Need advice on getting earnest money back, suspect meth lab on neighbors property Real Estate |
- Need advice on getting earnest money back, suspect meth lab on neighbors property
- Just had our final walk-through...do we have any recourse in this situation?
- VA Out of Money
- Millennials Will Drive Home Prices Up for Years to Come
- What to do ?
- When do you get a LO
- Has anyone ever bought a house, condo appt in the riviera maya(México). If so could you share your experiences and any advice is greatly appreciated.
- Rant: the craziness continues
- Accepted the sellers counter offer 30 min before deadline and selling realtor will not answer phone or email.
- What should you expect your real estate agent to do as a seller?
- How to find housing near a Target store?
- Offering "Gift" of Cash to Seller to Entice Accepting Offer, Legit? (CA)
- Home of Choice Contingency & a Downpayment
- Is a house I live in but rent the basement like-kind to a purely rental property?
- Ice accumulated around AC unit
- Buy or rent, with a twist
- Seeking advice for someone getting into real estate: is it possible to start off as a mortgage broker rather than real estate agent/realtor?
- Is this reasonable for a survey price?
- Real estate appraisal?
- Finding a realtor - unrealistic expectations?
- sewer inspection when selling - should I fix offset? I think buyer is trying to bully me
- Owner occupancy deadline
- What am I looking for inn a realtor if I want to sell?
| Need advice on getting earnest money back, suspect meth lab on neighbors property Posted: 30 Oct 2021 04:39 PM PDT I live in North Carolina. I was buying a house and closing on 10/29/21. My agent suggested going to the house for a final walk through on 10/28/21. Upon arrival, it was discovered that my neighbors camper/RV in their backyard caught fire and destroyed the fence that separates the properties. The fire was so intense that it warped the siding of the house I was buying. The neighbors contacted no one (my future home is vacant, and we only have one other neighbor). They put up a cheap flimsy reed fence, $25 at Home Depot. I know that because they left the packaging on the ground. I honestly believe that camper was a meth lab, because it is utterly destroyed. Only burnt up wreckage remains. Initially my agent said we would put closing on hold while we figured out what to do. But later in the afternoon, my agent called me back and said we're proceeding with closing on 10/29 like we planned on. The seller was going to pay out of pocket for repairs. However, I have decided to back out of the deal entirely. The whole thing doesn't sit well with me. The seller had been very stubborn all this time about paying for repairs, and now it seems like she is suddenly really eager to not involve the insurance and just pay out of pocket. I think the seller is worried about the damage being caused by a meth lab, and wants to wash her hands of the property as soon as possible. Now that I've decided to back out, the seller is refusing to return my $2000 earnest money. Is there any way I can fight this? Evidently the police/fire department wasn't contacted when the fire happened. Should I reach out to the police to have it investigated? If it turns out to be meth lab related, does that add any validity to my backing out? My agent tells me that "because I changed my mind, and the seller didn't break the contract, she doesn't owe me earnest money back." TL;DR one day away from closing, I discovered an unreported fire from a camper in a neighbors backyard. It damaged the property I was going to buy, and I suspect the camper was a meth lab. I'm backing out of the sale. Seller refuses to give back my $2000 earnest money. How can I get it back? [link] [comments]  |
| Just had our final walk-through...do we have any recourse in this situation? Posted: 30 Oct 2021 05:43 PM PDT We put an offer in on this house about 6 weeks ago. Seller's disclosure only listed "3 roof leaks in attic that caused water damage in the kitchen ceiling." Our agent inquired about this, and the seller's agent stated that it was just an old roof leak that hadn't been active in a long time in the 15 years the seller lived there. So we checked the area of concern in the attic and everything looked fine. We accepted the offer, and moved forward. On inspection day, we checked that area again in the attic along with the inspector, and he agreed that there had obviously been some sort of leak in the past, but that everything presently looked fine in spite of that. It's important to note that it hadn't rained much during the time we first saw the house and had the inspection. We just had our final walk-through yesterday, and we've had quite a bit of rain recently. We check that area in the attic again and there are three active roof leaks along with a bucket to catch the leaking water. The wood was a little soft and wet in separate areas, and leaked more when we pressed on the discolored spots. We showed this to our agent who agreed that that was no good, and he called the other agent. Apparently the seller already scheduled a roofer to come out this coming Monday (our closing date) to address/repair that section of the roof. While that's all good and fine, we're still concerned with the attic wood itself and the additional water damage to the ceiling below. We shared this concern with our realtor, and asked how we'd be compensated for the new water damage. Our realtor seemed confused and stated that since the seller is having the roof repaired on their own dime, that that's pretty much all we can expect from them. Our agent also gave us the roofer's number in case we had additional questions before they come out on Monday. We called the roofer, and he shared that he had just been out to the house two weeks ago to fix that leak, but the seller recently called him back for this coming Monday's repair. Additionally, he said that since he's a roofer, all he'll be addressing is the roofing itself and not the interior attic wood (which we agree is fair, he's just a roofer). From our perspective, we feel that there should be some sort of compensation/credit for the additional water damage to the attic/kitchen ceiling, especially considering the fact that the seller has obviously known that this was an active leak that hadn't been addressed at the time of our initial viewing of the house or the inspection. Do we have any recourse for demanding additional compensation, or getting the wood and/or ceiling replaced? Photos below for comparison of the water damage. We haven't wired our closing costs yet, but we also don't want to hold up closing if this is something we'll just have to deal with. Inspection photo of water damage (5 weeks ago) Water damage now (yesterday) [link] [comments]  |
| Posted: 30 Oct 2021 09:09 AM PDT Anyone ever heard of the VA running out of loan money for vets? I'm approved for a VA loan with a great interest rate, but my realtor is saying it's a huge risk bc the VA may not have enough money, so they under appraise my home I'm selling as a way of cutting back. He recommends using the realty company's lender - which seems like a ploy to grab my loan. Has anyone ever experienced this? My realtor says his realtor mentor has not had good experience with the VA. Note: my current home is a VA loan Sorta feel gaslighted, but don't want to come out and accuse my realtor of fabricating. EDIT: We sent our offer last night and are waiting on a response by 6pm tonight - is it too late to switch? UPDATE: I called the realtor and he said "we'll you know VA hospitals have run out of money too." [link] [comments]  |
| Millennials Will Drive Home Prices Up for Years to Come Posted: 30 Oct 2021 05:01 AM PDT https://www.barrons.com/articles/housing-boom-millennials-home-prices-51635498001 Text from article: Housing is hot, but who's driving the frenzy? Millennials. Yes, despite more than a decade of depressing anecdotes about parental-basement living and too many roommates, this group now leads the U.S. housing boom. This is no flash in the pan: Millennials will probably stoke housing demand for years. What is driving the millennial housing boom? Shrinking debt, expanding wealth, growing families, and low interest rates. Millennials are working and reducing debt. Born from 1980 to 1995, millennials range from 26 to 41 years old, and represent 22% of the U.S. population, or 72.8 million people. They also account for a sizable portion of the workforce, at 36%. They are accumulating savings to pay down student loans and other obligations, a pivotal hurdle to homeownership. The Education Data Initiative estimates that while the youngest millennials have $22,953, on average, in student-loan debt, those in their early 30s have only $874, and those in their early 40s have largely paid off their debt. Student-loan forgiveness and stimulus checks also helped cut debt and provide money for down payments. From November 2020 to April 2021, 3,458 applicants received loan discharges from the Public Service Loan Forgiveness program. The total forgiven was $583 million. In addition, 95,000 applications were approved under the borrower-defense program, over its length, with close to $600 million discharged. And people 25 to 39 years old received more than $380 million in federal stimulus, starting in March 2020. This group used 49% of the money for goods and services, 33% for paying down debt, and 18% for savings and investments, probably including homes. Millennials have wealth. The median net worth of people 34 to 44, which includes the oldest millennials, was $91,300 in 2019, compared with $64,600 in 2016, when many members of Generation X were the same age. Amid the pandemic, any millennials who owned financial assets, received stimulus checks, or both, have probably experienced further increases in net worth since 2019. Many in this group recently discovered investing. A 2021 survey by Charles Schwab revealed that the median age of people who began investing during the pandemic was 35, compared with 48 for those who began doing so prepandemic. Millennials make up 51% of new pandemic-era investors. This cohort is forming households, marrying, and having children, all of which requires space. The number of households headed by adults 30-to-44 years old jumped by 1.3 million during the pandemic. Married couples 31 to 40 were more likely than any other age group to purchase homes, according to a 2021 study from the National Association of Realtors. Also, the largest group of unmarried couples who purchased homes were adults aged 22 to 30. The same survey revealed that millennials 31-to-40 years old were the most likely (61%) to have at least one child under 18 at home. Low interest rates are also facilitating millennials' demand for homes. The share of millennials purchasing homes was on the rise over the 2015 to 2019 period. The pandemic only supercharged this trend. Homeownership surged for those under 44 years of age in 2020, as Federal Reserve rate cuts pushed mortgage rates to historic lows. In fact, millennials accounted for the largest share of home buyers (37%) over the past year. What will keep this trend going? Rising incomes, remote work, and a robust economy. Millennials are approaching peak earning years—ages 45 to 54—a critical time for financing a home. The median annual income for this group was $77,800 in 2019. The oldest millennials are not quite there yet, but even for the group of Americans ages 34 to 44, median annual income was already $74,300 in 2019, suggesting that millennials have the earning power necessary for homeownership. Over the next couple of decades, a quarter of the U.S. population is going to reach peak earning years, fueling continued housing demand—especially for inexpensive starter homes, which nationally had a beginning price of $304,200 in the second quarter of 2021. Normalization of remote work should continue to drive millennial demand. An April 2021 YPulse study revealed that 55% of millennials want to work from home postpandemic. Also, the same National Association of Realtors study revealed that millennials were the most likely to say that the reason for owning a home was to have a space of their own or for a larger abode—62% of 22-to-30-year-olds and 54% of 31-to-40-year-olds. As work from home is probably here to stay, millennial housing demand has room to run. Of course, some millennials still face home-buying challenges. Most notably, elevated student loan debt remains a burden for many, especially those of color. and high home prices are locking some potential buyers out of the market. Still, the demand from this important consumer group is likely to persist for several years. This is given the likely continuation of relatively low interest rates, a solid economic backdrop that supports employment, and the evergreen hope of achieving the American Dream, with homeownership being a central part of it. This knowledge should be good news for the economy, and for businesses that can help cater to the unique needs of these young homeowners. [link] [comments]  |
| Posted: 30 Oct 2021 08:49 PM PDT My husband & I talked about divorce. The mortgage is under my name only and title on both. He doesnt want to leave and i doubt i can transfer the mortgage to his name (bad credit) What do i need to worry if Im the one who leaves? -tired. [link] [comments]  |
| Posted: 30 Oct 2021 07:23 PM PDT So we are looking at houses across the country and have a agent in place. For the process we do have pre-approval letter that we ask from the guys with whom we have bank primarily. For some things the agent does ask us to confirm with our LO, but I am not completely sure if our primary bank will be the one with whom we will end up getting a mortgage from...I am under impression that once you are under contract is when you finalize the lender and start the mortgage application process...am I wrong and do we need to finalize our lender now while we are looking at houses? Or do we shortlist a few and for things ask all three for their advice on those particular questions.... What's the preferred, or correct, process here [link] [comments]  |
| Posted: 30 Oct 2021 09:07 PM PDT I'm looking to buy my firts rental property in the riviera maya but I keep reading some horror stories so it would be nice to read about people's personal experiences buying, selling, renting in that area more specific the tourist areas of the riviera. I bought a house 2 years ago in a private neighborhood here but it was with the help of my cousin, the house is under her name but im the real owner type of deal. But now after seeing how lucrative the real estate market is here, I want to try to buy and rent some properties here as well, legally no side mexican deals. 😅 [link] [comments]  |
| Posted: 30 Oct 2021 06:04 AM PDT I'm of the opinion that this craziness isn't sustainable. I'm not sure it will 'crash', but at least 'correct'. With that said, I'm still looking for a house (on my own terms, not buying completely into the FOMO stuff). I'm in what always was a MCOL market that has turned into a quasi-HCOL market as a result of COVID. Starting around September, there were signs that things were slowing down, or so I thought. A few weeks ago I made an offer on a house listed at roughly 450k. It has extensive mold issues that need to be remediated and other deferred maintenance. Local comps (inflated comps of course) supported around 540k for this house. So that's what we offered, thinking that basically 20% over would be enough to finally be done with this infuriatingly frustrating search. We were told that not only was our offer rejected, but we weren't even competitive. And then a few days ago, the house closed for 639k. So just over 40% an already-inflated asking (they paid 430k in 2019). With extensive mold issues and deferred maintenance. I don't even know what to do anymore. We need a house, but this just feels like a "who's willing to be the dumbest" contest. [link] [comments]  |
| Posted: 30 Oct 2021 01:57 PM PDT question for the sub, we accepted and signed a counter offer made by the seller on a house at 11:30am on October 30th. the deadline on the offer was at 12:00pm the same day and reads "this counter offer is binding upon seller and buyer only if a copy of the accepted offer is delivered to the party making the counter offer on or before October 30th at 12:00pm. we signed and had it sent to the selling realtor b y 11:30 via email and docusign, we called and left a message on the selling realtors phone but no answer. there was a showing right after ours today who was making an offer as well. should we be worried that she can accept their offer regardless if both her and us have signed the counter offer she made us? We think realtor is playing games and gonna say she never received it. [link] [comments]  |
| What should you expect your real estate agent to do as a seller? Posted: 30 Oct 2021 01:06 PM PDT Hello! I live in a super hot housing market and am planning to sell my house that will sell for ~$1.5-1.6. I am wondering what is reasonable to ask for/ expect from a realtor for the 3% listing fee. Staging, cleaning, spending a couple hours helping me weed the yard, or driving by the house every few days once we move out to make sure it's remaining unoccupied are all things I'm curious if I should ask for. Thoughts? [link] [comments]  |
| How to find housing near a Target store? Posted: 31 Oct 2021 03:37 AM PDT |
| Offering "Gift" of Cash to Seller to Entice Accepting Offer, Legit? (CA) Posted: 30 Oct 2021 11:35 PM PDT Looking to buy a home in a very sought after community in CA. Found a listing that was posted and then taken down next day. I reached out to the seller directly and know that they are in process of purchasing a home out of state and took out a second mortgage for the down payment. They are planning to re-list once this second mortgage is complete. We have cash to buy the home. I would like to make an offer on the home while it is off-market. Can I legally offer a "gift" of cash to assist with the purchase of their new home in order to lock in my offer while the home is not on the market? They get cash up front and I get a signed contract with the price of the home minus the difference of the cash I provided. Just looking for outside the box options to entice this seller aside from the usual contingency waiving and rent back. [link] [comments]  |
| Home of Choice Contingency & a Downpayment Posted: 31 Oct 2021 02:54 AM PDT My husband and I don't have enough money for a down payment, but according to comps (we live in a condo, the comps are other condos in our building and/or association), we can sell for around ~100k more than what we paid for our place. Is it possible to put our home up for sale, have a buyer offer, then put in a Home of Choice contingency and use the impending money from the sale as a downpayment or proof of funds for our next home? I live on the east coast of the US. [link] [comments]  |
| Is a house I live in but rent the basement like-kind to a purely rental property? Posted: 30 Oct 2021 04:02 PM PDT I've got a paid off rental home that I would like to try to roll over into a primary residence, but not pay cap gains on. I know I can live in that house for 2 years then claim it as a primary, but I'd rather not. If I sell the rental I currently own, buy a new house, move into it then rent out part of it, that counts as an income-generating property right? Does that avoid capital gains tax? Thanks. [link] [comments]  |
| Ice accumulated around AC unit Posted: 31 Oct 2021 01:56 AM PDT There is thick layer of ice accumulated around A/C uit. Any insight why is this happening? https://imgur.com/gallery/2kUe28s [link] [comments]  |
| Posted: 31 Oct 2021 01:55 AM PDT Hi everyone. Me and the Mrs have been looking to upgrade to a bigger place, so I'd like to hear you thoughts. This is in Eastern Europe, keep that in mind when you hear the numbers, but I'll put all values in USD. Cost of new place: 390K USD. New built. Mortgage rate: 4.4% APR, fixed for 10 years. Then resets for another 10years (total 20) Mortgage payment: just under 1500/month Tax: no RE tax in this district, but there are closing and insurance costs. Subsidies: if we play our cards right and chose a suitable place, we could claim a "large family" subsidy of 30K and a "green" loan on 2.2% APR. RE market: capital of the country, only really had 2 corrections in the past 30 years: GFC and a small blip during bc of the pandemic, from which it recovered. I think inflation will stay with us and we could maintain 5-10% yearly price increase for RE. Income: 5.8K NET per month, coming from my FT salary, my wife's PT and 2 rental flats we own (clear of debt, yielding 3-4%) We are currently renting a big flat ourselves, 950USD/month. We want a big place on the long term to have family gatherings. Not necessarily in the capital (and probably inherited). So this might mean we'd sell in 10-15 years and move to the countryside. The type of place we'd buy is not easy to rent out, or at least not to cash flow positive. We have 10-15% of the cash we need for downpayment. We can mortgage any of the rentals for the remaining downpayment (min 20%)… or we could sell one of them. Option A) buy the bigger place, claim subsidies. Higher monthly costs "offset" by immediate net worth bump up, and long-term potential asset appreciation rewarding our leverage. Downside of 2 mortgages, if I lose my job we would be tight. Option B) keep renting ourselves, buy a 3rd rental flat. We would remain exposed to RE appreciation with less leverage. We could leave the city whenever and not be tied down by the big place. I'm inclined to A) but I'm weary of buying a liability and not an asset. Thoughts? Thank you [link] [comments]  |
| Posted: 30 Oct 2021 04:27 PM PDT |
| Is this reasonable for a survey price? Posted: 30 Oct 2021 11:05 AM PDT I have a rectangular vacant lot, around 6k sf, in Pittsburgh. Gently sloping and has one tree in the back. No utilities currently onsite, but will soon have water and sewer taps. There's also a manhole cover at the front edge of the property. There is an easement in progress right now which the city is putting documentation together for. We're looking to get a survey done for new construction and this is what we're looking to get:
The surveyor is quoting us $1900 for these items. On its face, this strikes me as a bit expensive. I don't know if that's true or not, so I'm asking here. Does this sound reasonable for a lot of this size as I've described it? [link] [comments]  |
| Posted: 30 Oct 2021 05:07 PM PDT Im in northern California near Sacramento and was wondering the best way to go about becoming a real estate appraiser? Ive looked it up and so much pops up im not really sure where to start lol. [link] [comments]  |
| Finding a realtor - unrealistic expectations? Posted: 30 Oct 2021 12:55 PM PDT Wondering if my expectations are unrealistic. I've bought and sold two houses, so it's not my first rodeo. (And I have been underwhelmed by the four different realtors used, though the Redfin agent that sold my home gave me the most bang for my buck.) I'd like a realtor that understands why I don't want to be put on their MLS email list and how using Redfin/Zillow is FAR more convenient for me. (I know how to send an agent the MLS # of a house I'm interested in.) I would also like someone that can/will give straight answers based on their experience - like if I ask, given I want to buy/close (ideally) in March, should I wait until January to get pre approved and get back an actual month answer, not "it's good to get approved before you buy". Or, is this a reasonable asking price for this neighborhood given the needed repairs? And get a dollar ballpark instead of "I would ask for pest clearance" (the specific price turned out to be high, as the house is still on the market, and most houses are selling in 4 days). I'm probably the a-hole, here. It just seems like I should get more than unlocking doors for $15k (that's at 2% buyer agent commission on the lower end of my price range, so likely to be more). [link] [comments]  |
| sewer inspection when selling - should I fix offset? I think buyer is trying to bully me Posted: 30 Oct 2021 10:35 AM PDT I am selling my house in Denver, CO. The buyer did a sewer inspection and came back saying there are roots and clay pipe offset. They are telling me it's a huge problem. I looked at the camera and while i can see the clay pipe isn't lined up exactly it doesn't cause any backups and it's only offset by about 1/2 an inch. Is this buyer trying to scare me into reducing the price? [link] [comments]  |
| Posted: 30 Oct 2021 09:33 PM PDT Hi all, I am trying to buy a house in advance of my transfer with my employer. I figure rates can only go up from here and it's worth it to buy now even if the place will be vacant for a few months. I got preapproved for what I want, but the lender is saying I need to occupy the place within 30 days of purchase. Is the word occupy specific or is it fungible, at all? Can I buy some furniture, turn on the lights, put up blinds, and visit it a few times? Will the lender or anybody else care about this? I have no intention of renting out the place. I just don't want to lose out on historically low interest rates compared with where I imagine they will be six months from now. [link] [comments]  |
| What am I looking for inn a realtor if I want to sell? Posted: 30 Oct 2021 09:04 PM PDT We own a house we are renting out in a lcol I believe. Renters abandoned and trashed the house. We live out of state. (6 hours away). Wife is back home cleaning and repairing. Carpets throughout are ruined, holes in walls, paint needed. Old car chassis left. Septic tank full and not working. (We just had it pumped and cleaned last year). We've been gone 5 years. We get home a couple times a year to check on things. Everything seems good usually until they decided to divorce and tear shit up since we were last home. (Early January) We are well past their deposit amount and know we won't be able to recover from them. They are dead broke and taking them to court is just going to have to garnish their wages if they even keep their jobs. We can't afford to put anything in it. We're cleaning and repairing what we can. Plan on selling as is. Owe 90k, she seems to think things around are area. Sell for about 130-140k. I don't care if we break even and get out of it, I just hope we can at least get payoff. Have a family friend that's a realtor that we used to buy (like 15 years ago) as our realtor to buy. Wife wants to use him to sell. She's worried about his fees being too high. Is there a standard rate realtors must use? Is it based off what the house sells for? She said we may be looking at around 10k in fees if we sell at 140k. Is that just our realtor fees? Do I Have to also pay the buyers realtor fees? Would that be double then? How do the fees on both ends work? We have no idea what to do and what questions to ask. We don't have much time to get it on the market. Worse case scenario....we quit work where we are, move back and try to find work there and move back in... Which we REALLY don't want to do. That state is horrible. But family is there. And help? [link] [comments]  |
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