Update: tenant was supposed to leave tomorrow 6/30 and refusing to leave prior closing 7/9 Real Estate |
- Update: tenant was supposed to leave tomorrow 6/30 and refusing to leave prior closing 7/9
- Those who have pursued litigation for failure to disclose, what was the undisclosed item? Was it worth it? Would you do it again or just deal with the undisclosed item?
- Am I being lied to about Flood Insurance?
- Tenent question to landlords regarding unintentional damages.
- Closing fees.
- Closed! Great and Horrible Experience
- House sits for 49 days, then miraculously there's a bidding war
- Need to sell then buy, is selling to ZillowOffers/Opendoor a viable solution?
- Question About Rentback (CA)
- Complex issue
- Seller backing out after signing contract, not sure what to do.
- Upcoming CFPB Rule change for foreclosures
- Appraisal came back $10k less than what is needed to drop pmi
- How will the Surfside Condo Collapse affect Condo Prices and Demand?
- Share inspection report with appraiser? Pros and Cons?
- Need an agent if buying new construction?
- All cash offer a good idea now with low interest rates?
- New Construction Walkthrough
- Fire a real estate agent who's a friend
- Is it better to wait to submit an offer before or after an open house?
- Oh, boy... Approved for 130K. Seller accepted my offer for 110k. I do NOT have 20.5k for "balance of purchase price". What do I do?
- New home construction preferred lender question.
- Do disabled veterans get a property tax exemption per property in texas?
- Appraisers Office has wrong Info listed! Florida
- Strange New Home Regret
| Update: tenant was supposed to leave tomorrow 6/30 and refusing to leave prior closing 7/9 Posted: 29 Jun 2021 03:14 PM PDT Update on June 29: just got informed that the tenant will not leave tomorrow and the next court date is on July 9 which is the day I'm supposed to close. Honestly wish I never entertain this property since it has a tenant that isn't leaving and paying. She had the nerve to tell seller that she wanted to create a lease agreement with me and my lender told the seller's agent "No!" My closing will likely be delayed but my loan expires July 16. I just hope there's an order for a sheriff to remove her off the property at least on July 9 or before July 16. [link] [comments]  |
| Posted: 29 Jun 2021 10:36 PM PDT Previous owners did some questionable work and we can tell they either did it themselves or knew about it because the drywall covering it is date stamped with the manufacture date. But was it worth it to any of you who have tried? [link] [comments]  |
| Am I being lied to about Flood Insurance? Posted: 30 Jun 2021 04:35 AM PDT Looking at financing a commercial real estate property. The bank's flood advisor said it needs flood insurance. Insurance companies immediately quote $16K and $22K. They say, "if you get an elevation certificate, the price can come down" so I get one. Premium ranges from $2500 to $4000 based on NFIP. They are all supposed to quote the same price since it is underwritten by the govt so obviously something is effed up. Fishy so far. I'm reading the elevation cert EC and it says the 6 buildings I want to buy (self storage) are in zone AE. I look at the fema Map online and one part of the property touches AE zone. But the elevation cert says none of the buildings are below base flood elevation. BFE So I call up the surveyor and ask why the building is listed in zone AE. He says if any part of the property is in zone AE, the whole property is listed as such. I'm skeptical. I ask him where is that documented? Oh it's in the fema handbook for EC's. Uh huh ok. I go to the FEMA website and take the elevation certification online training course. I read the EC documentation. I can't find anything anywhere that says if a property is touching zone AE that any building on that land is marked as AE for insurance purposes. Instead everything is predicated by the location and elevation of the buildings. Basically I think I'm being lied to. Bank doesn't have good advice from their flood advisor. Insurance company doesn't know what they are doing. Surveyor may be scamming me to the benefit of the insurance company. Please for the love of God can someone send me a lifeline? Can I call someone in local govt to get straight answers on this? Simple question is whether a building should be labeled AE simply because part of the land touches AE or are they only supposed to mark it AE if the FEMA satellite maps mark it as such? This whole fiasco has ruined a good deal. Help!! [link] [comments]  |
| Tenent question to landlords regarding unintentional damages. Posted: 29 Jun 2021 08:35 PM PDT My fiance likes to burn candles and I guess over the last 3 years it has built up a soot on walls and ceilings that you don't notice until you clean a part of the wall. Well, now the landlord wants us to pay for the walls to be cleaned, primed and painted. He also wants the ducts to be cleaned out and hvac cleaned and "repaired". He told me that so far there are $15,000 in damages. I'm at a loss and definitely can't afford to pay that. Any advice for a tenet that unintentionally and unknowingly damaged the property. [link] [comments]  |
| Posted: 30 Jun 2021 04:23 AM PDT This could be a really stupid or unaswerable question but how much are closing fees? Like a general estimate. Got an offer accepted on our third try and only had to offer 1k over for a total of 231k. That being said things are extremely tight. We did 5k earnest with 15k down. We were going to do 20k down but my husband doesn't start working until August and we wanted a cushion. We are running low on funds probably around 6-8k to last us until he starts work not including our current rent costs. Are we screwed? My realtor hasn't mentioned an estimate for closing costs or even talked about them besides a few times in passing. (Edit: in WI) [link] [comments]  |
| Closed! Great and Horrible Experience Posted: 29 Jun 2021 04:25 AM PDT Like everyone else, I struggled to find a home; several offers lost and moral was crushed. I finally found the perfect house; it was in a great location, just outdated. I was pretty surprised my offer was accepted because I used the VA loan and only went 15k over asking. I guess the lack of turnkey turned some people away (needed new flooring, carpet was gross, and some other things). We did the final walk through yesterday and the seller was by far the worst kind of human. He left trash everywhere, meat blood and grease stains all over the kitchen and fridge, and allowed his cat to shit and piss all over the carpet for at least a week. It was honestly hard to even hold my breath from the intense cat smell during the walk through. The carpet was honestly horrific, it wasnt great during my initial viewing of the house, but was 100x worse. I was absolutely furious and had a mini freak out and told my agent I was out. I'd gladly lose the 3k deposit out of principle. My agent and the sellers agent were equally mad, and said they'd hire someone to do the deep cleaning and were sincerely apologetic. After taking some time to cool down, I decided to apologize to the realters, as this was not their fault, and move forward with the deal as houses in this area (especially location and by the beach) are flying the moment their listed. I declined their offer for the deep cleaner as I was intending to do a full remodel anyway and replace all the flooring. We closed and then I spent all day demoing and removing the flooring. To my surprise, the guts of the place was in fantastic shape. I didn't have to replace tbe subfloor or even sand it down (it was level). Just have to treat it with a couple coats of KILLZ oil primer and start installing the LPV. Also hired an HVAC tech to clean/clear all the duct. Message of this post I guess is to always see the bigger picture. Even if that's losing a house, because a better one might just be around the corner. I'm pretty embarrassed how I took out my anger on the realters and almost walked away for pride/anger on a house that I can already tell will me by HOME after the remodel. I love the location, the neighbors are great (came over with beer and tried to help), and the price was just right! Also, don't be a shit bag seller. Happy house hunting everyone, glad this chapter is over for me and hope it is for you soon too! [link] [comments]  |
| House sits for 49 days, then miraculously there's a bidding war Posted: 29 Jun 2021 02:27 PM PDT So we watched a house for a few weeks, 3 days ago they drop the price for a second time. we do a second look and decide to put in an offer at what we think it will appraise at. we hear back at the end of the offer expiration that someone put in an offer "well above list price" and want to give us a chance to respond. this smells fishy to me, how do we know this offer even exists? I don't think the house will appraise above their new list price either so we entered a backup offer 25 k higher than our original. How do you know that other offers aren't being invented? update: its now listed as pending and our realtor never called to tell us our offer won, so I guess it was a real offer. ah well, I guess we can now join the club of disappointed homebuyers, but I really didn't feel like I could justify the asking price in that neighborhood [link] [comments]  |
| Need to sell then buy, is selling to ZillowOffers/Opendoor a viable solution? Posted: 30 Jun 2021 01:50 AM PDT We've been gearing up to sell our primary residence, with plans to then find and purchase a replacement property. The one thing we've been planning for is how to avoid "moving twice", especially since we have a young toddler in tow right now. To that end, we were going down the path of selling with a contingency on 'finding' a replacement, and then carefully engineering the closing of both the sale and purchase. The other option we're also looking into is the possibility of a bridge loan, but those conversations have only just started with our intended lender, so we don't know the scale of our options there yet. In reading some posts on here tonight, I was reminded that mainly out of curiousity 3 weeks ago, I had submitted requests for offers to both both Zillow and OpenDoor. The initial numbers I saw at that time were impressive, but I heavily discounted them as I figured they would eventually be much lower after getting through their various walkthrough and inspection steps. Regardless, I went back to my offer pages for both, and while Zillow says they need to recalculate the original (expired) offer, OpenDoor's page took a few moments to 'refresh' their (also expired) offer and presented me with an offer that was higher than their first. It seems I have nothing to lose (but time), so I've gone ahead and scheduled the next calls/video walkthroughs with both Zillow and OpenDoor, just to see where that takes me. But at least in reading this experience here, https://www.reddit.com/r/RealEstate/comments/o8l5r5/opendoor_vs_zillow_offers_our_experience/ , it almost seems that selling our house to Zillow or OpenDoor would give us the flexibility to find and purchase our replacement home? At least, much more flexibility than the traditional sell-with-contingency path we have been originally planning for, and perhaps more cost-effective than going down the bridge loan route? Is there anything I might be totally missing here? [link] [comments]  |
| Posted: 30 Jun 2021 01:07 AM PDT I agreed to a 40-day rentback after closing (nature of the market and this was a home I really liked after seeing many other homes). They are due to move out before the month ends, but I am told they have secured other housing by the 15th and may be out before the official end of rentback. Should I have my realtor ask them when they plan to move out by, or should I just wait until the end of the rentback period to reach out? Planning to do walkthrough day after rentback ends. There is a security deposit on hold for damage or late move out. Any tips are appreciated. Thank you. [link] [comments]  |
| Posted: 29 Jun 2021 10:49 PM PDT Hi all, I have a really complex issue regarding myself and fiancé buying a property together. She just recently got on title on a property that really is a gift from her mother but her mother resides in it for now. The thing is that this property is significantly more than what we both are looking to purchase. Our loan officer claims that because of this we are subject to investment property rates. Is this true and if so, how can we get primary residence rates? It's like almost 1% difference. [link] [comments]  |
| Seller backing out after signing contract, not sure what to do. Posted: 29 Jun 2021 01:20 PM PDT We are buying a house and have the inspection in a couple of days. Recently we are told that the seller is wanting to back out of our contract because they got a better offer. (They admitted via text to our relator). After hearing that, we just waited a day to see if they would change their minds and go through with out contract. Our realtor & their broker talked to the sellers, and the sellers said that they would specifically not sell to us, even if we offered more. Apparently the other bigger offer they had gotten fell through because the other buyers realized the seller was being shady and was already in contract with us. We were told that the sellers said they didn't care about any fees or legal issues, and that they did not want to sell to us. So I'm not sure if we should take them to court and try force their hand into continuing the contract with us. We love the house and haven't been able to find another one like it. Or if we should just leave it alone and forget about it. We are using a VA loan, and are worried they will purposely mess up the house so we could not get it. Our realtors company will be suing the sellers either way. [link] [comments]  |
| Upcoming CFPB Rule change for foreclosures Posted: 29 Jun 2021 06:48 AM PDT The Consumer Financial Protection Bureau announced a new rule today to prevent a wave of foreclosures due to coronavirus. Here is a summary from the New York Times: "In most cases, lenders will only be allowed to foreclose on a home if it is abandoned, if the borrower has not responded to messages for at least 90 days, or if the borrower has been formally evaluated for all available "loss mitigation" options (such as a loan modification) and none are viable. Servicers will also be allowed to proceed with foreclosures for borrowers who were already 120 or more days delinquent before March 1, 2020. The new rule also allows mortgage servicers to more easily offer some loan modifications so long as the changes do not increase a borrower's monthly payments or extend the loan's term more than 40 years beyond the modification date." I think the big foreclosure wave people are talking about after the eviction/foreclosure moratoriums end is not going to happen. [link] [comments]  |
| Appraisal came back $10k less than what is needed to drop pmi Posted: 29 Jun 2021 04:34 PM PDT We contacted the bank to see if we could get our pmi dropped since values have increased significantly. The appraisal came back $10k under what we need. I wouldn't have requested the appraisal if I remotely thought we wouldn't hit our target number. All of the comps they used sold for $20k more than the number they gave us, and most of them sold in February. One house is even exactly the same as ours with no upgrades, and ours is on a larger lot, but ours is still $20k less. The bank mentioned getting a realtor to find more comps. Is there anything else we can do here besides pay the difference? Eta: $10k is only like 2% of the total value [link] [comments]  |
| How will the Surfside Condo Collapse affect Condo Prices and Demand? Posted: 29 Jun 2021 10:49 AM PDT Due to this catastrophe, we have never seen more nationwide mainstream coverage on the unique aspects of high-rise condo ownership, to include shared costs of repairs, special assessments and association fees and organizations. Will this have an effect on condominium prices? Local to Miami or beyond? What are the market dynamics to look out for? What are you hearing? What are you discussing? [link] [comments]  |
| Share inspection report with appraiser? Pros and Cons? Posted: 30 Jun 2021 12:34 AM PDT Bit of an odd question, should I (the buyer) share the inspection report with the appraiser? The house is being sold 'as is' and needs some work, per the as-is the seller's said they will not negotiate on anything in the inspection report. However, they proposed a clause that they would negotiate if the house doesn't appraise - is sharing the report (and thus the issues of the home) a way to help prompt this negotiation? To my knowledge the appraiser didn't even walk through the house. This is a conventional loan w/20% down. I understand the financial implications if it comes low and I need to make up the difference between offer and loan (assuming they don't in fact renegotiate). Anything else I am missing or risking? [link] [comments]  |
| Need an agent if buying new construction? Posted: 30 Jun 2021 12:16 AM PDT If I'm buying a mew construction home from a home builder do I still need a buyers agent? [link] [comments]  |
| All cash offer a good idea now with low interest rates? Posted: 29 Jun 2021 10:39 PM PDT If someone is selling a current home and buying another and they can use the proceeds from the old home to do an all cash offer, is it worth it to do so now with such low interest rates? Wouldn't it be better to instead put down 20% and take advantage of the low interest rates and put your money to work somewhere else. You could even afford something a little more expensive this way too. Potentially even a 2 family home where you rent out the other half. Am I right in thinking this? [link] [comments]  |
| Posted: 29 Jun 2021 05:37 PM PDT We're nearing completion of our new construction and have a walkthrough coming up to point out anything that might need to be fixed. How anal should I be when pointing out issues? I don't expect the home to be absolutely perfect, but I also don't want to let small things slide. [link] [comments]  |
| Fire a real estate agent who's a friend Posted: 29 Jun 2021 10:33 AM PDT Hi, I made the mistake of hiring my friend as a real estate agent. He majorly screwed up. He explained an appraisal contingency addendum completely incorrectly, and it may have cost me a couple of offers that I put in. I actually reached out to another real estate agent to have them explain it to me, and then I had to explain to him how it actually worked. In my eyes, that's a huge red flag, and enough as a fire-able offense. I have not signed a Buyer's Agreement with him, but would like to find a way to terminate the relationship in a professional manner without hurting his feelings, because he has been very patient and looked at a lot of houses with me. I will never mix business and friends ever again after this! Any advice is appreciated. Thank you! [link] [comments]  |
| Is it better to wait to submit an offer before or after an open house? Posted: 29 Jun 2021 07:06 PM PDT There's an apartment complex that I want to get into as a FTHB. The unit is nothing special. It's just a 1 bd/1 bth, listed at 150k in the Salt Lake City, UT area. Needs some improvements cosmetically due to normal wear and tear it seems, no idea if there's any major problems. We're trying to get in and look at it before the open house. They listed it on Monday and have an open house scheduled for this coming Saturday. It's checking a lot of marks for me though and I know I can work with this unit. It's also extremely close to my job, good location, with a cheap price that I can negotiate higher on. Would it be smarter to offer now? Get ahead of the open house and hope that they accept? Or should I wait to see how many bites they get after the open house to determine how much I want to offer? [link] [comments]  |
| Posted: 29 Jun 2021 10:05 PM PDT I can put down 10k max. If I was approved for 130k, can't they change the balance to 10K? [link] [comments]  |
| New home construction preferred lender question. Posted: 29 Jun 2021 08:16 PM PDT I'm currently building a home that is set to complete end of August. There are 3-4 preferred lenders and I have been working closely with one of them since the beginning. I know that I will lose the "incentives" if I go outside of these select few, but I have a question. Can you have these 3-4 preferred lenders compete for your business? Is there a way to get the builder incentives AND get a better interest rate by having them compete? TIA [link] [comments]  |
| Do disabled veterans get a property tax exemption per property in texas? Posted: 29 Jun 2021 05:12 PM PDT So I have a 60% disability rating with the VA and have been looking in the Houston area. Currently I'm in Sacramento but an coming into a large settlement and am looking somewhere else to purchase my first home. I plan to put down 20% and I know I get a property tax exemption, but does this apply just to my home or if I were to purchase a rental property, would I get the same property tax deduction for that home as well? Also for those in other states that require 100%, texas has a sliding scale for property tax that changes with disability % [link] [comments]  |
| Appraisers Office has wrong Info listed! Florida Posted: 30 Jun 2021 03:19 AM PDT I am in the middle of selling my house in Florida and we just came across that the property appraisers office has my home listed as a 3 bedroom. The Sq. Ft. Is correct but my house was definitely built as a 4 bedroom. I have no idea how they messed that up. There has been no additions as I live in a country club so it wouldn't fly anyways but now I'm freaking out that this could cause problems with my closing. I have heard mixed reviews on if I should or need to get this fixed. [link] [comments]  |
| Posted: 29 Jun 2021 07:47 PM PDT We recently bought a new construction townhouse and sold our home. We had been wanting to sell for years and we did really well in this market. Our old house was in a somewhat undesirable city that was known for crime in an otherwise safe area with good schools. The city we lived in had the bad schools and was often the source of crime in the broader area. It was even dirty with litter. Our little subdivision was beautiful with nature views and woods. We just bought into a new town with stellar schools, no crime, ritzy and beautiful homes, woods, great downtown, etc. etc. with a great reputation. Now, I say I live in "x" city and people's eyes light up. The problem is now I kind of miss our old home and our nature views. We have a somewhat high end townhouse and we were just thrilled with the layout and finishes at first. Now, it looks somewhat bare to me and even not that expensive, given the cost of the property. I'm hoping that I will come around but sometimes I just feel like crying. Also, while the broader area has lots of woods, our new area is new construction and is somewhat bare. We have south-facing windows, but I don't think we get a lot of light. On and on... Has anyone else experienced this? I guess I need to give it time. [link] [comments]  |
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