (nothing beyond that, so no money there). Right now, the three of us are splitting a 550 sqft apartment on the top floor. Poor things have little room to stretch their legs and grew up in a rural place, so they're used to haveing a yard and a home. I max out HSA/ROTH/401k already, so retirement is accounted for. After all retirement savings and expenses each month, I'm left over with about $700 excess. Current rent: $950 Electricty/Gas: ~$100 Water/Sewer: $50 I have about $140k available for down-payment, but would prefer to not use all of that as I am targeting 25-30% down on a $250k house and want to keep the rest for furniture and eventually a new car as my beater is really drudging rn haha. Local prop tax around 1.5%. My target is a home in the $250-300k range. Problem is, people are all offering $100k+ over asking in cash, so it's super difficult right now. For instance, my GF has a neighbor who listed their house for $400k and it sold 3 days later for $525k cash after a bidding war between 18 people... My plan is to hire an agent and take my SWEET time finding a place. I'm not desperate for a house, so I can wait as long as needed, I would just prefer to strike soon before having to re-sign a lease at hyperinflated prices. Assuming I strike on a $250k house, it'll probably be 1300-1600 sqft. Between mortgage, insurance, and tax, I'm assuming that'll put me at about $1200/m (give or take) if I put down 25%. That would decrease my monthly excess from $700 to $450. Next, I assume I'll need to double the electricity and water expenses, decreasing it another $150, down to $300. I feel $300 is kinda tight for my liking. Idk what my job raise will be, but I am up for Manager soon, which should get me another 15-20% pay I would assume. Looking for any insight or anything I'm missing here. Thanks all! [link] [comments]  |
| Commercial agents, have you seen this before? Posted: 19 Jun 2021 07:06 PM PDT Have you encountered a landlord wanting the full business plan plus in-depth discussion with the potential tenant prior to finalizing the lease? We've seen them request financials before, and occasionally abridged business plans but never a full plan with discussions prior. [link] [comments]  |
| I forgot how hard buying a home is ... Posted: 19 Jun 2021 08:52 AM PDT We found a home that's causing some heart/gut vs brain strife. Bought our current home 20 years ago and I forgot how stressful this whole process is. I ordered these by "importance." But whether that importance is brain or heart/gut I haven't decided yet. It's been so long (20yrs) since we bought a house I don't even know what my mindset was back then. I would love to hear thoughts from people that have been in a Pros
Cons
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| Selling has been a wild ride...closing delayed again Posted: 19 Jun 2021 05:56 AM PDT Appraisal comes in 9k below contract. All good, we renegotiate without too big of a hit. Home inspector shows up randomly 1 day after inspection contingency expires. We weren't informed of the inspection. My wife asked they come back in an hour. They reschedule for a week later. Buyer and kids show up at rescheduled home inspection. Kids are left to run wild around the house. They got into my son's gumball machine with their bare hands. Ransacked a few toys. Buyer left a vape on the floor my 6 yo discovered. Contacted our agent and she said document and let it go til after closing on 6/15. On 6/11 we were told closing would happen on time and were given storage access to our new home. We went ahead and moved most things so our buyers could move in on closing day per contract. Later on 6/11, buyers lender requested a name change on the contract to match all other buyers documents. We were told closing wouldn't happen the 15th but later that week. We gave a contract extension to the 21st. The 16th rolls around and it becomes clear we won't be closing this week. Our agent and buyers agent contact LO's boss and he said he's going into the file and promises closing by the beginning of the week of 21st. The morning of 6/18 we get a voicemail from buyers LO stating and promising closing beginning of the week. The delay has been a deposited gift in buyers account and all documentation had just been received. We fully expect CD that day. I asked my agent to check in by end of the work day. Suddenly Crickets. Nothing from anyone. No replies from our agent. No contact from lender. It's now obvious closing will be end of next week at the earliest. I told my agent that it's time to stop playing nice and demanded a reassurance letter from lender and the buyer needs to give us something to extend again. Crickets. No response. Now I'm super stressed and it's starting to impact my day to day life. What's the best way to handle this? [link] [comments]  |
| Buyers Agent Expectations (Relocating) Posted: 19 Jun 2021 09:53 PM PDT We are relocating from Midwest to TX and started seriously looking in January. We initially would call the listing agent directly trying to place an offer and after maybe 3 houses realized we weren't getting anywhere that way. One of the list agents has kept infrequent contact. At some point we switched from Zillow to Redfin and connected with a Redfin buyers agent when we wanted to offer on a house in early April. We have continued working with her - she is very responsive and has helped us offer on about 10 properties. Typically we find a house and research the neighborhood, schools, hoa, then request the disclosures and CMA info while scheduling a virtual tour. If that all goes well we tell her what we want in the offer, she creates, its signed and submitted. When I ask about certain neighborhoods she doesn't seem to have much info other than what is pulled from her systems. I do really like the ease of scheduling the virtual tours via Redfin. We lost another house today (the first we have REALLY wanted) and now I'm questioning if we need to be looking for more from a buyers agent? And if so what should we be looking for and how to find? [link] [comments]  |
| Is it normal for taxes to go up 10% per year Posted: 19 Jun 2021 12:00 PM PDT My property taxes for my rentals seems to go up 10% per year (which is the statutory cap in my state). Is this normal? These are inexpensive houses in low income areas where I didn't make improvements. I am wondering if I should go through the steps of asking for a reassessment or it is more likely they will value the houses even higher after that? [link] [comments]  |
| Institutional investors flooding the market: Is there any way to turn back the tide? Posted: 19 Jun 2021 09:35 PM PDT I've been hearing about hedge funds buying up houses and found this article to be the best overall explanation of how it started and the current state of affairs in the US. It's distressing and unfortunately I don't see a way to turn back the tide here-- they have a cash cow and they're going to keep accumulating at the expense of neighborhoods and people who want to buy to live in a house. Interested to hear if anyone has more insights about measures being taken to curb this. https://www.theatlantic.com/technology/archive/2019/02/single-family-landlords-wall-street/582394/ [link] [comments]  |
| Tips for the CA RE exam and anything that can prepare me for my first few months at the brokerage… Posted: 19 Jun 2021 09:28 PM PDT I am in my first month of a three month course to get my real estate license. Just wondering if there's more I can be doing to prepare myself for the exam or for my first months actually working. Thanks!! [link] [comments]  |
| Posted: 19 Jun 2021 03:05 PM PDT Hi all, Obviously we all know the state of the market. I currently live outside of NYC in a rental for the last 4 years. Landlord is kicking us out in 45 days because he sold the house(we found out 15 days ago). We decided on looking down south in SC for a nice place to live hoping the market would be less competitive, honestly I'm terrible at saving and only have enough for a 3.5% down payment with closing costs. Anyway, we put multiple offers on nice move in ready houses and were no where near getting our offer accepted even at 15k over asking. We happened to find a house that was recently dropped 20k in the asking price, pictures looked decent but not great,but it checked all the general boxes we need in a house and is less than our max of 315k in a highly sought after area of the state. We offered asking at 290k, no waive of appraisal and only asking for major repairs to be addressed. They accepted our offer and it was such a relief to know I was going to have somewhere to live. I sent the wife down as I had to have surgery the day of the inspection, and it seems like the house has a TON of cosmetic issues, and some other issues including the driveway and side walkway concrete having a tree root growing underneath it making it a trip hazard. Some windows don't align so they can't be locked, and some were painted over so they couldn't be opened. Elevated moisture in the crawl space that most likely is leading to some of the vinyl flooring to start cupping. HVAC collector doesn't look great. The house according to my wife is disgusting and looks like it hasn't been cleaned in years. The inspector we hired pulled my wife to the side when the agent left and said he wouldn't buy the house. Then I call the inspector and he tells me nothing of the sort, says the house has no major issues, would be a great investment property, and the only thing he listed was maintenance items. Very confusing, and my biggest concern is i'm going to buy the house and have some major 10k repair right away that I won't be able to afford. The house I feel is not worth what they are asking right now, and I'm hoping the appraisal comes through which we all know it wont. Anyways sorry for the rant here but I felt like I needed to vent to internet strangers for comfort as I don't have much support in these situations. This is the biggest and most stressful decision I've ever made in my life. Do I take the house and potentially have to drop a lot of money into a house I hate, hoping that the market stays on a steady incline so I can sell and get the house I want? Do I back out of the deal and hope by a miracle something better comes along in the next 15 days and hope for a short close. I can't find any rentals near me that I can afford and have any hope of saving enough to buy a house as my current rent is cheap as fuck. Someone with a magic ball tell me what to do. lol. If anyone that has some experience with this shit wants to review my inspection report please message me and I'll send a copy, it would be very appreciated as I honestly don't know what these things would cost or what things would need to be done asap. Thanks to anyone that gave this a read! [link] [comments]  |
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