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My place is under contract for almost 30k more than I paid for it in 2005 despite having never put it on the market. Do always buy. e: This is a joke. We are going to rent for a while.
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Feb 25, 2013 02:02
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razz posted:CitizenKain, I found rental houses in your area, just type in "house" in the "search for" box and it will just show you the houses. Apartments usually have high maintenance fees every month. I'm looking at multi families from an investment angle, and apartments don't give nearly the same return that multi family houses do. If you're renting, there's no doubt that houses give you more bang for your buck.
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Feb 25, 2013 03:36
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Leperflesh posted:You don't have to convince a lender that the property is worth what you are paying, but only a fool buys a house without getting an appraisal. What's $400 to $600, compared to how much money you're risking on this home? Just out of curiosity, why would you pay for an appraisal of a place you are paying cash for? You've obviously decided the place is worth that, since you're paying for it... So why pay for an appraisal?
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Feb 25, 2013 05:31
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jackyl posted:Just out of curiosity, why would you pay for an appraisal of a place you are paying cash for? You've obviously decided the place is worth that, since you're paying for it... So why pay for an appraisal? To make sure the house is actually worth what you think it's worth. Usually appraisal is a condition of the offer, if it comes out with a lower number you have an option to renegotiate.
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Feb 25, 2013 06:54
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That's it exactly. Don't estimate what you best offer should be based on Zillow, or how much you've fallen in love with the property, or what the seller is asking. Get a good appraisal from an experienced appraiser who is familiar with the market, the neighborhood, the type of home, and the prevailing conditions. If it appraises high, great. If it appraises low, negotiate the price down.
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Feb 25, 2013 07:18
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Leperflesh posted:You don't have to convince a lender that the property is worth what you are paying, but only a fool buys a house without getting an appraisal. What's $400 to $600, compared to how much money you're risking on this home? But you do have to get an appraisal as a condition of a bank loan, unless I misunderstand you? Because the house is collateral, the bank doesn't want to put 300k in loan risk unless the house is worth that, no?
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Feb 25, 2013 10:21
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Leperflesh posted:That's it exactly. Don't estimate what you best offer should be based on Zillow, or how much you've fallen in love with the property, or what the seller is asking. Get a good appraisal from an experienced appraiser who is familiar with the market, the neighborhood, the type of home, and the prevailing conditions. If it appraises high, great. If it appraises low, negotiate the price down. If you've done your due diligence, and investigated the investment objectively (like you should do for ALL investments), there's no need for an appraiser. By the strictest definition, the property is worth exactly what someone will pay for it. Cocoa Ninja posted:But you do have to get an appraisal as a condition of a bank loan, unless I misunderstand you? Because the house is collateral, the bank doesn't want to put 300k in loan risk unless the house is worth that, no?
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Feb 25, 2013 13:11
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Dik Hz posted:Considering how often the first question out of the appraiser's mouth is "How much do you want it to be worth?", I have a low opinion of appraisers. I've heard this complaint but it certainly hasn't been my experience. I've had my house appraised three times by three different companies - they all did a straightforward and fairly thorough analysis of recent comparable sales and listings with no input from me at all. That was starting in 2009 though :> I can't imagine why you wouldn't get such an appraisal even if you're buying for cash. It's cheap negotiating leverage.
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Feb 25, 2013 13:56
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Dik Hz posted:Considering how often the first question out of the appraiser's mouth is "How much do you want it to be worth?", I have a low opinion of appraisers. Your first point certainly at least used to be true in my personal experience and experiences of others, my understanding is that they basically went off of the MLS and did these from a computer. I'm under the (perhaps false) impression that this has changed now, at least for FHA loans, but maybe that has been the case for a while...our current home is a traditional and the one we're building is FHA so I haven't been through the FHA process before.
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Feb 25, 2013 14:13
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So we just started looking at houses on Sunday. We managed to see 12 houses, so I got a good sense of what's on the market. Of those, the second house we saw was, in retrospect, perfect. Really beautiful yard, really great inside, huge, in our price range, but unfortunately, it was being shown as an open house and the seller's agent said that they wanted offers in by 5 as he was presenting at 7. If it wasn't our first day looking and the second house we'd even seen, we probably would have put in an offer in retrospect, especially seeing other comparably priced houses being in really lovely condition comparably. Looks like it's under contract now, so we'll see what happens. With any luck, that'll fall apart and we can bounce on it. Otherwise, keep looking. Anyone have experience doing renovations on taking possession? Our budget's $500k, but looking around, I'm seeing some houses in the $300s that could be good with some work done to them.
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Feb 25, 2013 17:08
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I don't know how much advice this thread will be able to provide for me, but it's worth a shot. I'm about to start trying to sell the house I inherited when my mom passed away. A family-friend realtor said I could probably get $190k for it, as-is (out-of-date in a community that shits itself for granite countertops, hardwood floors, SS appliances, etc, but 3100sqft in a neighborhood where the 2400sqft ones are asking $250k+) The lowest price of any single-family home on the market in the whole city is asking $191k. An investor contacted me and I had him come over to look, just to just see what he offered. $140k, hah! But through more contact he's upped his offer to 160k, as is, he pays closing costs, I don't need to pay a seller's agent, no inspection (I'm scared for the foundation), the end. He said his brother could help me put it on the market and get 180k for it, but buyers always request at least $1000 in updates and whatever their inspector finds, plus seller's agent fee. I guess my question is, is the $160k offer a stupid choice? The property was appraised by the county for taxes at $198k so I'm like "ugh" but I've never dealt with this. If anyone is familiar with the area, it's Plano Texas. Damn Bananas fucked around with this message at 18:07 on Feb 25, 2013 |
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Feb 25, 2013 18:04
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drat Bananas posted:I don't know how much advice this thread will be able to provide for me, but it's worth a shot.
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Feb 25, 2013 18:08
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Baruch Obamawitz posted:Anyone have experience doing renovations on taking possession? Our budget's $500k, but looking around, I'm seeing some houses in the $300s that could be good with some work done to them.
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Feb 25, 2013 18:09
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gvibes posted:Do you have cash to pay for the renovations? Or would you be looking at a 203(k)? I do, but am hesitant I won't pick the "right" granite/tile/carpet and not get back what I put into it. I would also like to keep the money to update whatever home my fiance and I buy (we were already house-shopping when my mom passed). I am also worried about the "rabbit hole" we might go down: "You have to paint and re-floor everything, and it won't sell without granite; oh and the blinds too. The fence is old, too, and what's that? No sprinkler system? While you're at it, you absolutely must address this crack in the bricks...." (these are all things my realtor family-friend has told me I "need" to do) I seriously don't want to deal with that poo poo. I'm selling a house, buying a house, and planning a wedding that is in 3 months. Edit: Redfin lists average price per square foot at $95, translating mine to $295k. I don't get it. The house isn't a heap of crap, it just looks like it stepped out of 1992, which the updates will fix. Why the investor thinks he can only list it for 225k after updates, I have no idea. Damn Bananas fucked around with this message at 18:31 on Feb 25, 2013 |
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Feb 25, 2013 18:24
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So are you asking if you should take the straight $160K offer and be done with it, or do some renovations yourself/pay for renovations and try to get more money? I guess it comes down to how much effort you want to put into it. It kind of sounds like you want to get rid of the house and not have to deal with the aforementioned renovation issues. So are you willing to take a loss (and loss might be a bad word since you inherited the house and therefore I assume did not have to pay for it thus any sale will be purely profit) to not have to deal with a bunch of other issues down the line? Personally I'd take a lowball offer. The money you "lose" may be worth it if you don't have the time/effort to mess with flipping a house.
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Feb 25, 2013 20:40
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razz posted:So are you asking if you should take the straight $160K offer and be done with it, or do some renovations yourself/pay for renovations and try to get more money? Mostly I was fishing to see if anyone reading the description would flip out and be like "NO, selling a huge house for 30k below the lowest price in the city is completely stupid and there's no way a lack of closing costs would cover the difference!" because I really have no idea. That was my uneducated reaction, anyway. Or alternatively the advice that "Whatever you pay to put into the house you will not make dollar for dollar back" would make my decision to-renovate or not-to-renovate much easier.
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Feb 25, 2013 21:10
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drat Bananas posted:I don't know how much advice this thread will be able to provide for me, but it's worth a shot. If you're not in a rush to sell, I'd just hold out for the $190k.
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Feb 25, 2013 22:16
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drat Bananas posted:Mostly I was fishing to see if anyone reading the description would flip out and be like "NO, selling a huge house for 30k below the lowest price in the city is completely stupid and there's no way a lack of closing costs would cover the difference!" because I really have no idea. That was my uneducated reaction, anyway. Or alternatively the advice that "Whatever you pay to put into the house you will not make dollar for dollar back" would make my decision to-renovate or not-to-renovate much easier. Your first step should probably be to just pay $600 bucks and get your place inspected so you know if there are problem areas. If the foundation and structure is fine then tell the guy to gently caress himself and see what the market will pay. It sounds like he knows its still a hell of a deal and trying to freak you out about small things ($1k changes to net an extra $29k, sign me up). My guess is he's planning to spend a few thousand upgrading the appearance and will flip it for large profit. resident fucked around with this message at 22:53 on Feb 25, 2013 |
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Feb 25, 2013 22:49
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drat Bananas posted:I don't know how much advice this thread will be able to provide for me, but it's worth a shot.
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Feb 26, 2013 00:02
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Anyone know of any services in the Pittsburgh/PA area that help disabled people find houses that will work for them? A buddy of mine has been looking for months for a one floor house with garage on the same level. Due to the hills in Pittsburgh, he hasn't been able to find anything that will work for him. He's not sure if his realtor just sucks, or if it's fairly impossible to find a house like this in Pitt. I've done some Googling and everything I've seen was for helping people find places that are completely disabled and on Social Security or fixed incomes and whatnot, which doesn't pertain to him.
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Feb 26, 2013 00:07
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I'm no house expert but I've been reading this thread for at least a year and that $160k offer sounds terrible. I'm sure he's only trying to max out his profit but gently caress him. Subtract 160k from what you could realistically get and then work out how many hours of your time that is worth with whatever you do for a living. And yes, get an inspection first, as recommended.
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Feb 26, 2013 15:35
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The opportunity to make $30k-40k more is not something you should turn down unless you don't care about money and are already extremely wealthy or something. If you keep a budget and try to save money, then it only makes sense to try to maximize the profit in that house. You'll never save $40k cutting out coupons or doing whatever insane stuff you see people do in that "tell me how to not bathe and save money" thread.
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Feb 26, 2013 15:52
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the littlest prince posted:I'm no house expert but I've been reading this thread for at least a year and that $160k offer sounds terrible. I'm sure he's only trying to max out his profit but gently caress him. The guy's argument is that on a $180k sale I will be paying (iirc) $11k in seller's agent fees, $4k in closing costs, $1500 per month in mortgage payments and basic utilities for however long it has to be on the market, a few thousand for an inspection + the buyer's independent inspection and respective demands (that can be a big rabbit hole: discovering unknown electrical fuckupery/foundation horrors/wood rot/whatever)... so, it's not like I'm really asking "Which number is bigger, 160 or 180?" because of all the factors.  The actual net of each situation would be pretty close.three posted:The opportunity to make $30k-40k more is not something you should turn down unless you don't care about money and are already extremely wealthy or something. I declined his offer, though, and will do some basic updates with the help of family. Thanks, thread! Damn Bananas fucked around with this message at 16:05 on Feb 26, 2013 |
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Feb 26, 2013 15:57
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It just kind of sounds like you have no idea how much the place is worth. As a general rule in life, you probably should not accept a first and only offer.
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Feb 26, 2013 17:23
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drat Bananas posted:The guy's argument is that on a $180k sale I will be paying (iirc) $11k in seller's agent fees, $4k in closing costs, $1500 per month in mortgage payments and basic utilities for however long it has to be on the market, a few thousand for an inspection + the buyer's independent inspection and respective demands (that can be a big rabbit hole: discovering unknown electrical fuckupery/foundation horrors/wood rot/whatever)... so, it's not like I'm really asking "Which number is bigger, 160 or 180?" because of all the factors. The dude tried to tell you an inspection would be "a few thousand?" He's trying to steal the house from you, I hope when you declined you told him to pound sand. Even with a radon test the inspection shouldn't be more than $700-$800 at most I would think, depending where you live. And that's the high end.
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Feb 26, 2013 17:27
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Let's deconstruct this:drat Bananas posted:The guy's argument is that on a $180k sale I will be paying (iirc) $11k in seller's agent fees Agent fees of 6% are typical. On 180k that's $10,800, so that's reasonable. quote:$4k in closing costs, It is not a given that you will pay the buyer's closing costs for him. Sometimes this is negotiated, but it's up to you whether you want to accept an offer that includes this or not. quote:$1500 per month in mortgage payments and basic utilities for however long it has to be on the market Utilities on a vacant house should be very small (if you choose to leave them on, they're not being used) or nonexistent (if you have them shut off, which makes it harder to show the house). At the very least you should shut off phone, garbage, cable/sattelite, and set the thermostat to not heat or cool the house. You will have to float the mortgage payments, though, and that's worth considering in your calculus. But the assumption he is making is that you won't get offers or sell the house for many months; I think that's a false assumption given you are also operating on the basis of offering the house at a price as low as the lowest recent comp sale in your whole city. If your price is attractive you will attract bids within days, not months. And you can always lower the offered price if two or three weeks go by without an offer. quote:a few thousand for an inspection + the buyer's independent inspection and respective demands You can pay for your own inspection if you want, that should be a few hundred dollars. The buyer should pay for his own inspection, although again you can at your option accept a demand to pay for it (but I wouldn't). quote:(that can be a big rabbit hole: discovering unknown electrical fuckupery/foundation horrors/wood rot/whatever)... It's true that there may be issues that affect the value of the house. Whether or not to fix them is up to you: you must disclose them to buyers, if you know about them, and then it's between you and the buyer to negotiate. If you're offering the house at below market price because you know it's not in perfect condition, then you have already built these things into the price and don't have to accept demands to fix things. On the other hand, fixing things makes the house more attractive to buyers, and you may decide to accede to the demands of a buyer whose offer you have already accepted, rather than let them walk and go back onto the market. This is all up to you, and not a given. quote:So, it's not like I'm really asking "Which number is bigger, 160 or 180?" because of all the factors. I think it's premature to conclude that the net between your two options will be very close. Consider that this investor is probably doing the same calculation to decide if its worth his time to buy, fix up, and flip this house. He thinks he can make a significant profit at $160k: if he's right, then you probably could too, e.g., it'd be well worth your time to put the house on the market. It seems you're planning to do some basic upgrades and then put the house up for sale. I think this is a good plan, especially if you put it up for sale a little later in the year (prime selling time is in the summer, the winter months are the bottom, so although you have to float the mortgage it might be worth it to wait till the spring to put the house up for sale).
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Feb 26, 2013 20:18
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I am surprised you guys continue to bandy about the 6% commission is typical. I've spoken with 5+ RE agents this week about putting our house on the market, and have not had a single one say more then 5%(thats 2.5% for the seller's agent, 2.5% for the buyers agent). Perhaps you guys are all in a particular area of the country, but in new england, it is nearly ALWAYS 5%...
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Feb 26, 2013 20:24
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Dijkstra posted:The dude tried to tell you an inspection would be "a few thousand?" He's trying to steal the house from you, I hope when you declined you told him to pound sand. Even with a radon test the inspection shouldn't be more than $700-$800 at most I would think, depending where you live. And that's the high end. Leperflesh: Thanks for clarifying the breakdown, that makes sense. I have kept the utilities to a basic water/electric/gas for 3 months now and that usually comes out to about $150-200/month with no one living there and the thermostat set to 55. :-/ Anyway, no need for more advice for me regarding this 160 offer, guys. I already told the guy no. lord1234 posted:I am surprised you guys continue to bandy about the 6% commission is typical. I've spoken with 5+ RE agents this week about putting our house on the market, and have not had a single one say more then 5%(thats 2.5% for the seller's agent, 2.5% for the buyers agent). Perhaps you guys are all in a particular area of the country, but in new england, it is nearly ALWAYS 5%... I would guess that is because properties cost so much more in that area that that % is worth working for.
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Feb 26, 2013 21:24
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As a side note, buyers tend to significantly underestimate the cost of repairs and remodeling anyway, which is also why remodeling typically only recovers 75% at best of the cost when selling a home.
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Feb 26, 2013 21:42
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Update: Mortgage got approved, but most of the downpayment is coming from cash sources, and proving I have it to the lender is a loving nightmare. I have ten grand in the bank, but I can't just give them a bank statement because I deposited the whole works in one go. I have to prove where it all came from beforehand because the government is scared of money laundering, but half of it is from selling crap over Kijiji and I didn't make up bills of sale. It is crazy. *Edit* Basically, my broker says the bank won't let me pay for my down payment with cash. There has to be a paper trail, and mine is more like a paper dotted line. Zack_Gochuck fucked around with this message at 17:29 on Feb 27, 2013 |
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Feb 27, 2013 16:37
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It's not really money laundering they're worried about all that much: it's that maybe you borrowed that money from someone (a family member, for example). They want to make sure your down payment isn't additional debt. Maybe there's records on Kijiji of your past sales?
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Feb 27, 2013 18:30
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Leperflesh posted:Maybe there's records on Kijiji of your past sales? This is what we did. Along with getting a notarized letter from my mother-in-law saying that she was giving us a gift (not a loan) of $X dollars towards our down payment, I just printed out some craigslist listings of a couple of big ticket items that we sold for some more down payment money, It's not ironclad, but I was able to prove that I was selling about $1500 worth of stuff and I had a corresponding $1500 deposit in my bank account.
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Feb 27, 2013 19:04
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Zack_Gochuck posted:Update: Mortgage got approved, but most of the downpayment is coming from cash sources, and proving I have it to the lender is a loving nightmare. I have ten grand in the bank, but I can't just give them a bank statement because I deposited the whole works in one go. I have to prove where it all came from beforehand because the government is scared of money laundering, but half of it is from selling crap over Kijiji and I didn't make up bills of sale. It is crazy. You mention Kijiji, are you by chance in Canada? If yes, then why are you buying right now when prices are just beginning to fall, and you don't even have enough money saved for a proper downpayment?
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Feb 27, 2013 20:45
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iv46vi posted:You mention Kijiji, are you by chance in Canada? If yes, then why are you buying right now when prices are just beginning to fall, and you don't even have enough money saved for a proper downpayment? I live in Newfoundland. Housing prices are not predicted to fall here for quite some time, they are starting to level off a little, but I'm still on the right side of the slope as they are predicted to go up this year. I am also in a university city with a huge shortage of rental properties. My mortgage on this place will actually be significantly lower (To the tune of $150) than my rent on a basement apartment now. While I am well aware that there are other expenses associated with owning a home, at least I am not paying my landlord's mortgage like I am now. The rental situation is actually a huge issue here, and will not change anytime soon as the University is not going to suddenly close. On top of that, I got a really good deal, about ten grand under what the house is assessed at, because the gentleman who owns it now is disabled and can no longer go up and down the stairs. He just wanted to sell so he can move into an assisted living home. Zack_Gochuck fucked around with this message at 22:44 on Feb 27, 2013 |
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Feb 27, 2013 22:24
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Zack_Gochuck posted:I live in Newfoundland. Housing prices are not predicted to fall here for quite some time, they are starting to level off a little, but I'm still on the right side of the slope as they are predicted to go up this year. I am also in a university city with a huge shortage of rental properties. My mortgage on this place will actually be significantly lower (To the tune of $150) than my rent on a basement apartment now. While I am well aware that there are other expenses associated with owning a home, at least I am not paying my landlord's mortgage like I am now. The rental situation is actually a huge issue here, and will not change anytime soon as the University is not going to suddenly close. I have to say, there's a lot of scary words in this post. -You should not choose to buy based on what you think the market is going to do (despite what iv46vi says) because your decision to buy a house should primarily be about your desire to own a house, not your desire to make a wise investment (because houses are terrible investments). I mean yes, it'd be foolish to buy if you're sure the market is about to plunge... but real estate prices are not easy to predict and economic factors are even harder to predict. You're much better at predicting your own finances and life decisions going forward (and nobody is perfect even at predicting those). -"at least I'm not paying my landlord's mortgage" is the siren call of the predatory lender. Whether or not you're paying your landlord's mortgage is completely immaterial to deciding whether to buy vs. rent. This is mostly a decision about the lifestyle you want (and whether you can afford it). The amount of equity you'll have in ten years, vs. what you would have had if you'd continued to rent for ten years, is probably quite small. Especially if you're making a minimal down payment. -An assessment (for tax purposes) is not a good indicator of a house's market value. I hope you got an appraisal. I'm not saying you shouldn't be buying. I am saying the reasons you've just given in this post do not inspire confidence. Leperflesh fucked around with this message at 23:00 on Feb 27, 2013 |
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Feb 27, 2013 22:58
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Zack_Gochuck posted:I live in Newfoundland. Housing prices are not predicted to fall here for quite some time, they are starting to level off a little, but I'm still on the right side of the slope as they are predicted to go up this year. I am also in a university city with a huge shortage of rental properties. My mortgage on this place will actually be significantly lower (To the tune of $150) than my rent on a basement apartment now. While I am well aware that there are other expenses associated with owning a home, at least I am not paying my landlord's mortgage like I am now. The rental situation is actually a huge issue here, and will not change anytime soon as the University is not going to suddenly close. The report you cite is from Nov. of last year and it already has "excess inventory in the local resale market and demand for housing moderating". Spring is when most people start putting houses up for sale. The excessive inventory will make it more of a buyer's market. Also, most university rental houses empty out in March, so that's the time to look for those. Potential rental income makes you see dollar signs, but you ain't there yet. Is the house close enough to university to be reasonably priced for student rent? Have you actually priced out insurance on a rental property(it's a fun exercise)? Why doesn't current owner just rent out the house himself and live on rent money in the assisted housing? He took your under assessment offer from a person who hasn't have lined up financing and it didn't raise any red flags? It just seems like you are rushing into this. If you have to sell things just to afford a downpayment (which i hope is low), then how are you going to pay closing costs?
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Feb 27, 2013 23:40
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Panthrax posted:Anyone know of any services in the Pittsburgh/PA area that help disabled people find houses that will work for them? A buddy of mine has been looking for months for a one floor house with garage on the same level. Due to the hills in Pittsburgh, he hasn't been able to find anything that will work for him. He's not sure if his realtor just sucks, or if it's fairly impossible to find a house like this in Pitt. I've done some Googling and everything I've seen was for helping people find places that are completely disabled and on Social Security or fixed incomes and whatnot, which doesn't pertain to him. Even if there aren't a lot of options, that is not typically something that is very hard for a Realtor to do. Unless the Pitts. market is really crazy I would maybe consider finding another Realtor because I do searches like that all the time for clients and it takes, like, 5 minutes to find at least SOMETHING if you're not wedded to one specific area. If your friend is focused on a particular neighborhood or two, however, that could be the case that there just arent many options. I've lived in PA and I know the houses are sort of contingent on the landscape, so it could be a legitimate issue, but still, the Realtor should be letting him know this. Again, might not be the Realtor's fault but the options should at least be on the table. Is he only looking in one place or...? drat Bananas posted:I don't know how much advice this thread will be able to provide for me, but it's worth a shot. He's an investor, he's not making an offer if he doesn't think he's coming out like a champ. You know why he's making the offer now? Because he knows that once you get Realtor or at least see other offers you probably won't accept his wittle babby offer. The Texas market is picking up right now (in Austin it is loving bonkers) and it's getting very hard for investors to make a profit in the open market, so they're trying to jump on homes before they get there. Don't choose all the renovations yourself. You may want to work with a professional to come in and cite what sorts of upgrades they would recommend for increasing the value of the home as much and as cheaply as possible, or just work with a Realtor if you're planning to do so already. This is one area where you can make a LOT of money and there's no reason not to work with someone who knows what they are doing to maximize your chances of adding thousands in value to your home. Just be sure you are spending money in smart places, that actually will increase the value, don't just throw it at whatever. Likewise, staging your home can make a huge difference in the overall value and is very cheap compared to how much easier it can make to sell your home quickly and for a profit. If your home is huge and desirable, stage it, don't try to sell it looking like a barren wasteland (unless you are selling to investors, they won't care as much). I Love You! fucked around with this message at 00:02 on Feb 28, 2013 |
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Feb 27, 2013 23:54
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I'm supposed to close on my first house on March 12. I just found out yesterday that the seller wants to rent back the house for the first month or so, because the house they're moving into won't be vacant until then. Is there anything I should watch out for before agreeing to this? Also, how much rent should I ask for? I'm thinking at least the amount of the mortgage payment, which is not too bad because I put 30% down.
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Feb 28, 2013 01:35
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Kilted Yaksman posted:I'm supposed to close on my first house on March 12. I just found out yesterday that the seller wants to rent back the house for the first month or so, because the house they're moving into won't be vacant until then. Is there anything I should watch out for before agreeing to this? In my opinion, I would NOT do this. If they gently caress the place up, they are only responsible for their deposit and or any money you can get out of it in a lawsuit. IMHO, it's your place, they're out. They set the closing date and signed papers.
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Feb 28, 2013 01:47
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| # ? May 30, 2024 13:22 |
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lord1234 posted:In my opinion, I would NOT do this. If they gently caress the place up, they are only responsible for their deposit and or any money you can get out of it in a lawsuit. IMHO, it's your place, they're out. They set the closing date and signed papers. I dunno, this is usually a common thing from a seller moving into a new house. When we moved, we rented the place from the new owners for 30 days so we could find a house, secure financing, etc. We had to pay what the buyer's escrow payment (mortgage+taxes+insurance) on a per-day basis. The buyers agent did an initial walk-though on closing and then a walk through when we left to make sure everything was left as it was supposed to be. There were forms signed and pictures taken to protect the buyers. We made this clear before even accepting offers and it was part of the contingencies but it shouldn't be anything that your agent hasn't dealt with before. If this wasn't in the initial contingencies then you have the right to say no, but it's your call.
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Feb 28, 2013 02:23
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