Read the Solar Contract before Buying a House With Solar Panels Real Estate |
- Read the Solar Contract before Buying a House With Solar Panels
- Our Real Estate Agent wants to buy our house, is that normal?
- Tenant Is Subletting AirBnBs
- Is our VA loan the reason we aren’t getting accepted?
- Regretting Buying a House; What Options Do I Have Now?
- I stumbled onto a whole bunch of cash and I don’t know what to do with it.
- What is the average value of the house that a family lives in?
- Selling family farm question. Mississippi
- Aspiring Real Estate sales Agent
- Is there any recommended annual inspection\maintenance checklist for homes?
- Getting a mortgage while on Maternity leave?
- Pre-drywall inspection
- Property Tax - 3x increase at closing
- We got soo close to putting an offer and then chickened out. Should we continue waiting a little longer?
- What are some tips and recommendations you have staging a house for real estate listing?
- Co-Applicant Questions
- Should I buy a house without a realtor?
- Buying with cash - proof of funds
- Philosophical “quality of life” question
- Earnest Money/Deposit
- Really nervous about first home purchase. Should I back out?
- Are our listing photos "professional" / good? (TX USA)
- Does living next to a preschool & Catholic workhouse effect re-sale value?
- HELP!!! Buyer is on a deed but they aren't supposed to be on.
- How isn't there more information available on bay area earthquake risks for homes?
| Read the Solar Contract before Buying a House With Solar Panels Posted: 01 Aug 2021 04:21 PM PDT Here's out pickle: We put in an offer on a house that has solar panels. When we first noticed them on our first walk-through the house (it was not on the property's lengthy description), I pointed to them and said to our agent, "We need to see the contract." The seller's agent didn't have it, had to contact the buyer for it, and it had not accompanied the Disclosure. Someone thought it was a non-issue. It would've been had the seller bought them outright. I received and pored through the contract, called a Power Purchase Agreement (PPA). There were 15 years left on the 20-year contract. It was leased, no money down, and the company could increase the rate no more than 2.90% a year. Oh, and the solar company got all the solar tax credits - not the homeowner - and would take back the system at the end of twenty years. Page 1 states: We guarantee that if you sell your Home, the buyer will qualify to assume your Agreement. We warrant all of our roofing work. We restore your roof at the end of the Agreement. We warrant, insure, maintain and repair the System. We fix or pay for any damage we may cause to your property. We provide 24/7 web-enabled monitoring at no additional cost. The rate you pay us will never increase by more than 2.90% per year. The pricing in this Agreement is valid for 30 days after (Date of Purchase). There were only four ways out of the contract:
The above is then followed by this cute paragraph: Free Assumability. This agreement is free of any restrictions that would prevent the homeowner from freely transferring their home ("Property"). (Name of Solar Company) will not prohibit the sale, conveyance or refinancing of the Property. (Name of Solar Company) may choose to file in the real estate records a UCC-1 financing statement ("Fixture Filing") that preserves their rights in the System. The Fixture Filing is intended only to give notice of its rights relating to the System and is not a lien or encumbrance against the Property. (Name of Solar Company) shall explain the Fixture Filing to any subsequent purchasers of the Property and any related lenders as requested. (Name of Solar Company) shall also accommodate reasonable requests from lenders or title companies to facilitate a purchase, financing or refinancing of the Property. We tell our agent we will make an offer, but will not sign to transfer the solar contract. Seller calls solar company and mistakenly hears that they'll take back the solar system and the seller is out of the contract. We make a strong offer and it's accepted. Turns out, the buyer has to take them with her to put on another house. However, the seller isn't moving to another house. Her option? To buy it out and take them with her for $23,000. Or default on the contract. Needless to say, though our offer was verbally accepted there is no signed Agreement of Sale and the seller is now in a pickle of her own. We really want the house, but will not sign this awful solar contract and commit to it for 15 years! For now, we're on standby while the buyer figures out her options. [link] [comments]  |
| Our Real Estate Agent wants to buy our house, is that normal? Posted: 01 Aug 2021 11:31 AM PDT We chose our real estate agent because our handyman recommended him. They both told us our home would sell in 4 hours. Its in Charleston SC. It's been 41 days we've had 28 showings and 0 offers. We apparently missed the hot seller market. We bought the home in 2017 for $239,000 and he listed the home for $344,900 in June. We are now at $337,500. We also have solar panels that we owe 18k on. He told us the market was so hot he would find someone to take over the payments. For the past 3 weeks we have been advertising that we will pay off the solar panels. Today he texted us and said "I'm actually also thinking about buying the house from you guys also for cash if we can work out a good price." My BS radar has been going off since day 1 but my husband really liked him. Is this normal? Have we screwed up? Do real estate agents typically offer to buy their sellers house? Is this a good option or should we run for the hills. I feel sick to my stomach. We are emotionally and physically exhausted from cleaning and cleaning and cleaning and never receiving much feedback. [link] [comments]  |
| Posted: 01 Aug 2021 07:54 PM PDT I'm in Missouri, I rent out a property. Turns Out while replacing a ceiling fan at my tenants request that they are airBnB. I asked them about it and they said they just did it the one time. I don't really care but is there liability risk I'm not aware of that anyone here has experienced before? I'm open to hear anyone's experience but would especially love to hear from anyone in Missouri [link] [comments]  |
| Is our VA loan the reason we aren’t getting accepted? Posted: 01 Aug 2021 08:18 PM PDT My husband and I are desperately looking for a house. And like many others, we always seem to be getting outbid. The most recent offer was 17k over asking, 11k due diligence and 1k earnest. Plus a lease back for two weeks completely free. We still didn't win it. Which we find very odd because the exact same style duplex on the same street sold two weeks ago for only 10k over and things seem to be slowing down here. We were sure 17 would be overkill and we'd for sure get it. So is it our VA loan. I understand those loans use to be horrible but they've changed a lot and are just like conventional loans now. But I'm worried it got a bad wrap once upon a time and we're going to have to keep renting. We this house was on the far end of Garner with really nothing desirable nearby. [link] [comments]  |
| Regretting Buying a House; What Options Do I Have Now? Posted: 01 Aug 2021 06:19 PM PDT I just closed a house 2 weeks ago for 500-ish k, but I am regretting a lot now. Browsing listings around the neighborhood (like within a mile), there are so many houses in better condition, larger area and better schools while listed no more than what i brought for, and I didn't buy above listing price. Looking back at my purchase journey, there was barely any decent listing in the last couple months and i thought i got a good deal at the time of purchase. However, after closing, almost every single listing around is simply better in every aspect. I am thinking about selling this house then buy another one. However, even if i can sell at the same price as i brought, I'll lose 6% just for commission. With this mortgage being on my credit, I can no longer get a good interest rate. I got 2.875% rate for the purchase. However as i apply for an pre-approval with my current situation with the assumption that this home will be sold prior to closing, i can only get 4.125% rate. So there's a penalty of roughly extra 43% interest, which is huge. In a hypothetical case that i do proceed with this method and i live in this next home for 3 years, i will be looking at ~30k loss in commissions, plus ~10k loss in closing, plus 17k extra interest to pay in the first 3 years (due to 4.125% vs 2.875%). So this option is $57k loss. My mortgage is for primary residence, so i guess legally I cannot rent it out at least in the next 12 months. But even if i rent it out, the estimate rent is like 1k short from my mortgage payment, so it doesn't help that much anyway. I also don't want to move in. It mentally stresses and upsets me so much to just visit and look at the house, as it reminds me what a terrible financial mistake i've made. I've been going off and been punching doors/walls over this, such that rn i don't have any knuckle without broken skin. Everything sucks. Kitchen Cabinets looks like from the 80s, with appliances that are the cheapest one can possibly find on the market. Floors also look like the cheapest one can possible find. Bathroom are tiny and looks like from the 90s. Yards are full of weeds along with large areas of bare dirt from its bad drainage's water pooling, not to mention there is a seems-dead tree touching the roof. Dead bugs everywhere inside the house and garage. What can I do now with a house that i don't want? Any way to not live in a house while legally claiming it as primary residence? Even if there is, my saving can only support paying for this house and renting somewhere else at the same time for like a year, after which i will need to either sell the house or move into the house. [link] [comments]  |
| I stumbled onto a whole bunch of cash and I don’t know what to do with it. Posted: 02 Aug 2021 04:06 AM PDT Okay to begin.. I was once a touring musician who got into an almost fatal accident that left me with a huge settlement after a three year lawsuit. I want to do something with this money and truly I believe that real estate is a great way to not be broke again. I have a credit score of 496, my biggest goal is to boost that up, obviously. I am set on buying a duplex to live my rent free life. I can easily put a 100k payment but like I said.. my credit score is ASS. My question is.. where do I go from here? [link] [comments]  |
| What is the average value of the house that a family lives in? Posted: 02 Aug 2021 03:41 AM PDT I want to know if it is possible to find this data. As well as data on households for three person, four person, five person, etc families ... [link] [comments]  |
| Selling family farm question. Mississippi Posted: 01 Aug 2021 07:03 AM PDT Thanks in advance. My siblings and I voted to sell the family farm several years ago. There are 6 of us and we incorporated so that we must vote on things etc. Lots have been selling sporadically so that's going well. However, the agriculture piece (land being leased to farmers for crops and income) has been hard to sell. My siblings who live in MS and enjoy hunting, recreating, even living on the family farm , say the markets just not there, refuse to put up signage, don't want to have a real realtor, no MLS listings or advertising online. I live out of state and can't gage what's really happening with the market in Mississippi. Is the real estate market for working farms really that bad? What would be my next steps to advertise and to get potential buyers to take a look? The agriculture piece is about 800 acres. Thanks again! [link] [comments]  |
| Aspiring Real Estate sales Agent Posted: 01 Aug 2021 09:50 PM PDT I'm currently studying to become a real estate agent, only issue is I haven't got any prior experience in Sales or Real Estate whatsoever. I was a chef for 10 years and then I became a Postman. I'm in Adelaide, Australia. Any suggestions to get my feet in the door will be highly appreciated. [link] [comments]  |
| Is there any recommended annual inspection\maintenance checklist for homes? Posted: 01 Aug 2021 09:47 PM PDT A lot of us do yearly medical check-ups (blood tests and other tests) to ensure that our essential numbers are within range. Cars have oil changes done every 3k - 5k miles where the mechanic also does a certain number of other checks to ensure that everything is in working order. Similarly, are there any such recommended checks\inspections carried out for homes? I am a new homeowner and I know very little about long-term maintenance and care. I have fixed a few things around the house so far after looking up information on Youtube and forums, but I don't think I am at a stage where I am experienced enough to tell if there is a problem brewing. So, I was wondering if there are any recommended checks\inspections that should be done either annually or once every few years as a preventive measure before any problems manifest themselves in a big way. Just to clarify, I live in a townhome with a tiny outdoor patio and we have a HOA. [link] [comments]  |
| Getting a mortgage while on Maternity leave? Posted: 01 Aug 2021 08:25 PM PDT Hello, My wife and I have recently decided to apply for a mortgage for a home. However, I have been a stay-home father for the past year and she is now on Maternity leave. Our credit scores are excellent, we have significant savings and zero debt, she also has excellent work history and a high paying job. My question is, how difficult will it be to get approved while she is on maternity leave? And how/will it effect the loan? Thank you [link] [comments]  |
| Posted: 01 Aug 2021 03:14 PM PDT Hi, First time building a new house and wondering if it's worth hiring an independent inspector. The county inspector conducts an inspection at each phase, including of pre-drywall. The builder told us that, they will only honor any inspection items dealing with code and nothing else. The cost is about $700 in my area. Would be nice to save the money if it's not worth it. Already digging myself a hole building in this hot market. For what it's worth - Builder.com named my builder #1 in the country for 2021. Stanley Martin. They have amazing reputation in the region. Thoughts? Experiences? [link] [comments]  |
| Property Tax - 3x increase at closing Posted: 01 Aug 2021 04:51 PM PDT Just got my closing disclosure from my lender, where it shows total monthly escrow as $1,220 per month. I expected this to increase but this is 3 times what was in the loan estimate. Homeowners is 280 a month, so my property taxes are ~$9,500 per year - on a $$699K house in NC. This seems really expensive?? My escrow payment is 40% of my monthly based on this... Am I missing something? [link] [comments]  |
| Posted: 02 Aug 2021 04:07 AM PDT We came to NC (Raleigh-Durham) area this weekend and saw about 20 homes. We narrowed it down 3 and then chickened out because the price felt high for the area even though the house is gorgeous! We think if we wait it out a bit more, we may be in a better situation to win a bid once the market is a bit cooler. [link] [comments]  |
| What are some tips and recommendations you have staging a house for real estate listing? Posted: 01 Aug 2021 05:59 PM PDT My condo is my first home, and I bought it 5 years ago. I love this house. And I love the location too. I am only selling it because I am moving to another city for a new job (remote work from home wasn't negotiable). So. I am about to list my beloved condo and I am cleaning and preparing for the staging. What are some recommendations you have about specific dos and don'ts about staging? Despite the hot housing market, the real-estate market in my town (east coast) is pretty meh. There are 3 other condos in the same building for sale that have been on the market for more than 30 days (even with reduced price). I am trying my best to have any advantage I can have to maximize the resale value of my place. IMO, the location is really desirable but for whatever reason the real-estate agents aren't bullish because they aren't seeing as much buyers demand in my town. Thus, any recommendations or suggestions you have, is going to be quite useful. [link] [comments]  |
| Posted: 01 Aug 2021 09:33 PM PDT My fiancée and I are hoping to purchase our first home together this spring. Both of our credit scores are above 750. I have two years of pay stubs at $60k annually. I also have $0 debt and $60k set aside to cover downpayment & closing costs. My fiancé just graduated and has just under $30k in student loans. He expects to find a job making around $40k within the next 2 months. What is our best route to get pre-approved for a $250k 30-year home loan? We would prefer to have both our names on the loan, but are not sure if that is the most financially savvy thing to do. We plan to meet with a financial advisor once he has formally accepted a job offer. In the meantime, we are trying to get a head start on researching the process and our different options. I'm looking for advice on how other couples have handled money imbalances when navigating the pre-approval process and what advice you received regarding co-applicants/co-borrowers vs refinancing with both names a few years later. [link] [comments]  |
| Should I buy a house without a realtor? Posted: 02 Aug 2021 03:13 AM PDT My contract has ended with my existing realtor and the performance was average to poor. They came recommended by someone I trust that had a good experience with the person. I found a house through redfin and the brokers commission is less than what the realtor was asking (2.25% vs 2.5%). I don't want to pay more money in this overpriced market even though it is less than $1500. The realtor takes too long, is new (6 years) and from what I can tell has only closed 5 houses in their career. I transacted one other property with them and in a sellers market ended up giving 3% sellers concessions on a well maintained house (understood it was ultimately my decision). Left a bad taste in my mouth because it seems the realtor has no negotiation skills. I've spent 8 months trying to buy with the realtor with no luck. I had to ask twice if they could go through the automated listings they sent my way and pick ones specifically for me because I just needed help. I've submitted so many offers in this market that I think I have all I need to submit an offer for this house I saw. I figure I could possibly ask for 1.5 to 2% closing cost assistance to help get my offer accepted if I don't use a realtor. I would possibly hire a real estate attorney to look over the contract. Any thoughts? [link] [comments]  |
| Buying with cash - proof of funds Posted: 01 Aug 2021 11:13 PM PDT Can someone please explain to me what realtors should require from most buyers when they are paying 100% cash and showing that they have 'proof of funds'? I understand that a letter from the bank is in order and it should include the date, a signature, a dollar amount (which doesn't have to be the same as the account balance), your name, etc. etc. I've encountered an agent that wants to know more than that. In addition to getting the proof of funds letter from the bank, they want to know my account balances and they want a couple of recent bank statements. Is this reasonable to ask for? It seems like they are asking me to provide too much financial information. [link] [comments]  |
| Philosophical “quality of life” question Posted: 01 Aug 2021 09:27 AM PDT What would you rather do: Buy a house you really like in a neighborhood that isn't the most desirable (i.e.; because of longer commute time, etc) OR Buy a house this is just "meh" but in a neighborhood that you really love? I'm in this conundrum now. [link] [comments]  |
| Posted: 01 Aug 2021 07:09 PM PDT Greater Boston buyer here. What is normal/expected for earnest money deposits in this region now? We've been doing only $1k (at the advice of our agent), but that seems so small to me. Are most winning bidders doing more than that? Curious if even bumping up to $5K would make the optics of our offer appear stronger. [link] [comments]  |
| Really nervous about first home purchase. Should I back out? Posted: 02 Aug 2021 01:01 AM PDT So we are first time homebuyers who have been searching for a few months now, but got real serious and preapproved about a month ago. Our budget isn't very high, so we learned we can't get an extra bedroom that I planned to use as an office in this sellers market. The first home we put an offer on, we ended up getting outbid despite going above asking. We ended up seeing it twice and getting really invested in it, despite it not even being that great out of a house. We started to get real nervous that we'd never find a decent place in our budget and that we'd get outbid each time. We just saw another place last week and while it was small, it was move in ready and looked really nice. We decided to put an offer, thinking we'd still get outbid but shockingly, our offer was accepted. We have inspections scheduled for later this week but now we feel as though we made the wrong decision and are over analyzing the lack of storage and closet space, lack of extra room/den for an office, and even small things like the view of some building in the distance from the backyard. We are currently living with parents with a newborn, so while we aren't tied to a lease and in a rush to get moved in right away, we can still get away with a few more months staying here and saving more. Just worried with the baby outgrowing his bassinet and needing to build his crib soon, we will have no room. Also, we looked forward to celebrating the holidays with the baby in our first home. Is it good to lock in a great rate, and have our offer accepted in this sellers market on our first house that might not have the storage/closet/office space that we definitely need? Or should we back out and continue looking in hopes that we see a change in the market? We worry if we back out, our offer won't be accepted on the next one(s) we find and submit an offer on. [link] [comments]  |
| Are our listing photos "professional" / good? (TX USA) Posted: 01 Aug 2021 08:35 PM PDT This is my first time selling a home through a listing agent, and my only transaction in the last ~20 yrs. Agent had a photographer come in to take pictures and I'm not totally happy with the results but I do realize (a) I'm not an expert, and (b) I didn't contract for the photos so don't get much say in them. Agent told me the photographer, or their company, even picked the photos and ordering of them and not her. Is that normal? Anyway, I just read a recent thread by /u/Fearless-Addendum where a lot of commenters said her listing photos (visible on Zillow https://www.zillow.com/homedetails/2872-N-Moss-Oak-Ln-Charleston-SC-29414/10878058_zpid/) were not done professionally and could be a problem for the sale. People said "too many wide angle photos", "bad angles", "bad ordering", etc. Are my photos good? They seem to be lots of wide angle photos and similar angles to Fearless's listing? But maybe I just can't tell the difference? https://www.zillow.com/homes/7311-foxtree-cv-austin-tx_rb/29361247_zpid/ Appreciate any input! This process is already making me nervous enough as is. [link] [comments]  |
| Does living next to a preschool & Catholic workhouse effect re-sale value? Posted: 02 Aug 2021 12:00 AM PDT I'm about to close on a 600k house in 2 weeks. It's gorgeous & in a very trendy & desirable neighborhood. However, we spoke with the neighbors & found out two things: 1) Our adjacent neighbors plan to open an in-home preschool. -It would be 10 kids including their own 2 kids. -Yes this is permitted & allowed in our city -They are definitely moving forward with this plan, as they bought both units of their house & plan to use the ADU as the preschool. 2) Immediately across the street is a 'Catholic Workhouse'. (The best way I can describe what this is for those that don't know is basically transitional housing for people that are homeless.) -The employees & people living their do seem nice & very welcoming -It looks like a regular house so we didn't know. & when we asked our real estate agent about it originally they downplayed it. -The Catholic workhouse already expanded once into another house on the same street, & have plans to grow their operations in other ways (although they claim they won't grow any bigger than this). I asked my real estate agent and she said there is no way to determine how being immediately adjacent to 1) a preschool or 2) transitional housing would effect property values. I find that hard to believe. I've had problems with her from the start and I'm not sure if she's not being honest with us, or if she just doesn't want to put in the time/effort to help us. We still have time to back out, but we would lose 10k in earnest money. [link] [comments]  |
| HELP!!! Buyer is on a deed but they aren't supposed to be on. Posted: 01 Aug 2021 05:48 PM PDT Hey all, I'm just curious if anyone has any insight on this situation. We were suppose to close on our current home and our new home tomorrow (8-2) but find out on Friday that our buyer is having a finance problem. He and his ex wife rented a home and had a contact for deed. The contract expired and then they got divorced. He hasn't lived in this home for 4+ years. They never fulfilled the contract so it's null and the home remains with the original owner. Friday we find out that for some reason the lawyer who wrote the contract for deed, put our buyers name on the deed at the time the contract was written. Now I'll be honest, I have no clue how contract for deed works but our agent said he was never suppose to be put on the deed until the contract was fulfilled. Our buyer had no clue about this until last week when USDA (his new loan) has a problem because he "technically" is on another deed. We are just as surprised as he is. Now closing is delayed and we have no clue how long it'll take to clear up. Our agent (and our buyers agent) is going to their companies real estate lawyer on staff to see if there's something that can be done quick to remove him from the deed so we can close. Has this happened to anyone else? If it did, what did you do in order to close? He isn't suppose to be on this deed and the original lawyer screwed up big time. Anyone have any insight or any ideas? [link] [comments]  |
| How isn't there more information available on bay area earthquake risks for homes? Posted: 01 Aug 2021 11:21 PM PDT I'm looking at buying a home in the bay area but I am very conscious of earthquakes. Firstly, I've looked at liquification maps and I'm convinced that I definitely want to stay away from those areas. They're around the bay in Oakland, Berkeley, and San Francisco as well as some areas of Marin. The next bit of research I've been doing is around actual seismic activity and proximity to fault lines. This is the part I'm having trouble getting good info on. I've gathered that I don't want a brick home but I can't figure out how far from a fault line is "safe" or if something like say half a mile away from a major fault line makes any difference. How much does seismic retrofitting actually help? Does half a mile actually make a meaningful difference if and when the big one hits? I'd like to buy in Berkeley but much of the areas I like are pretty near the Hayward fault. I'm honestly shocked this info isn't more readily available in the bay area given that it is sandwiched by two major fault lines that are both overdue for a major earthquake. [link] [comments]  |
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