Update: We DIDN’T lose the house! Real Estate |
- Update: We DIDN’T lose the house!
- We have a contract. Can't we force the seller to sell/close?!
- Buying dragging on closing
- First time home buyer, am I being punked by homeowners insurance?
- Removing walls.
- Build 2 new units?
- How is California a "lien theory" state if it uses a deed of trust as the security instrument? (CA)
- The sellers contractor did not complete work. Our rate lock is ending. What options do we have?
- What do homeowners mean when they say “I have refinanced my mortgage”? Is it just that they found a different lender with a lower interest rate? Are there several other meanings?
- Any basic guides on home purchasing? What are the steps, why are the steps, how do you pay?
- For sale sign?
- Buying real estate through nft?
- New construction builder not following contract...
- Home inspections - negotiations
- Advice needed!
- I have a few questions about refinancing
- First time home buyer programs/grants question.
- Down payment
- Am I making the wrong decision by backing out?
- Am I doing this right?
- Closing on house soon- Didn't hear from lender at all this week.
- Is it worth it? Home ownership?
- Should I pull out on buying or lower my offer
- How common is it for a deal to fall apart based on an inspection?
- Backing out of a loan for another
| Update: We DIDN’T lose the house! Posted: 29 Oct 2021 04:25 PM PDT Last week I posted about how we got beat out in a bidding war on a house we love. We were really, REALLY bummed. We heard from the agent yesterday morning that the buyer backed out, and we were now first in line! And now, we're officially under contract on the only house we've offered on in a year of looking!! ❤️🤯❤️ [link] [comments]  |
| We have a contract. Can't we force the seller to sell/close?! Posted: 29 Oct 2021 12:59 PM PDT This question/scenario gets asked about once a week, but actual experiences with "going nuclear" are very very rare, no one really tries to force the issue. The overwhelming majority of people, when the seller refuses to sell at the 11th hour, move onto a different house, because they don't think it would be worth the hassle. One of my buddies on mortgage facebook, after TWO YEARS, just closed escrow, on more or less that exact scenario, with the going nuclear and all. It's not my anecdote or experience, but because it's so rare that anyone does it, thought I'd share! Enjoy! https://imgur.com/a/IQ8YtEF Also, incidentally, for buyers, this is why there's no point in setting up utilities, putting in notice with your landlord, changing school districts, bla bla bla, until 1) the transaction is closed, 2) you have keys, and 3) physical possession of the home. Who knows what was going on with that seller, and who knows what is going on with YOUR seller. The list of things you cannot control is legion (it starts with the seller, but certainly does not end there), home sales are not business-to-consumer transactions where you can assume a degree of professionalism on the part of the entity you are buying goods/services from, they are consumer-to-consumer, and people are often (I believe this is the official clinical term) cray cray. At the end of the day, these common consumer-to-consumer real estate transactions have more in common with the dimly lit parking lot craigslist transaction, than they do with walking into Target to buy a Halloween costume. Always remember that. [link] [comments]  |
| Posted: 29 Oct 2021 07:42 AM PDT Selling a house, went under contract about June. It is a tenant occupied home, buyers and everyone else knew this and wanted to continue on. All inspections, appraisals and everything went through and approved in august. Now they are STILL waiting for a clear to close. They keep asking when the tenants are going to be out. Soon I believe. There is NOTHING in the contract about the tenants being out. They will not close. My attorney pushed for the closing and gave the time is of the essence (?) and that was over 6 weeks ago. What can I do? Going into the contract nothing was said about the tenants, everything was fine and they were fine to continue with the purchase. It's been so long with no answers! [link] [comments]  |
| First time home buyer, am I being punked by homeowners insurance? Posted: 29 Oct 2021 08:25 PM PDT Hi all! Apologies in advance for sounding so dumb regarding these things, I'm clearly a bit inexperienced. New home buyer down south, closed 2 months ago. Got a stellar home owners insurance rate bundled into my existing plans with a nation wide name. I was told they only needed to perform a very basic outside visual inspection in a few weeks, just to make sure we weren't lying about the size of the house and stuff, basic stuff etc, and that it would have no affect on my rates and I wouldn't need to do anything at all. Well, they came and went, and a week later they just sent me an email with 5-6 nuisance items claiming if I don't fix them, they are going to drop me by January. 1) Branches hanging over front porch? 2) Something about the guard rail on my deck. 3) Vegetation around back door steps? 4) Gutters???? You get the idea, just complete excuse my language, bullshit, that's doesn't seem to be a huge deal, but it's enough of a pain I'll have to drop $1500-2000 to get their laundry list taken care of, or spend a lot of time trying to do it myself. Should I just be thankful they didn't have more on the list?? Reddit help young homeowners please, -is this normal behavior by an insurance company? Should I be happy they aren't trying to force me to do anything more expensive. -if it is normal, do I have to worry about yearly inspections or something? -do we think they are going to try to raise my rates after all of this? how do I provide proof I've done these things? Pretty confused about the whole situation.... if anyone could offer words of wisdom, we would truly appreciate it. Thanks!!! EDIT: north carolina, closed 2 months ago, first time home buyers, conventional 30, nationwide name (trying to protect their privacy), major city, in a nice neighborhood, little over half an acre decent sized family home [link] [comments]  |
| Posted: 30 Oct 2021 02:15 AM PDT What's are the steps I need to take to remove a 10ft long, load bearing wall between my extremely small kitchen and living area? What do I do and who do I need to contact? I'm a first time home buyer of 1950s ranch build that's under 1000 sq ft and have absolutely no experience in being handy. So, I'd like to strictly leave this in the hands of licensed professionals, who know what they are doing. If that means paying upwards of 10k, then I'm fine with that. I just don't know where to start. [link] [comments]  |
| Posted: 29 Oct 2021 10:12 PM PDT I have a property that has a 3 bdrm and a 1 bdrm. Current monthly rents total about $4800 a mont for both units collectively. Property worth about 1.1-1.2M. I am considering building 2 additional units on the same property, 2bdrm each. I anticipate the rent would be about $2100 a month per each. Cost to build would be about 500k. Could be paid from my stock investments. I think it could be sold immediately for 1.6-1.7M. Though, I plan to keep property a number of years. Rents are adjusted 3-6% yearly. Good investment or leave the cash in stock market? [link] [comments]  |
| How is California a "lien theory" state if it uses a deed of trust as the security instrument? (CA) Posted: 30 Oct 2021 01:14 AM PDT Hi guys, hopefully this isn't a bad place to post this. Have my real estate exam coming up in a week and one thing I can't figure out is how CA is considered a "lien theory" state if it uses a deed of trust as the security instrument (typically title theory states use this). I have searched everywhere and can't seem to find an answer - was hoping someone here could explain. The crazy thing is that some sources actually say CA is a title theory state, further confusing things. Thanks in advance! [link] [comments]  |
| The sellers contractor did not complete work. Our rate lock is ending. What options do we have? Posted: 30 Oct 2021 04:43 AM PDT We went for our final walkthrough and found multiple issues with the work the contractors had completed. We also had major issues with our real estate agent and had to call the broker to request a no contact, which now their transaction coordinator has taken over. Anyway, major items on our removal of contingency were not done at all and some that were completed are a joke. We had an inspector go out to check the repairs and found multiple issues (for example, a roof leak was supposed to be repaired and there is still a hole where light is coming in, inside the attic, which was noted on our original inspection/roc) and many other items that were not touched despite being listed on the invoice from the contractor they hired. The transaction coordinator sent an email to the listing agent with the findings from our inspector. The selling agent told us that the sellers were refusing to pay for any additional repairs. We asked about holding $ in escrow to get the repairs completed or getting a credit at closing, they refused. Then we got a message from our transaction coordinator saying the sellers wanted to put the home back on the market. We told them, sure, as long as we get our earnest money back. Now the broker for the listing agent is saying they're going to try to negotiate with the contractor they hired to get the repairs corrected. We have an issue with this because of their poor quality of work to begin with and we also found court documents online against this contractor for the exact same sort of thing. So, clearly he is not trustworthy. Additionally, one of the items is related to the hvac and specifically states have an hvac tech repair. (The flue for the propane furnace is the wrong material and it's literally connected to a dryer vent and tube). To complicate matters more, our rate lock ends on 11/1 and it's $83 a day to keep our rate. As slow as this has gone, it could continue a lot longer and be costly for us to keep our rate lock. Especially if the sellers try to get this less than satisfactory contractor back out and then we have to have the inspector go out again. Then what if it's not fixed, more time and $. So, at this point we really want to walk but according to our broker, we have to be released. [link] [comments]  |
| Posted: 29 Oct 2021 09:37 PM PDT |
| Any basic guides on home purchasing? What are the steps, why are the steps, how do you pay? Posted: 29 Oct 2021 03:10 PM PDT My family is pretty poor, and I've never been exposed to financial responsibility or real estate literacy. I'm looking for any links (or comments, if you have the time) to introduce me to the logic of home ownership, the process, and the terminology. Everything I have found online appears too vague/unspecific or jargoned/inside-baseball. At bare minimum, I'd like to be able to understand more than a third of the posts on the subreddit. Cheers [link] [comments]  |
| Posted: 29 Oct 2021 09:38 PM PDT Hey! I just closed on a home, and I'm unsure what to do about the signpost the selling agent left in the front yard. The agent took the for-sale part but left the pole rooted into the ground. Is that normal? I live in the US in an urban area where houses are expensive and often receive offers for well above the asking price within a week of listing in case that matters. I just thought the agent would have taken it, and I don't know how to pull it from the ground. Any tips here? The sign looks sturdy, and I'm worried about messing up the yard by pulling it out incorrectly. [link] [comments]  |
| Buying real estate through nft? Posted: 30 Oct 2021 01:11 AM PDT |
| New construction builder not following contract... Posted: 30 Oct 2021 12:48 AM PDT I am having a new construction house built and ran into a few problems. The main one being, I paid for a certain style of flooring to be put in. The builder put in the wrong stuff, so I corrected them and after a dispute they agreed to fix it. However... they put in the wrong flooring again! I brought it up this time, and they have basically said the company has spent too much money already on the floor. Sorry for the misunderstanding, but we aren't going to fix or refund the flooring cost. I have the contract that shows what I paid for and ordered. The current flooring is not that... Now, they are pressuring me to close on the home also. Any ideas on this? [link] [comments]  |
| Home inspections - negotiations Posted: 29 Oct 2021 08:10 PM PDT Currently under contract to purchase an old farm with two houses on the property. One is an older farm house and the other is an early 80s modular. There are a bunch of small and medium sized issues such as 2 water tanks, 1 hot water tank, 2 HVAC systems, a furnace and a few other things that are beyond their designed life. The major issue on the older house is a failed dye test for the septic system. The dye was clearly visible on the lower part of the property so effluent would appear to be leeching out too fast. Part of the roof on the porch should be replaced in the next couple years too. The other house is wet in a few spots as the basement is below ground level. Inspection report suggests there could be mold as well. There are a few minor cracks along the mortar in the garage as well. Roof is 23 years old, half the windows lost their gas seal and chimney on both need mortar repairs. My main concerns are the septic system and the wet basement. Both of these could be costly repairs and non negotiable on a credit (or repair but unlikely/impossible before closing). I have not yet had contractor quotes but I would think 10-15,000 credit for the failed septic and 10,000 for a new french drain and some masonry repair would be fair. This would be less than 5% of the negotiated price. Does this seem fair? A few noted wiring issues and an FP stab lock panel that's a fire hazard I may ask to be replaces. It could easily cost more than that just for a new leach field and tank alone which may be needed. The property would be a buyers market since it has been on the market for more than a year. [link] [comments]  |
| Posted: 29 Oct 2021 08:05 PM PDT We recently entered into a real estate purchase contract with the added contingency of our deposit being forfeited past the due diligence period which according to our realtor is the only way in the current market to stand a chance from her experience. The issue we run into now is that our underwriter has come back with a denial from our pre approval saying that it was initially given because of a technical error. So a few hours before our deadline we tell them we wish to retract. We assumed that was all we needed to do - they sent an email for us to sign that but did not mention it until a text was sent a few minutes to the deadline even though it was an sent with only an hour left. We missed the email by minutes past the deadline - quickly signed it and are told that we past our deadline and forfeited our monies. Do we have any options? [link] [comments]  |
| I have a few questions about refinancing Posted: 29 Oct 2021 02:41 PM PDT Earlier this year, I bought a house. I had been working abroad before the pandemic and when I came back, I was doing freelance work. With no proof of income I would have been unable to get a mortgage so I took out a mortgage with my parents as the lender for ~130k and put 45k down. I've been paying them monthly payments but now that I have a job and contract, I'd really rather take out a mortgage with a different lender, and pay back my parents so I don't have to feel weird about owing them so much money. Are there any complications to this? Or do I just call around and ask about refinancing? Also, the house is in my name. I was engaged at the time of buying the house but we didn't involve my fiancé because of his credit. Now, we are married so will his credit hurt our chances of refinancing? I have 0 debt and excellent credit. My husband has ~50k in student loan debt that he's ignored for years. He also spent the last 7 years living abroad so doesn't really have much credit history here. Thanks for any advice you can give me! [link] [comments]  |
| First time home buyer programs/grants question. Posted: 29 Oct 2021 05:13 PM PDT What is out there anymore? I've heard that there's a potential 20k for first time buyers but you have to be first generation home buyer... I'm not, as others in my primary family own houses. Is this a more localized/state issue or are there federal programs? I know that I need to talk to a good lender, get pre approved, and such, but who is the one that points me towards or assist me with down payment assistance etc? Thanks for reading and I look forward to your answers. [link] [comments]  |
| Posted: 29 Oct 2021 01:15 PM PDT Is it better to put 20% down to avoid PMI or put 10% down and take the extra 40k, in this case, and invest it in the stock market? [link] [comments]  |
| Am I making the wrong decision by backing out? Posted: 29 Oct 2021 08:53 AM PDT After months of trying, our offer got accepted for a home in a HCOL area. It was built in the 1960s with some updates here and there (newer windows, addition 20 years ago) but still pretty dated and needs new floors, paint, roof, AC/furnace etc. Good schools, good size, nice yard, nice neighborhood and same owner for 40+ years. We were shocked that our offer was accepted because homes of this size in the neighborhood have gone for $150k more than what we offered. The problem is that it was settling and the owner did underpinning 7 years ago and had to add additional jacks 4 years ago to re-level interior flooring. Now the foundation inspection shows that although the underpinning was done correctly, some of the pier posts have tilted, which will likely cause more sloped interior floors if they're not tightened every 7-10 years or so. I also see sloping floors and some wall cracking but no one can tell for sure if these arose as a result of the underpinning, before the underpinning after it was done. Inspector also recommends installing a French drain to protect the underpinning in the future. Now we found out it also needs a new roof. My biggest concern is that the sloping will keep happening and constant foundation expenses/worries down the road after we spend more money updating it. We can still back out. Should we? Also worried that we are going to get totally priced out of the area soon if we don't go for it. [link] [comments]  |
| Posted: 29 Oct 2021 09:34 AM PDT My current mortgage on my house is at 2.625% for 15 years and current balance is around 201k. We are looking to buy a new house within the next 6 months and so we're considering the following. Refinance our house for 280K at 3.50% for 30 years and take out ~70k to use as downpayment to the new house purchase. We want to keep our house and rent it for a while. Current comps in the neighborhood is around 350k. We live in DC/MD/VA area. Is this a good move? [link] [comments]  |
| Closing on house soon- Didn't hear from lender at all this week. Posted: 29 Oct 2021 06:27 PM PDT So we close in a little over a week and haven't heard anything from the lender this week. Last week they asked us for some documents and said that we were moving to final underwriting and that the appraisal would happen this week. I know they may still be waiting on the appraisal report, but is it pretty common to not hear much this close to closing? Just getting a little anxious. I need to make sure I can plan to move and give my notice to my landlord on the first of this month. Thanks! [link] [comments]  |
| Is it worth it? Home ownership? Posted: 29 Oct 2021 08:00 AM PDT I have been searching for a home to live in since about February. My search got a bit more serious in June, and I had offers in on various places in the past few months. My story is the same where I was outbid or not a strong enough offer. There was only one instance in which I backed out and it was due to the amount of electrical repairs needed for safety. I'm currently in escrow on another place, and I feel like something isn't right about the sale. I don't know why, but ever since the J1 inspection, something about the place has felt off. I'm trying to look at this reasonably and see if there is any reason that I should be nervous based on the inspection's and sellers disclosures. I'm just looking for advice from random internet strangers. [link] [comments]  |
| Should I pull out on buying or lower my offer Posted: 29 Oct 2021 01:47 PM PDT 3 months ago I made an offer and entered into bidding which I won at a steep price, easily 10-15k above other very similar properties in better areas. Within one week I had all my finance, insurances, inspections and valuations etc complete and ready to sign contracts. Fast forward 3 months and my solicitors multiple requests for contracts have not even been awknowledged by the seller. (I have been cc'd) The auctioneer just says they are working on it.. There are also now far more properties on the market in my range. My question is, would it be appropriate to say due to the delay I am lowering my offer by 10k or should I just pull out? For context the property is vacant and it normally take less than two months to purchase in my country. I would be looking at least another month when/if contracts are received. Locations Cork Ireland! No contracts signed and only refundable deposit given [link] [comments]  |
| How common is it for a deal to fall apart based on an inspection? Posted: 29 Oct 2021 01:18 PM PDT I am the original owner of a 24 year old house. I Know it is structurally sound. Underground oil tank removed with no issues. Well water test passed. So I do not anticipate anything major. All HVAC and major systems are in working order - and yes, some are original. There will be a bunch of minor/cosmetic issues, I am sure...and we will be flexible in meeting any seller demands. So....in a case like this, I do not see anything that could sink this deal...am I correct? Or too optimistic? [link] [comments]  |
| Backing out of a loan for another Posted: 29 Oct 2021 04:21 PM PDT Long story short we close in 3 days, we were considering two different lenders, after appraisals we chose the better lender. We were already feeling anxious about the lender we decided not to go with. They would never respond to emails from me or my realtors transaction coordinators. Ever. That made us mad and in the end we decided to go with a credit union. I feel bad, the guy was angry, is what we did wrong? Can they make us pay any costs? We never signed any agreement or anything but he claims we owe him for all costs. The credit union had us pay for the appraisal up front. [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment