Seller Did Not Disclose Property Was Condemed Real Estate |
- Seller Did Not Disclose Property Was Condemed
- A(nother) danger of Better Mortgage
- Buyers brought a contractor to our house without telling us. Is this normal?
- My experience buying from Zillow...
- HOA trying to make me get rid of my golden retriever dog
- House listed for sale, someone posted it for rent
- Should I inform the flippers next door that they crossed a neighboring lot's property line?
- Is it better to buy the more affordable house or the pricier house that checks all your boxes?
- When buying a house…
- Seller holding earnest money hostage
- Seller trying to keep earnest money
- Is there a way to casually ask questions about a property?
- Tax Explanation
- (CA) I bought and sold a house through Redfin. AMA
- Unlisted/Off Market
- Choosing a city to become a real estate agent in
- The home I wish to purchase failed its septic inspection.
- 40-50% Down Payment Better Than 20%
- Mutual cancellation vs unilateral (california)
- What loan will give me the highest debt to income ratio?
- Colorado Basement Finish Question
- Empty lot next to our recently bought home was purchased for a home build, as new homeowners who/how do we deal w/ potential property line issues during build?
- Are You a Sole Broker?
- How can I make money off of my vacant lot?
- Anybody has a financial model spreadsheet for residential development?
| Seller Did Not Disclose Property Was Condemed Posted: 08 Dec 2021 03:06 PM PST I bought a property a few years ago in Colorado that had structural damage. The seller was doing work on the house and an exterior wall collapsed. It looked like the cool-aid man had busted through. I bought it for the land value of around $150,000 so I was fine with this. About 2 weeks after closing I got a call form the city saying they were planning to tear down the property next week. I said thatd be fine but I asked how much it was going to cost and they said $200,000. I started freaking out and asking them to give me more time to tear it down myself. They finally agreed and I got the house torn down for about $40,000. Ultimately I ran into issues with developing the site and had to sell it for what I paid and lost $40,000 in the transaction. Im wondering, does anyone know if that was illegal for the seller to not tell me the city had condemned the property? If so, would I be able to pursue them (6 years later) for my loss? [link] [comments] |
| A(nother) danger of Better Mortgage Posted: 08 Dec 2021 07:43 PM PST Realtor here I have a small condo listing that just received an offer from a buyer with an attached Better pre-approval on it. Knowing the dangers of non-local and internet lenders, and what I already know about Better, I expressed this concern to the buyers agent and my sellers. The pre-approval itself reads "the pre-approval is based on self reported income, assets...and a soft pull credit report". WHAT?? That's right, they're not verifying income, assets, or pulling credit when issuing pre-approvals! How negligent can they be?!? Before involving my sellers in a response I asked the buyers agent if she could get the buyer to apply for a pre-approval with any of my, or her, preferred lenders. Fast forward a few hours, my preferred lender calls me back confirming that they were contacted by this buyer and THERE IS NO WAY they can qualify to buy anything right now. They have just $3k in cash, $5k in a Coinbase (Crypto) account they were planning on using towards a down payment, and mountains of student debt. All while just starting work after grad school 3 months ago. Better is allowing borrowers, in this market, to make incredibly risky offers without having verified a damn thing. BUYERS AND SELLERS ALIKE, BE WARNED!! [link] [comments] |
| Buyers brought a contractor to our house without telling us. Is this normal? Posted: 08 Dec 2021 04:22 PM PST So the inspection on the house we are selling was done recently and the buyers said they would get back to us with repairs. Two days after the inspection came back they asked if they could bring their parents along to see the house. We thought this was strange but allowed them to in good faith. Our realtor told us to just sit in our car while they showed the house and the first thing we noticed was one along with their parents they had a guy who definitely looked like a contractor. He was taking photos and measurements. The next day they asked for an extension to get a plumber and electrician to look at a few things and we agreed since we didn't want the deal to fall through. So today they got back to us they want us to repair pretty much everything on the report and cover a big chunk of their closing costs. They gave us estimates from the contractor who came with them for a bunch of stuff that wasn't even on the inspection. The crazy thing is that the estimates were outrageous and probably double what they should be. Is it normal that a buyers can bring contractor along without telling the seller and I'm sure they can't use the estimates he gave? [link] [comments] |
| My experience buying from Zillow... Posted: 08 Dec 2021 03:27 PM PST I guess this won't be all that useful anymore now that Zillow is taking a break, but here it is anyway. Market: in the Metro area of a medium to large American city. Think a bit less populous than DFW area. From the start, I read a lot of horror stories about purchasing from Zillow. People said they were pushed to apply for mortgage through Zillow's partners. People said closings were slow. My realtor said buying from iBuyers was a nightmare. Taking all of this into consideration, my wife and I decided to put an offer in on a Zillow owned home, simply because it was a perfect fit for us. We put an offer in a bit under asking ($10k ish) and it was accepted within 2 days. We asked for a 10 day inspection period, 24 day financing contingency, and not much more. For context, 1-2 days after we went under contract is when all the news started breaking about Zillow exiting the market. Our inspection came back great, and we got an appraisal waiver so didn't have to have the home appraised. Only red flag on home inspection was Zillow's contractors installed a NG water heater even though the home has propane. For that, we asked for $2500 off closing costs and Zillow accepted. The only time I was really concerned is when they waited till AFTER our inspection period was over to send back the $2500 off CC amendments, so in theory we could have been SOL. But I was still satisfied enough with the deal I didn't back out. After that, everything was smooth sailing. Had no issues or delays with closing. Never mentioned they'd like us to use a specific lender. Nothing. Ignoring the water heater and replacing a few boards on the porch Zillow didn't do anything other than clean the home. No paint, nothing. All said and done, we paid $5000 more than they paid for the home 120 days earlier. I'm under no illusion that we got some amazing deal, but my wife and I were both happy with the home and plan to be here for 10+ years, so a few thousand one way or the other wasn't a concern. Overall, I wouldn't be afraid to buy a Zillow home again. The biggest pain point was the fact that they only pay a 2.25% buyers agent fee, and I don't think my agent was happy about that. [link] [comments] |
| HOA trying to make me get rid of my golden retriever dog Posted: 08 Dec 2021 07:30 PM PST We bought a condo in the Salt Lake City, UT area back in 11/21. We tried to contact the HOA during the due diligence period and they were impossible to get in contact with. Our emails and calls were blatantly ignored, despite requesting information early on. Due to lack of options in the area (and being naive first time home buyers), we still closed on the condo. We just got the HOA's rule packet this week, and now the HOA is saying we have to get rid of our golden retriever because he surpasses the 30lb weight limit for dogs. Our disclosure packet from the sellers said nothing of dog restrictions. He is an ESA and the sweetest, most well behaved dog who has never bothered anyone. They are fighting us tooth and nail and threatening to fine us. We have shown them his ESA letter and they still say he can't live there. Any advice? [link] [comments] |
| House listed for sale, someone posted it for rent Posted: 08 Dec 2021 07:01 AM PST I was wondering if anyone had encountered this issue before (I'm sure some have). I currently have my property listed for sale and I am having people pop by explaining that they were told it is a vacant property for rent. Now we did some digging and I found the Craigslist ad which has since been removed about a week ago. However, were encountering folks still pulling up to the house and asking about it. Most of them seem completely unaware and are baffled by that the house is occupied and is not vacant. I'm curious to find out if anyone knows where else the property may be showing for rent or if these are just people who are essentially trapped in the scam from the prior ad. BTW there is a for sale sign in the front yard and it has NEVER been listed for rent. Any inputs on where these scammers may be posting the ad besides CL? It's also occurred to me these folks could be just as well trying to see if the house is actually unoccupied and having nefarious motives. [link] [comments] |
| Should I inform the flippers next door that they crossed a neighboring lot's property line? Posted: 08 Dec 2021 08:30 PM PST A house flipper bought a property that borders mine they have since crossed a property line on a lot that is vacant but still owned. The vacant lot used to actually be apart of the same lot that the flipper is renavating a house noe but was split in the 1980s. They have cleared a good amount of the landscaping, trees and shrubs that was present on the vacant lot. The vacant lot is estimated to only be $1000 but considered unsellable as it has over $70,000 in liens on the property. I know this because I was going to buy the property this past summer. I guess my concern is that the flipper is going to try and state that the property is bigger on the sale and I don't want my future neighbors to get screwed. [link] [comments] |
| Is it better to buy the more affordable house or the pricier house that checks all your boxes? Posted: 08 Dec 2021 10:07 PM PST FTHB. Wondering if we should go with the affordable house that gives us more financial wiggle room but will be too small to meet our needs in ~5 years, versus the more expensive house that we can still afford but will be tight, and may also serve our needs for longer. Looking to hear others' opinions and experiences! [link] [comments] |
| Posted: 08 Dec 2021 08:51 AM PST Did you go physically see every house you put an offer on? Can I trust online photos and make an offer based on those? Or should I go physically see every house? We're planning on moving about 1.5 hours away from where we are now and can't make it over there other than on weekends, so that means if we really like a house we can lose out on it because we don't have time to go see it but one day a week and that means someone else might put an offer before us. What do you recommend/suggest? Editing to add- thank you! We will definitely be going to see any houses we like in person, before even putting an offer. If you have any suggestions on what to look for when looking at a house please share. Any tips/ suggestions/ recommendations are also welcomed and appreciated! Thanks everyone!! [link] [comments] |
| Seller holding earnest money hostage Posted: 08 Dec 2021 08:27 AM PST My daughter (20yo) has spent the past two years saving every dime she earned to buy a home. We found a great starter home for her and agreed on a contract with a $1000 earnest deposit. Long story short, the inspection identified some pretty serious issues with bad electrical work and HVAC issues. A contractor quoted the repairs at $10.5k, which included $4k for asbestos removal. The sellers did not want to handle any repairs, so we offered an addendum at $6.5k of proceeds to be held back for us to complete repairs with an agreement we would provide receipts and return any funds not used on agreed repairs. There were other plumbing, roofing issues identified that we were just going to fix after close and did not address know the addendum. The sellers counter offer was to provide $580 out of our realtors commission for repairs, stating they had a quote of that amount for the repairs. They would not provide any proof or copies of that quote and now refuse to sign anything else. So we issued a termination and request for return of the earnest money since we could not reach an agreement on repairs. They have now relisted their home and refuse to sign the release or termination. $1k is a big amount of money for my young daughter to have held up. Apparently the agents brokers are involved on both sides but none of the brokers are returning our calls? Is there anything I can do? I am heartbroken for my daughter who is not going to get the house she was so excited for and is now out money she worked so hard to save. Appreciate any advice! [link] [comments] |
| Seller trying to keep earnest money Posted: 08 Dec 2021 09:34 PM PST I was under contract to purchase a new homewith a contingency (upon financing by 12/10-We arent there yet)in on a house after the sale of my current home went under contract. One week before closing, the buyers of my house opted out and forfeited their earnest money since it was past the 10 day inspection period. My agent let the sellers of the home i wanted to purchase know. My agent asked if they were ok moving the closing date if my home comes under contract. They opted out, sent me a mutual release that shows them keeping my $2000 earnest money. If the seller terminates the contract, aren't I suppose to get my earnest money back in this case? [link] [comments] |
| Is there a way to casually ask questions about a property? Posted: 08 Dec 2021 10:36 PM PST For example, I'd like to know if a vacation condo I'm casually interested in is western facing. Does that take me contacting my realtor, my realtor doing the leg work, etc. or is there a way to do this more directly with the listing agent? [link] [comments] |
| Posted: 09 Dec 2021 12:30 AM PST Can someone explain to me the difference between County taxes and City/Town taxes. This closing statement has me confused as closing with this escrow company got messy after they gave my lender the green light to fund everything based on an estimation. After what was said and done it was found out that the seller had paid taxes for half of 2022. My question is if im paying these taxes right now and obviously i also pay taxes in my mortgage payment will i get some sort of refund come tax time? As well as why is the first one categorized as county taxes and the second as city/town taxes. [link] [comments] |
| (CA) I bought and sold a house through Redfin. AMA Posted: 08 Dec 2021 08:43 PM PST I was going to post something similar to this post but I didn't want to write out a lot of detail if only a small part of it would be helpful or interesting to this forum. Instead I'll be happy to answer any questions about my experience with Redfin, which I will say was overall positive, both as a buyer and seller. I will say that the selling experience would probably be more interesting to talk about as the buying experience went very smooth; I liked the house, I met and liked the seller, we agreed on a price and the deal was done. The selling experience was more interesting since I was selling a 2br/2.5ba condo in CA that sat on the market for >40 days. I might as well say I chose to sell through Redfin as they charged only a 1% fee as a seller, rather than the typical 2.5%. That alone saved me close to $20K. Anyway, AMA! [link] [comments] |
| Posted: 08 Dec 2021 04:10 PM PST Does anyone know any secrets they can share for finding homes before they are listed? Or maybe where to find homes for sale by buyer? I know people do it all the time. The market is saturated with both buyers and sellers where I am, and I am typically too late…even if a house has been on the market for one day! It's not for a lack of trying, but I'm also a single mom who is learning all the nuances of real estate as I go. I have bought a home before, but there wasn't a bidding war or so much pressure to decide without any proper consideration. Also, what are your thoughts about post-Holiday market changes? Will I have any better chances, or will I continue to be bidding against several other buyers? It's so discouraging sometimes. 😫 [link] [comments] |
| Choosing a city to become a real estate agent in Posted: 08 Dec 2021 08:12 PM PST I'm 17 years old and deciding on a city to move to so i can start studying early. I've compared population, cost of living, and housing prices between the two. I'm curious what the real estate community thinks when it comes to selecting a city to buy or sell in. My options are currently Dallas, TX and Miami, FL. [link] [comments] |
| The home I wish to purchase failed its septic inspection. Posted: 08 Dec 2021 01:07 PM PST Apparently a previous owner disconnected it completely, and tiled it into the neighbors field. He said the tank isn't salvageable as it is a "homemade block" tank that no longer meets code. He sates that it will be reported to the health department and the home will be deemed "unlivable" until it is resolved. The home is a VA shortsale, what is the best method to deal with the bank/have them pay to resolve. I have the money to put in the septic, but its 30k I don't want to spend. [link] [comments] |
| 40-50% Down Payment Better Than 20% Posted: 08 Dec 2021 04:53 PM PST Have been trying to get a home the past year but losing to mostly higher down payment buyers. I'm not talking about all cash buyer. How true is it when the seller tells my agent that the sellers are more likely to go with a higher down payment buyer? I mean in the end the seller gets the same amount. Edit: thank you for the replies. [link] [comments] |
| Mutual cancellation vs unilateral (california) Posted: 09 Dec 2021 01:56 AM PST We are backing out due to the 5 day right off termination from receiving a late disclosures. So my agent had used the C.A.R cancellation of contract but he checked buyer and seller agree to cancel contract and left reason blank. If seller does not sign then does that mean we are still under contract and haven't elected our right to terminate? We sent it on day 5 but are now beyond that [link] [comments] |
| What loan will give me the highest debt to income ratio? Posted: 08 Dec 2021 09:42 PM PST |
| Colorado Basement Finish Question Posted: 08 Dec 2021 07:05 PM PST We are in the process of planning a basement finish (100% below grade, but full egress windows). My spouse does not want to put permits (all work will be to code; they work in custom construction and inspections, they don't want to deal with the municipality for our personal home) and claim that it does not matter for resale/appraisal - we are not planning to sell soon, but realistically it's probably to large to be our forever house. My question for realtors/appraisal/inspection - if quality and workmanship is obviously on (or above) par, does it affect appraised value to permit or not in Colorado? My vote is to pull permits and save possible headaches later. I need a documentable argument. TIA [link] [comments] |
| Posted: 08 Dec 2021 12:46 PM PST To start, sorry if this isn't the best place for this posting - please let me know if there's another community this would be better suited for. My husband and I purchased a home (coming up on a year ago in few months) in Oregon. Our property is not currently fenced in, but several months ago we paid to have our property line surveyed and marked w/ stakes by the city to take into account some future landscaping builds. On one side of us we have neighbors who's property is fenced in. On the other side of us is an empty lot that was just recently purchased for a home build. They just recently started to move dirt to prep for the build - they put a small tarp like barrier was put up next to our house. I'm assuming it's solely to help prevent dirt from spilling over, but what has us slightly concerned is that it appears to be over our property line. Looking at the lot, it doesn't appear that any survey lines to outline the lot were done for it prior to the build, so it seems odd to me that anyone would just pick a random line to say this looks like a good spot to set up a barrier. This is why we're worried that this barrier might be more of indication of where they believe the property line to be. I guess my ultimate question is what seems the best course of action to ensure that no build/landscaping is done over our line. Since the property is currently under construction, is this something we need to take up w/ the builders directly since I'm assuming they're the ones who oversee permits and things like this, or would it be the new owners, though we don't really know how to go about getting in touch w/ the new owners considering none of them actually live there yet. [link] [comments] |
| Posted: 09 Dec 2021 12:36 AM PST Are there any sole brokers or anybody who knows of someone who is? Real Rolty is looking to connect and discuss a business plan/idea that can be highly beneficial for all parties involved. If you know of anyone or would like to refer anyone please leave them an email at customerservice@realrolty.com. [link] [comments] |
| How can I make money off of my vacant lot? Posted: 08 Dec 2021 08:13 PM PST Hi all, need some advice. I bought a small quarter acre lot in a very underdeveloped hilltop subdivision. It's got beautiful views and is on the edge of a national wildlife refuge in the Texas hill country. I have a small monthly payment and am looking for ways for the land to cover it. I will eventually build a house out there but am not going to be ready for a few years. I would love to host campers but it's zoned single family and I highly doubt the POA would allow it. Bees maybe? It can't be anything that creates an eyesore. Let me know your thoughts! [link] [comments] |
| Anybody has a financial model spreadsheet for residential development? Posted: 08 Dec 2021 11:49 PM PST |
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