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nebby posted:Holy poo poo thread. Heh I went through something similar a long time ago, with the bonus of the seller not disclosing a ton of poo poo they were legally required to on a lovely shed that they built on the lot. Went to remediation, lost despite them breaking the law in like a dozen places because the guy was connected to the local power brokers in town then had to sue the fuckers for two years to get our deposit back. Good times, gently caress ownership.
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Dec 30, 2014 05:48
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Duct Tape posted:It seems like any amount of "lowering the quote" should have been done before they gave it to me initially. A new roof on my house isn't really something I want to haggle over.
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Dec 30, 2014 06:25
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nebby posted:(Since the contract was no contingencies, but in this case this is out of bounds since the assumption is that this was buildable land.) You sure about that? No contingencies usually means just that.
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Dec 30, 2014 06:41
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In all fairness a contractor can reasonably lower an estimate in a non-bullshit way if you are willing to compromise on materials costs, e.g., install a cheaper roof. That's different from some kind of shady "oh poo poo they didn't buy our hilarious overpriced estimate" backpedaling. Along the same lines, make sure that all your competing estimates are based on exactly the same quality of materials.
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Dec 30, 2014 08:36
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SlapActionJackson posted:You sure about that? No contingencies usually means just that. It's a contract, not a sacred blood oath. Most contracts contain language suggesting that the seller must act in good faith, which they may not have been if they had known that the lot could not be built upon. Since they've apparently had other prospective buyers and the sellers got "a killer deal", its likely that the buyer new about the issues and acted in bad faith. Even if the seller tries to keep the deposit, it can be worth fighting
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Dec 30, 2014 09:21
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Duct Tape posted:Plus this company has done roofs for a couple of my neighbors, and they seem pleased with their new roofs. This is what you're looking for.
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Dec 30, 2014 16:23
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QuarkJets posted:It's a contract, not a sacred blood oath. Most contracts contain language suggesting that the seller must act in good faith, which they may not have been if they had known that the lot could not be built upon. Since they've apparently had other prospective buyers and the sellers got "a killer deal", its likely that the buyer new about the issues and acted in bad faith. Even if the seller tries to keep the deposit, it can be worth fighting Sure, if the sellers breached their contractual or statutory duties to the buyers, then the buyers can call the deal off and get the deposit back (or whatever remedy is specified in the contract). But if they didn't - and nebby's post doesn't seem to suggest they did, just that somehow this particular issue is "out of bounds" - then they may be well within their rights to keep the deposit when nebby backs out. My point is that if you want your land purchase to be predicated on the lot being buildable, you should write that as a contingency of the contract, so you don't have to search for an out that you can use and still keep your deposit. Still, it sucks for nebby and I hope things work out for him.
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Dec 30, 2014 18:11
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SlapActionJackson posted:Sure, if the sellers breached their contractual or statutory duties to the buyers, then the buyers can call the deal off and get the deposit back (or whatever remedy is specified in the contract). But if they didn't - and nebby's post doesn't seem to suggest they did, just that somehow this particular issue is "out of bounds" - then they may be well within their rights to keep the deposit when nebby backs out. My point is that if you want your land purchase to be predicated on the lot being buildable, you should write that as a contingency of the contract, so you don't have to search for an out that you can use and still keep your deposit. Still, it sucks for nebby and I hope things work out for him. This is why you do $1 deposits, by the way.
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Dec 30, 2014 18:12
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Bloody Queef posted:This is why you do $1 deposits, by the way. *Realtor looks aghast* but that doesn't show you're super serial about buying! You need to put down as much as you can to show you're serial! How about $22,000 down? loving realtors.
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Dec 30, 2014 18:13
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Bloody Queef posted:This is why you do $1 deposits, by the way. Yeah but seriously though, if your only contingency is "the lot must be buildable" and the sellers balk at that, you have all the info you need to flee the transaction before even providing that earnest money deposit.
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Dec 30, 2014 18:25
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Bloody Queef posted:This is why you do $1 deposits, by the way. You may or may not find sellers willing to accept $1 earnest money, especially if you are financing a mortgage. Diligence fee more likely but it depends upon the market.
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Dec 30, 2014 18:29
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BEHOLD: MY CAPE posted:You may or may not find sellers willing to accept $1 earnest money, especially if you are financing a mortgage. Diligence fee more likely but it depends upon the market. For the 250-350k range here in OH, 500 seems to do the trick. Enough to calm fears but still a drop in the bucket if things go south and you need to fight to get it back.
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Dec 30, 2014 18:31
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Leperflesh posted:Yeah but seriously though, if your only contingency is "the lot must be buildable" and the sellers balk at that, you have all the info you need to flee the transaction before even providing that earnest money deposit. This is a really good point. Hey nebby, did your realtor suggest the no-contingencies thing? They might be trying to gently caress you
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Dec 30, 2014 19:13
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dietcokefiend posted:For the 250-350k range here in OH, 500 seems to do the trick. Enough to calm fears but still a drop in the bucket if things go south and you need to fight to get it back. Yeah I just bought with $300 diligence and $2700 earnest deposit. Although the property was a little bit stale and the sellers were willing to move down a lot on price my realtor said it wasn't particularly low for deposit. BEHOLD: MY CAPE fucked around with this message at 19:27 on Dec 30, 2014 |
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Dec 30, 2014 19:23
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SlapActionJackson posted:You sure about that? No contingencies usually means just that.
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Dec 30, 2014 19:40
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dietcokefiend posted:For the 250-350k range here in OH, 500 seems to do the trick. Enough to calm fears but still a drop in the bucket if things go south and you need to fight to get it back. My tactic has always been to do a dollar, and if anyone balks, do "$250 or offer is canceled" it's always worked. E: note anyone means seller. If your RE agent balks, fire them.
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Dec 30, 2014 19:43
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Spermy Smurf posted:*Realtor looks aghast* but that doesn't show you're super serial about buying! You need to put down as much as you can to show you're serial! How about $22,000 down? If a buyer gave me a contract with a $1 deposit I'd tell them to go gently caress themselves, realtor or not.
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Dec 30, 2014 19:47
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FCKGW posted:If a buyer gave me a contract with a $1 deposit I'd tell them to go gently caress themselves, realtor or not. Even if a decent cash offer was attached, and say, your property had been listed six months? That could be an expensive point of pride to cling to.
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Dec 30, 2014 20:00
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Ugh, went house hunting today. We saw a range of properties to see what the market looked like. The house for $340k had ceilings so low my husband's head touched the doorframes going from room to room. We found a super nice one for $560k, that's our upper end for sure. Tell me I'm ridiculous for even thinking about putting myself into another long mortgage. Even if I put half down, that's not a good idea. Right? Right?
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Dec 31, 2014 00:25
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What would be more annoying: buying a house out of state, or selling a house out of state? Should both be avoided if possible? Moving to Denver before too long and probably should just rent a house short term so we can check out houses and realtors at a more leisurely pace, but the local housing market is a bit nuts[1]. Even rents are forecast to go up another 20% next year despite a ton of new apartments going up, although maybe that will free up some house rentals. [1] 
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Dec 31, 2014 01:41
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BEHOLD: MY CAPE posted:Even if a decent cash offer was attached, and say, your property had been listed six months? That could be an expensive point of pride to cling to. WTH is the point of a $1 deposit? If you don't want to put up a deposit, don't put up a deposit. I seriously cannot understand the point of a $1 deposit other than to be snarky and obnoxious. Yeah, if I was desperate to sell, I suppose I'd sign the contract, but what does that mean?
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Dec 31, 2014 03:08
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Blackjack2000 posted:WTH is the point of a $1 deposit? If you don't want to put up a deposit, don't put up a deposit. I seriously cannot understand the point of a $1 deposit other than to be snarky and obnoxious. Yeah, if I was desperate to sell, I suppose I'd sign the contract, but what does that mean?
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Dec 31, 2014 03:43
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BEHOLD: MY CAPE posted:Even if a decent cash offer was attached, and say, your property had been listed six months? That could be an expensive point of pride to cling to. I don't think the kind of person who puts down a $1 deposit is the same kind of person who's putting in a "decent" offer (if by decent you mean slightly above market rate)
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Dec 31, 2014 05:26
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BEHOLD: MY CAPE posted:Even if a decent cash offer was attached, and say, your property had been listed six months? That could be an expensive point of pride to cling to. No, maybe because it's unheard of in my area and would just come across as being very shady. I mean, if you could just put in 6 of offers on houses for $1 deposit, tying the sellers up for weeks and then just walk halfway through once they find the one house they like at a cost of $5 I'm sure some rear end in a top hat out there would do it.
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Dec 31, 2014 05:33
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Yeah there's a decent chance we'll have to go to the reconciliation process and a non-zero chance we'd lose the deposit. But all in all it's not a lot of money relative to the amount we're going to be spending on the house, so I don't care that much, but it certainly does blow that we can't build the house we wanted to.
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Dec 31, 2014 05:43
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If anyone champing at the bit for an update on my roof, I've got one. Met with the original company again. They lowered their $35k quote down to $26k by saying everything will be "at cost" and they can't guarantee that price unless I signed within 24 hours  I also got a quote from a third company who, like the second company, came in at $21k. However, they noticed a few thing about my roof that the other two companies either didn't see or didn't bring up with me. Like this spot where water is currently draining directly down the side of my chimney leaving a gross rear end black streak.  They also have 100 reviews on Angie's List, an A rating, and offer 12 month no-interest financing. Still need to read the fine-print on that financing deal, but for the moment I'm kind of leaning towards them. Edit: nebby posted:Yeah there's a decent chance we'll have to go to the reconciliation process and a non-zero chance we'd lose the deposit. But all in all it's not a lot of money relative to the amount we're going to be spending on the house, so I don't care that much, but it certainly does blow that we can't build the house we wanted to. Duct Tape fucked around with this message at 07:38 on Dec 31, 2014 |
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Dec 31, 2014 07:31
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Just a reminder to not turn down owner's title insurance. Not even sure if you really can, but don't. My house and 2 others next to it were built in 2007 and the builder went out of business, so it remained mostly finished for 3 years until an investor bought it in 2010 and finished it. Put in cabinets and carpet and appliances and things like that. They listed it in 2011 and it didn't sell until I bought it mid 2012. Last week I got a notice of a mechanic's lien against the property that wasn't discovered by 2 different title searches. It seems the builder never paid the concrete company that poured the driveway. Filed a claim with title insurance that settled and paid the attorney to release the lien with no further action needed on my part, but if I had passed on title insurance it would have been about 1900 out of my pocket to release the lien. I'm hoping that's the only thing that will come up like that. That was a fun notice to receive on Christmas Eve. Do never buy (without title insurance).
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Dec 31, 2014 14:34
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FCKGW posted:No, maybe because it's unheard of in my area and would just come across as being very shady. Just because they only put down a $1 deposit doesn't mean you can't sue them for breach of contract. You can also be dick and counter them with an acceptance that you can cancel with 24 hours notice anytime before closing.
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Dec 31, 2014 15:53
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A coworker is doing a refi. We work in finance, but not in mortgage lending. The guy was sloppy. She had to lean on the guy often, when he would say something that didn't match the paperwork, or when his math wouldn't tie to the contracts, or he'd sneak in a new $250 fee. In their last meeting, the guy threw his hands up and said "I think you'd be better served by using a different lender". This guy was so bad he fired himself.
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Dec 31, 2014 19:12
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moana posted:Ugh, went house hunting today. We saw a range of properties to see what the market looked like. The house for $340k had ceilings so low my husband's head touched the doorframes going from room to room. We found a super nice one for $560k, that's our upper end for sure. Tell me I'm ridiculous for even thinking about putting myself into another long mortgage. Even if I put half down, that's not a good idea. Right? Right? Not sure what you've decided, and I don't know you personally, but judging from your normal FI/Fiscally Conservative posts I'd be surprised if you did this. Not that it's necessarily a bad decision by any means but I'm interested in what you decide. Must have been a beautiful house?
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Dec 31, 2014 19:26
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Just a random rant...... I'm selling my house, and am having to bring money to the table, (which is a horrid story, but not really relevant to this rant). We are all set to close at 3pm my time at the title company, (just under 2 hours from now). My agent still does not have the HUD1 from the title company so that I know how much to get my cashier's check made out for when I swing by my bank on the way to the closing. WTF.....
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Dec 31, 2014 20:07
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adorai posted:It's like paying a lawyer $1 before asking him for advice. By exchanging money, you have indicated a desire to buy and/or sell that will be evidence in court, much more so than spitting in your hand and shaking on it. You indicate your desire to buy/sell by signing or countersigning the purchase agreement, I don't understand how a nominal security deposit strengthens that document at all. The point of a deposit, as I understand it, is to allow the sellers to recover some of their damages from taking the property off the market if the buyer backs out without needing to sue them in small claims court. It does not make the contract any more forceful. Anyone with actual legal training want to comment on this? I've also never heard of paying a lawyer $1 for advice. When I talked to my RE lawyer for the first time, it was a free consultation, and he answered tons of specific questions that I had about NJ real estate law. Then, when I used him to purchase a house, I paid him a flat fee.
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Dec 31, 2014 22:50
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fruition posted:Not sure what you've decided, and I don't know you personally, but judging from your normal FI/Fiscally Conservative posts I'd be surprised if you did this. Not that it's necessarily a bad decision by any means but I'm interested in what you decide. Must have been a beautiful house? Yeah, it was. I'm looking at it (2500 sq ft, much bigger than I originally wanted) thinking: - Perfect location, end of the street backing up to a watershed so tons of nature for our future kids to play in, neighbors not too close. - We'll grow into the space and would likely be able to rent out part of the house for income before then. - The mortgage I'm paying now on a 15 year would be equal to this mortgage as a 30-year, if we stay here it's totally worth it at current interest rates - GODDAMMIT MOANA STOP TRYING TO CONVINCE YOURSELF TO PUT AN OFFER ON ANOTHER drat HOUSE I bought my last house for $360k and fixed it all up, I'd like to be able to do that again but there aren't a ton of fixer-uppers around here that wouldn't require a permit for additional square footage (which I hear is just about impossible in this county).
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Dec 31, 2014 22:56
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But also it's not perfect, like WTF is up with the floorboards switching direction in the front room, also there aren't showers in the tubs. And two stoves, who the gently caress needs two stoves? not me. ARGHGHGHHGH Still, 1994 construction. God, I'm so torn.
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Dec 31, 2014 22:59
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adorai posted:It's like paying a lawyer $1 before asking him for advice. By exchanging money, you have indicated a desire to buy and/or sell that will be evidence in court, much more so than spitting in your hand and shaking on it. Submitting a purchase contract is indicating a desire to buy, the buyer doesn't need to staple $1 to it. That sounds like some freeman-on-the-land legal bullshit made up by people who don't know any better
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Dec 31, 2014 23:52
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Blackjack2000 posted:You indicate your desire to buy/sell by signing or countersigning the purchase agreement, I don't understand how a nominal security deposit strengthens that document at all. $1 is a common token amount in all sorts of contracts to indicate a concrete although nominal consideration in the common law sense of the term. See: CEO salaries, licensing agreements, etc. I'm not a legal scholar or barred attorney to offer an opinion on whether that is actually helpful when put to test in modern contract law but it's not the same thing as tipping a server a penny or an intentionally insulting gesture. You are correct that the purpose of a deposit is to compensate the seller for opportunity cost should the sale fall through, to disincentivize the buyer from entering multiple contracts simultaneously, and to incentivize the buyer to slog through the often onerous process of financing. Thus, the negotiatiability of the deposit depends upon a lot of factors. The more desperate a position the seller finds herself in (long listing, high inventory, problem property) and the more attractive the buyer's offer (fair price, short closing time, few contingencies, cash offer with proof of balance), the more likely a seller is to forgo a meaningful deposit.
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Jan 1, 2015 00:02
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God I love redwoods. I wish I still lived on the CA coast. I'd see a house like that and think, "Under what circumstances would I actually regret living here?" And there'd be almost no answer outside of complete financial ruin. It's set well, and the fact that it backs up to the watershed is killer. It does look very 90s, and there's some wacky stuff going on in a few places. That 90s kitchen style is one I could actually work with by making a few changes, and I would have to rip the whole thing out.
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Jan 1, 2015 00:21
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nebby posted:Yeah there's a decent chance we'll have to go to the reconciliation process and a non-zero chance we'd lose the deposit. But all in all it's not a lot of money relative to the amount we're going to be spending on the house, so I don't care that much, but it certainly does blow that we can't build the house we wanted to. Youve been burned twice trying to find a steal in california. How about you stop trying to find cheap land in san francisco you retard
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Jan 1, 2015 00:38
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moana posted:But also it's not perfect I thought it looked pretty nice, until I realized the master bathroom doesn't allow for private pooping. Don't do it!
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Jan 1, 2015 02:56
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Warpaint posted:Just a reminder to not turn down owner's title insurance. Not even sure if you really can, but don't.
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Jan 1, 2015 05:57
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