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Cenodoxus posted:gently caress. Now we just found seemingly 100+ termites in our bathtub. We have seen bugs in there every once in a while since taking possession, but it appears that in the 3 hours after you take a shower, they all swarm into the empty tub and hang out. There is no loving way the sellers didn't see this. This is getting ridiculous. A lawsuit looks to be in our future.
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May 23, 2014 20:17
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Closing in limbo because seller says I need to use their closing agent for them to pay owners title insurance. In the addendum referencing this they didn't actually recommend an agent so I went with the one my realtor suggested. Really coming back to haunt me now.
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May 23, 2014 20:17
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Cenodoxus posted:Now we just found seemingly 100+ termites in our bathtub. We have seen bugs in there every once in a while since taking possession, but it appears that in the 3 hours after you take a shower, they all swarm into the empty tub and hang out. There is no loving way the sellers didn't see this. This is getting ridiculous. Yeah dude, time talk to an attorney if you're entertaining this idea. You'll probably have to prove not only that those termites were there before closing but also that the sellers actually knew about them. Might be tough to prove that, even before you moved in, they'd always come out after a shower. What evidence can you get that it's not a new phenomenon? Not saying you're wrong, just that it's probably going to be an uphill battle to sufficiently document it.
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May 23, 2014 20:31
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Cenodoxus posted:Now we just found seemingly 100+ termites in our bathtub. We have seen bugs in there every once in a while since taking possession, but it appears that in the 3 hours after you take a shower, they all swarm into the empty tub and hang out. There is no loving way the sellers didn't see this. This is getting ridiculous. do never buy
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May 23, 2014 21:09
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So turns out Freddie Mac will get out of $1300 in closing costs because of paragraph 18 of the We Tha Govm'nt Bitch purchase addendum. Ok, fine, my fault, I didn't catch it, but neither did my realtor, my LO, his processor, the underwriter, the appraiser, my attorney, or his paralegal. Freddie's attorney caught it. 15 mins before settlement. Do never attempt to buy.
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May 23, 2014 21:59
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Jealous Cow posted:So turns out Freddie Mac will get out of $1300 in closing costs because of paragraph 18 of the We Tha Govm'nt Bitch purchase addendum. I'm probably just reading this wrong, but what does it mean? Who's on the hook for $1300?
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May 23, 2014 23:06
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OneWhoKnows posted:I'm probably just reading this wrong, but what does it mean? Who's on the hook for $1300? Me. Paragraph 18 states that Freddie Mac will not pay transfer taxes or tax stamps under any circumstances. They promised to pay $5800 in closing costs, my total costs are just under that including transfer and stamps, about $1300, so they are refusing to pay that and reducing their contribution to $4500. Apparently they can break one part of the contract with another.
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May 23, 2014 23:23
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Jealous Cow posted:Apparently they can break one part of the contract with another.
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May 23, 2014 23:46
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Dik Hz posted:I'm pretty sure that falls under the severability clause that's in pretty much every contract. Nah, the rider probably has language that the provisions in the rider control. Probably something starting, "notwithstanding anything herein to the contrary..."
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May 24, 2014 00:02
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Cranbe posted:Nah, the rider probably has language that the provisions in the rider control. Probably something starting, "notwithstanding anything herein to the contrary..." It does, it also has a clause that the purchase contract lives past the closing so they can enforce things like "move in within 60 days" and "sue me if I sell it within 1 year". I'm using a conventional loan, but bought during the First Look period.
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May 24, 2014 00:33
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Dik Hz posted:I'm pretty sure that falls under the severability clause that's in pretty much every contract. The clause doesn't even need to be in the contract, because that's generally how contract law works by default anyway.
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May 24, 2014 01:52
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You guys, buying real estate-owned (ie, foreclosed) houses is a drat nightmare. Just found out that our lender that pre-approved us won't lend to us because the house is being sold under a Bargain and Sale deed, instead of the normal Statutory Warranty deed. Then, did some poking in the public records for the house and found that there's (possibly) an outstanding writ of attachment on the house, which means that potentially the Sheriff's department could seize the property and sell it to recoup the previous owner's unpaid obligations. W.T.F. 
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May 24, 2014 02:16
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Jie posted:You guys, buying real estate-owned (ie, foreclosed) houses is a drat nightmare. Just found out that our lender that pre-approved us won't lend to us because the house is being sold under a Bargain and Sale deed, instead of the normal Statutory Warranty deed. Then, did some poking in the public records for the house and found that there's (possibly) an outstanding writ of attachment on the house, which means that potentially the Sheriff's department could seize the property and sell it to recoup the previous owner's unpaid obligations. It's not always a nightmare - my purchase of a bank-owned foreclosure went very smoothly - but it certainly can be (as can any other home purchase). But it sounds to me like your lender just saved your rear end bigtime! Run, don't walk, away from that house.
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May 24, 2014 05:22
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So we're going to see the house that's by far on top of our list tonight. If we like it, we're offering the asking price on the spot. Which seems stupid, but we'll only make it valid til the 31st. The house has an open house on the 1st that we'd rather not have happen and risk a bidding war. We're comfortable with the price, and $5-10k isn't worth the worry/potential bidding war, so we said gently caress it and will just offer the asking price and just try to avoid the risk. Let's hope we like it as much as the pictures on the inside indicate - we already looked at the outside and were quite happy. If we had a close second place and weren't on a short schedule, we probably wouldn't do this.
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May 27, 2014 15:16
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shortspecialbus posted:So we're going to see the house that's by far on top of our list tonight. If we like it, we're offering the asking price on the spot. Which seems stupid, but we'll only make it valid til the 31st. The house has an open house on the 1st that we'd rather not have happen and risk a bidding war. We're comfortable with the price, and $5-10k isn't worth the worry/potential bidding war, so we said gently caress it and will just offer the asking price and just try to avoid the risk. What's the standard length for contract acceptance in your area? 4 days seems pretty generous (on all of our offers we gave 24-36 hours before the contract expired). There are two downsides to offering more time than necessary: you give the seller more time to get another offer and you lock yourself up in case another house you like comes on the market.
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May 27, 2014 15:26
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pragan4 posted:What's the standard length for contract acceptance in your area? 4 days seems pretty generous (on all of our offers we gave 24-36 hours before the contract expired). Good point - I'll discuss that with the realtor tonight. I didn't even know til yesterday that you could reasonably limit an offer to that short a time frame (I was thinking 4 days was short - what do I know, I guess.) Thanks.
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May 27, 2014 15:32
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shortspecialbus posted:Good point - I'll discuss that with the realtor tonight. I didn't even know til yesterday that you could reasonably limit an offer to that short a time frame (I was thinking 4 days was short - what do I know, I guess.) Thanks. 24 - 48 hours has been what I've seen for offer/counter-offer acceptance as well. Then, 7 days for inspections, 2 days for acceptance/rejection of inspection repairs.
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May 27, 2014 15:48
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Appraisal for the property I'm looking at came in at $2,000 above the seller's listing price. Not super significant, but pretty amazing that they were able to value their property so close to market value. I feel lucky. In the "comparables" that came through with the appraisal report, all of them were $20-30k higher with less square footage, worse area and fewer amenities. Fingers crossed that things continue to shake out well as I get closer to closing...
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May 27, 2014 18:21
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a shameful boehner posted:Congratulations on the condo As an update - I ended up locking in at 4.375, so I'm satisfied! Glad to hear the appraisal went well. Mine was also $2k above and the seller's agent tried calling my mortgage officer to find out the number multiple times. Of course he didn't spill the beans. Sorry, pal!
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May 27, 2014 19:45
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Incredulous Dylan posted:As an update - I ended up locking in at 4.375, so I'm satisfied! Glad to hear the appraisal went well. Mine was also $2k above and the seller's agent tried calling my mortgage officer to find out the number multiple times. Of course he didn't spill the beans. Sorry, pal!
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May 27, 2014 20:54
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Down in South Florida there is a strange market, so even if the comps don't match up people may recognize that and try to sell their property at a higher price to catch the wave. That's my guess, anyway. My mortgage officer said he was not allowed to divulge those details to anyone but me.
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May 27, 2014 21:28
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There is a provision in the buyers addendum from Freddie Mac which required me to share the appraisal with them within 48 hours of receiving it or before closing whichever is sooner.
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May 27, 2014 23:08
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Received an email today from the closing department stating "oh hey, even though we are two days away its worth mentioning your master insurance policy doesn't include flood insurance and we only just noticed". No flood, no condo. The condo association is ran by this incredibly old woman who keeps specific hours that do not include today, so there was no way to contact her and find out what's what. After calling around the different departments, it was actually my crazy insurance guy who had the idea of calling the agency which handled the association's insurance and finding out from them if they also issued a flood policy. I had to call a information service and pay $20 to have them email me everything related to the policy, but included was a FEMA letter grandfathering the condo out of a flood zone. Victory! (?)
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May 28, 2014 17:17
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Incredulous Dylan posted:Received an email today from the closing department stating "oh hey, even though we are two days away its worth mentioning your master insurance policy doesn't include flood insurance and we only just noticed". No flood, no condo. The condo association is ran by this incredibly old woman who keeps specific hours that do not include today, so there was no way to contact her and find out what's what. After calling around the different departments, it was actually my crazy insurance guy who had the idea of calling the agency which handled the association's insurance and finding out from them if they also issued a flood policy. I had to call a information service and pay $20 to have them email me everything related to the policy, but included was a FEMA letter grandfathering the condo out of a flood zone. Victory! (?) I thought the only way to get actual flood insurance was to get it through the National Flood Insurance Program? PS We made an offer for the list price on the house last night. They have 48 hours to accept. I think they will. Until then, fingers crossed.
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May 28, 2014 18:53
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My insurance guy had a quote for me in just a few minutes but I don't know who with. Just waiting for the bank's people to confirm the letter so they can send the closing package to my title company and I can finally be done with this poo poo.
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May 28, 2014 19:04
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I believe when it comes to flood insurance, the NFIP oversees and sets rates, but the insurance can be offered by any given insurance provider. Unlike homeowners, though, the flood insurance will always remain the same rate despite different providers as the rate is produced using some magic formula involving the BFE of your area on the flood maps, your elevation provided by an elevation survey, and the size of your house and amount of contents you want to claim.
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May 28, 2014 20:11
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couldcareless posted:I believe when it comes to flood insurance, the NFIP oversees and sets rates, but the insurance can be offered by any given insurance provider. Unlike homeowners, though, the flood insurance will always remain the same rate despite different providers as the rate is produced using some magic formula involving the BFE of your area on the flood maps, your elevation provided by an elevation survey, and the size of your house and amount of contents you want to claim. That might be what it is - it's provided or whatever by NFIP but brokered by your insurance company, maybe. I'll see if I can find out more, I have a pretty good source for insurance stuff.
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May 28, 2014 20:15
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My fiancee and I have started looking into buying a home. There's one of two paths we could go down, and I'm wondering if anybody here has experienced either one and could share their tale. 1. Buy an older house (one in particular we're looking at is from 1903 or near to it, but has been updated), slowly renovating it over time to our liking. 2. Buying a plot of land and getting one of the prefab homes put together (once the land is cleared, foundation put down, lines run, etc). Both options appeal to us for different reasons and both come with their own perils. If you have any stories (horror or otherwise) about these sorts of situations I'd love to hear them.
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May 29, 2014 00:18
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My re-counter offer was accepted over the weekend and now I hope I didn't back myself into a corner on inspection. Because of the holiday weekend and me slacking a little, I didn't start calling inspectors until today and of course everyone was booked for the week. I was able to get one finally but now I'm second guessing why this guy wasn't busy...... Does vetting out the inspector actually matter or is my new house going to burn down the day after I close anyway?
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May 29, 2014 01:19
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Cranbe fucked around with this message at 14:12 on May 29, 2014 |
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May 29, 2014 01:21
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spencer for hire posted:Does vetting out the inspector actually matter or is my new house going to burn down the day after I close anyway? Yeah, it matters. In Missouri, zero training is required to call yourself a home inspector, so there are some sketchy ones out there. Does Angies List have anything to say? Do inspectors have to be licensed or certified in your area? I don't trust realtor recommendations, but maybe they can pull some strings to get one of their trusted inspectors in.
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May 29, 2014 05:15
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shortspecialbus posted:PS We made an offer for the list price on the house last night. They have 48 hours to accept. I think they will. Until then, fingers crossed. Our offer was accepted! We are so friggen excited right now. Now to finish financing, get inspections, deal with insurance, and everything else. Lots of work to do but we can at least relax about someone else swooping the house.
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May 29, 2014 06:41
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couldcareless posted:I believe when it comes to flood insurance, the NFIP oversees and sets rates, but the insurance can be offered by any given insurance provider. Unlike homeowners, though, the flood insurance will always remain the same rate despite different providers as the rate is produced using some magic formula involving the BFE of your area on the flood maps, your elevation provided by an elevation survey, and the size of your house and amount of contents you want to claim.
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May 29, 2014 12:36
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Just got the inspection report back on the house and aside from minor issues the big thing that has me worried is the HVAC system. It's a 2 year old A/C heat pump combo but the temperature was 67 upstairs and 53 downstairs. He's recommending an HVAC inspector. (EDIT: ambient was 84 at the time of inspection) Problem is there was an offer for $5500 more than mine when we had a verbal agreement with the seller, and due to this they put a hard cap on inspection repairs at $1000 or they will drop out. Do I have any recourse in further investigating the problem at this point? Anyone have any experience with HVAC and can give me any advice? Adiabatic fucked around with this message at 15:36 on May 29, 2014 |
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May 29, 2014 14:36
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pragan4 posted:Yeah, it matters. In Missouri, zero training is required to call yourself a home inspector, so there are some sketchy ones out there. If you are serious about home inspection, I would use an engineering firm, they have guys that do this, it is dramatically more expensive then home inspection hobos $300 fee, but not more then 4 times as much. Also the bubble is bubbling really good, ride this baby to the pop! Money will flow at least until the next presidential election.
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May 29, 2014 15:29
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I supposedly close in 4 hours (again). Still don't have my cash requirement yet. Realtor isn't answering phone and hasn't confirmed he'll be there.
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May 29, 2014 16:15
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Jealous Cow posted:I supposedly close in 4 hours (again). Still don't have my cash requirement yet. Realtor isn't answering phone and hasn't confirmed he'll be there. You don't need the realtor any more. Call the title company and ask them what's going on - they're the ones in control at this point.
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May 29, 2014 16:21
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SlapActionJackson posted:You don't need the realtor any more. Call the title company and ask them what's going on - they're the ones in control at this point. My realtor will have the keys. It's REO and the seller is located in Texas.
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May 29, 2014 16:28
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How are you going to close in 4 hours if you don't have the settlement statement already?
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May 29, 2014 16:31
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Just got my call from the title company with the amount to close. Somehow I will have over a grand more left over than I initially calculated. Walk through in the morning and then a 10 am close followed by a day of moving. Woooo!
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May 29, 2014 16:41
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