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Frinkahedron posted:Joining all you suckers soon, closing on a house on the 29th, mortgage is all final approved and everybody is happy and waiting. What can and will go wrong between now and then? I went to do the final inspection less than an hour before closing (wanted to do earlier but the realtor convinced me otherwise) and soon as I walked in the door I found that all the sellers crap was strewn everywhere. Apparently they didn't bother reading the contract and thought they had a whole month to transfer possession, not immediate possession on closing, as stated in the contract. This meant all our poo poo was packed, lease expiring in a few days, and a Uhaul was already rented for the day. So we were basically hosed, and wound up giving the sellers a week when we should have just scuttled the deal. And of course, as thanks for our generosity, the sellers left the place a wreck, including leaving behind poo poo such as the collection of used motor oil in betty crocker butter containers in the garage. loving lovely. Their realtor had the attitude of whatever, not my problem, and then calculated that for a week and our troubles, etc the appropriate compensation was 15 loving dollars. I felt too invested with needing a place to live asap, along with inspection money and other hassles in dealing with a last minute change in lenders (which is another wonderful story) that I just said gently caress it and went through when I should have ran, screaming. The lender thing can also gently caress up, because after getting pre-approved (not pre qualified mind you, fully pre approved with excellent credit, income, no debt, etc) the local credit union's investor decided that he wouldn't pony up for a loan because I only had two "trade lines". I've only ever had one credit card and never taken out another loan for vehicles or anything, just bought cheap ones with cash upfront. But apparently being financially responsible with loans and credit cards is bad, because a week after going into contract I got the call that they wouldn't give me a loan. Nevermind the next bank I worked with was excellent and had no idea what their problem was, and gave me even better rates to boot. So, what can go wrong right before closing? Everything.
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Apr 18, 2016 16:07
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Our seller took the washer and dryer that were supposed to be included with the contract. We got him to bring them back later, but my wife was still annoyed.
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Apr 18, 2016 16:23
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My realtor checked the "microwave" box on the selling agreement even though there wasn't a built-in microwave anywhere. The seller left us a crappy little microwave we had to throw out.
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Apr 18, 2016 16:50
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couldcareless posted:Our seller took the washer and dryer that were supposed to be included with the contract. We got him to bring them back later, but my wife was still annoyed. This same thing happened to me but they also took the nice new stainless fridge (~$2500) that was supposed to be included in the contract. We got them to bring back the old washer and dryer but the sellers refused to bring back the fridge. From what it sounds like their agent just never told them that the appliances were included in the offer. So when we're about to scuttle the deal their agent tells our agent that he'll buy an equivalent replacement fridge new out of his commission to let things go through. Great! Fast forward a few weeks and we're trying to get everything nailed down for closing so my agent tries to get the model number of the replacement that he's going to buy and their agent goes back on his word and starts talking about grabbing the cheapest refurb stainless fridge he can find (~$400). Tell them no deal and he somehow convinces the sellers to kick $2000 towards closing costs to make up the difference. Best part? Both agents work for the same agency and apparently this guy is the son of one of the higher ups at the agency. Thanks to his bullshit we almost pulled out on the offer like 3 separate times. His broker got an earful from our agent that is for sure.
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Apr 18, 2016 17:40
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I had a friend who bought a house many years ago and when he moved in, he found out the previous owner had taken not only all the appliances, but also the venthood, light fixtures, and light bulbs.
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Apr 18, 2016 17:47
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Guys please don't let sellers get away with that horseshit, I know you're super excited and ready to move and leases are ending and whatnot but jesus christ DO NOT let them just steal a nice fridge because they can get away with it 90% of the time. Just walk from closing until you get what was agreed upon in that thing called a legal contract you both signed. First time buyers are abused and bullied in a lot of ways by agents, lenders, and sellers- but this is just flat out illegal theft, have a spine and always be willing to walk no matter how excited you and the family are. Also do not let your agent convince you of any schedule besides "we do the walkthrough at 9:00am, closing is 2-3 hours after that". Make sure the walkthrough is the morning of and all the keys and the lockbox are going to closing and there is no reason for the seller to do anything else on the property that morning. Not the night before, not in the morning when closing is at 4:00pm, you want to be driving from the final walkthrough to closing. Insist on this. Pryor on Fire fucked around with this message at 17:59 on Apr 18, 2016 |
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Apr 18, 2016 17:54
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OSU_Matthew posted:appropriate compensation was 15 loving dollars. Check your contract. Standard contract in my state has a clause that for every day that the house is not in the buyers possession after the agreed upon time (typically closing) the seller owes the buyer $300. Hopefully you have the same.
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Apr 18, 2016 18:06
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novamute posted:Best part? Both agents work for the same agency and apparently this guy is the son of one of the higher ups at the agency. Thanks to his bullshit we almost pulled out on the offer like 3 separate times. His broker got an earful from our agent that is for sure. "You stupid loving oval office. You, Williamson, I'm talking to you, shithead. You just cost me $6,000. Six thousand dollars, and one Cadillac. That's right. What are you going to do about it? What are you going to do about it, rear end in a top hat? You're loving poo poo. Where did you learn your trade, you stupid loving oval office, you idiot? Who ever told you that you could work with men? Oh, I'm gonna have your job, shithead."
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Apr 18, 2016 20:47
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Brigdh posted:Check your contract. Standard contract in my state has a clause that for every day that the house is not in the buyers possession after the agreed upon time (typically closing) the seller owes the buyer $300. Hopefully you have the same. There very well may have been, but this was like 30 minutes before closing with a million other things happening, and the scale of the surprise and fuckup really put me off balance. What happened is I conceded to an amended contract at the closing table that gave them an extra week to move out, and the agent calculated the interest or some other condescending bullshit for a week and said that was all the sellers owed when I brought up what the delay was going to cost me. She said she'd write me a check out of her cut of the sale, which obviously never happened, and it's fifteen loving dollars so who cares, but the principle of the whole thing and the huge hassle it caused trying to find a place to crash and stow our crap for a week, and the complete lack of an apology or hey, we hosed up is what galls me. Eh, first time buyer mistakes... I'll definitely know a lot better and be prepared to walk if there's a next time around. Joke's on the sellers though--after living in this house for nearly thirty years, they walked away from the sale with a check for <5,000$. No wonder they had no room to negotiate. New roofs, windows, furnace, ac, water heater, asbestos abatement, and shower apparently ain't cheap.
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Apr 19, 2016 03:41
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OSU_Matthew posted:Joke's on the sellers though--after living in this house for nearly thirty years, they walked away from the sale with a check for <5,000$. No wonder they had no room to negotiate. New roofs, windows, furnace, ac, water heater, asbestos abatement, and shower apparently ain't cheap. It takes a special kind of homeowner who can't make a profit in the housing market by being long from 1985-2016. edit: More content! We've been working over our house since the day we bought it. Garage door? Broken, replaced. Garage door opener? Broken, replaced. Electric eye wires? Severed, replaced. Garage sheet rock? Missing, replaced. Paint? Terrible, redone on entire house. Beautiful hardwood floors? Cat pee'd on (looked like burnt wood!), replaced those parts, refinished. Light switches? Many miswired, all replaced (I haven't gotten to the outlets yet...). Basement wiring? Totally, completely hosed - that's next. Carpenter bees, exterminated. Poison ivy, cut down. It does not end. Header over a pocket door was cracking, had it replaced this week. Some of the attic insulation was missing (where did it go  ), replaced. lovely old thermostats replaced. Cat pee rugs? Those got tossed. We even payed the seller a bit extra so he would leave them, but jokes on us he had his cats piss on them first. He also was still moving out the morning we bought the place and he threw a hissy fit when we wanted to actually see the things we were going to buy. On the plus side I assume he has a mental illness. We have payed more than I want to mention. Super cheapo incandescents that burned out in weeks? Replaced with LEDs. Slightly broken cooktop and double oven? Replaced. Leaking kitchen sink and pipes? Replaced. Haven't gotten to the furnace or AC yet; I'm hoping it holds up until I can get a natural gas line out. Chimneys? Capped. Can after can of crap he left behind? Thrown out. Scrubbed and mopped the whole basement to get it to stop smelling funky; used a carpet cleaner and 4x vacuumed with baking soda to get the partially finished part to a good state. Probably have to redo 2 bathrooms. Probably have to replace every window because most of them are blown. Here's some pictures of the hosed up wiring. Previous owner did it I guess. He was kind of a shut in, did all kinds of half-assed work. This overloaded outlet has an extension cord attached that is spliced into romex that then goes to permanent light fixtures and possibly a power tool:   I don't know what the gently caress the twisted pair is for, I assume he was trying to start his own telco. This is just a bad connection with speaker wire:  Who needs to staple wire? Let it all hang out.  indecision.jpg  Hard to see but the horizontal romex is actually just a big loop that first goes left then oops time to go right!  This (live) outlet is no longer attached to the wall. I think he wanted to put some kind of speaker jack where the box used to go, but you can guess if he did that right (hint: no.)  This one weird outlet shows me that he still has some tricks hidden behind the drywall of the (shittily) finished storage room. That and the fact that he ran cat5 through a live outlet in another part of the room. Yes, that's right.  OK this one isn't electrical but it is osha.jpg. The vise probably weighs 300 lbs and it is "supported" by a 2x4 with no means of fixing it to the table. Hell, I don't think the table can support it anyway.   There was some other weird "projects" that he left behind, including a lovely false wall for the pantry to hide his treasures in, a cat litter jug full of heating oil? and some kind of weird air hockey table cover thing that could come down to mostly seal something underneath, which I guess you could use to delay a chemical reaction like paint? Yes it has crossed my mind that I may be living in a former meth lab. Maybe the outgassing meth chems are making me paranoid. I literally just talked myself into buying a cheap test from amazon. Bonus: he didn't change his registration, so when he left his car in a school parking lot, the cops showed up at my house asking what the hell. Still hasn't changed it - I got a ticket in the mail for running an ez pass toll booth for him. gently caress that guy. So that's home buying in a nutshell I guess. Good luck idiots. Bozart fucked around with this message at 07:11 on Apr 19, 2016 |
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Apr 19, 2016 05:41
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OSU_Matthew posted:There very well may have been, but this was like 30 minutes before closing with a million other things happening, and the scale of the surprise and fuckup really put me off balance. Wait, they basically just tried to calculate the interest payment for a week and A) only came to $15 (seriously, is your interest payment only ~$60 per month?) and B) assumed that this was a fair amount to pay to basically occupy the house for a week. Never mind that you're also on the hook for insurance, HOA, utilities, and all sorts of other poo poo during that month, but $15 is a joke. I know that hindsight is 20/20, but what you should have done is said "well rental homes of this size in this area go for $X/month (for argument's sake let's say $2000) so you should pay me $500 plus the cost of utilities, let's call it an even 600". This is a good argument for only submitting purchase agreements that have the cost of rent per day past closing baked right into the language.
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Apr 19, 2016 06:09
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Do never buy. I'm replacing my main sewer line this week. 20 feet to the street and 4 feet down. I'm digging a literal how for my house. But gently caress my family has done this before and we can replace the pipe ourselves at least. Every house in this area has this problem though. Development went up and they put trees along the road throughout. Which grew straight into the pipes!
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Apr 19, 2016 06:51
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The whole pipe thing never made any sense to me. Everyone's water/sewer pipes are in a constant state of failure regardless of age or location. We're currently in the mid term planning stages for having people loving walk on Mars and nobody can engineer a goddamn pipe that tree roots don't destroy?
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Apr 19, 2016 14:22
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Pryor on Fire posted:The whole pipe thing never made any sense to me. Everyone's water/sewer pipes are in a constant state of failure regardless of age or location. We're currently in the mid term planning stages for having people loving walk on Mars and nobody can engineer a goddamn pipe that tree roots don't destroy? Plumbers got to eat to you want them to make pipes that last forever?
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Apr 19, 2016 14:39
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We had a huge sectional couch in the basement of our house that was supposed to be included in the deal and when we got there it was gone. After living in the house for a couple years and doing some remodeling/discovery, I don't think a used couch from the previous owners would have necessarily been A Good Thing.
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Apr 19, 2016 15:41
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Pryor on Fire posted:The whole pipe thing never made any sense to me. Everyone's water/sewer pipes are in a constant state of failure regardless of age or location. We're currently in the mid term planning stages for having people loving walk on Mars and nobody can engineer a goddamn pipe that tree roots don't destroy? Tree roots mostly just finish the job once the pipe is already damaged. Making sewer pipes that don't get damaged in the first place is harder than you'd expect (because it also has to hold up to the nasty stuff that runs through the inside of it), and it's as much about the soil movement and burial as it is about the pipe material, but mostly the problem is that the people paying for the pipe & installation aren't the ones that will have to pay for repairs down the line so they usually cut every corner they can get away with.
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Apr 19, 2016 20:27
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Pryor on Fire posted:The whole pipe thing never made any sense to me. Everyone's water/sewer pipes are in a constant state of failure regardless of age or location. We're currently in the mid term planning stages for having people loving walk on Mars and nobody can engineer a goddamn pipe that tree roots don't destroy? Yes, but most home owners and developers aren't going to pay for it. Edit: also forgot to mention that many plumbers are nothing more than new sewer salesmen. So a lot of people getting new sewers dint actually need one. Andy Dufresne posted:Imagine the mortgage marketplace as millions of piles of money that they want to invest in very specific types of buyers and homes, and they are offering specific terms for those buyers. Your circumstances will undoubtedly qualify for many of those piles of money, and you're looking for the best one. I know this is a but old, but I recently had to go through a broker on a mortgage that wasn't very straightforward. My bank didn't want to do it the way I needed it to be done, the online brokers didn't want to either. Local broker didn't care as long as he had someone to sell it to, which he did, so it all went down great. Situation was I was getting a home for my elderly parents and didn't want to get hit with investor rates. Nor did I want them on the loan or deed. Fannie has rules that let you get owner occupied rates in this situation. Sperg Victorious fucked around with this message at 23:10 on Apr 19, 2016 |
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Apr 19, 2016 21:37
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Pryor on Fire posted:The whole pipe thing never made any sense to me. Everyone's water/sewer pipes are in a constant state of failure regardless of age or location. We're currently in the mid term planning stages for having people loving walk on Mars and nobody can engineer a goddamn pipe that tree roots don't destroy? Literally everything is in a constant state of failure, pipes just aren't an exception.
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Apr 20, 2016 07:22
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My 40's era sewer pipe has been totally great for 70 years now 
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Apr 20, 2016 07:30
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slap me silly posted:My 40's era sewer pipe has been totally great for 70 years now Unfortunately it's probably made of lead
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Apr 20, 2016 07:33
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When I bought the place I was worried it was Orangeburg paper, but I think it's actually vitrified clay. There are some cast iron bits with lead seals in the main vent stack, but really, who cares. All the supply piping is new copper. E: Did I mention I'm selling the place? All issues no longer my concern after May 5. slap me silly fucked around with this message at 07:46 on Apr 20, 2016 |
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Apr 20, 2016 07:43
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QuarkJets posted:Unfortunately it's probably made of lead What's wrong with a lead sewer pipe? It's not like you're drinking from it.
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Apr 20, 2016 13:06
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Closed on the house Friday, moved in this past weekend. This morning I take a shower, and the water won't turn off. Like, I turn the handle all the way to the right, and there is still water coming out. It's probably something simple, but I have to go to work, so a call to the plumber it is and likely $200 down the drain. Do never buy.
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Apr 20, 2016 14:05
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http://www.denverpost.com/business/ci_29788143/denver-millennials-are-at-risk-being-trapped-rentingquote:About eight in 10 Denver-area millennials surveyed say they want to buy a home. Of those potential buyers, a similar share expect to buy within five years, with affordability listed as the biggest barrier.  oh no the "risk of renting", being "trapped" in a rental, the horrors! Sounds as bad as ISIS!I swear to god realtors just pay for these horseshit stories to generate business.
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Apr 20, 2016 14:24
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minivanmegafun posted:What's wrong with a lead sewer pipe? It's not like you're drinking from it. You are, just not directly. Sewage gets treated, sterilized, and then the water is released back into oceans, streams, or whatever else is nearby. But treatment isn't perfect, so in a town full of lead sewer pipes you're inevitably going to wind up with higher lead concentrations in the local water supply, any locally-caught fish and animals, in the roots of locally grown plants that are being watered from the local supply, etc. These usually aren't catastrophic levels, but there are still negative side effects even you're exposed to low levels of lead. e: Basically we don't install lead sewer pipes anymore because lead sewer pipes are generally a bad idea QuarkJets fucked around with this message at 20:59 on Apr 20, 2016 |
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Apr 20, 2016 20:55
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Pryor on Fire posted:http://www.denverpost.com/business/ci_29788143/denver-millennials-are-at-risk-being-trapped-renting I think the larger point deserves consideration, that rents are just way too ridiculously expensive that it's hard for many younger adults to make financial progress when so many people are overburdened with excessive student loans and stagnant wages, especially coupled with booming home prices.
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Apr 20, 2016 22:51
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Is it not normal for potential buyers to share the results of an inspection with the seller?
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Apr 20, 2016 23:02
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The Shep posted:Is it not normal for potential buyers to share the results of an inspection with the seller? Private inspection? If you're wanting things fixed or leveraging it to negotiating the price, I think you'd have to. Not sure about inspections for hud and similar programs.
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Apr 20, 2016 23:24
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If you just want it so that you can invoke the inspection condition to get out of the purchase, you might not default to giving it to the seller. The seller may not want it, either.
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Apr 20, 2016 23:30
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The seller sometimes very specifically does not want to see your inspection. Anything you find, they would have to disclose if you later back out of the deal and they have to put it back on the market.
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Apr 20, 2016 23:33
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Leperflesh posted:The seller sometimes very specifically does not want to see your inspection. Anything you find, they would have to disclose if you later back out of the deal and they have to put it back on the market. That's probably exactly what happened to a house we looked at. We were really interested in a house but it went under contract days after hitting the market and we couldn't schedule a showing in time. After a week it re-activated and we were able to look at it. The major issue I suspected with the house was water damage due to soft spots in the wood flooring in the kitchen. We asked our realtor to look into why the house was relisted and all she could find out was that the previous buyers had walked away after the inspection "without disclosing what the inspection revealed". I feel like that's a huge red flag and we've since walked away.
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Apr 20, 2016 23:51
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Pryor on Fire posted:http://www.denverpost.com/business/ci_29788143/denver-millennials-are-at-risk-being-trapped-renting A couple of weeks ago, I was talking to a real estate developer. He's on the opposite side of that story. Although just as tone deaf. He was telling me about a group of people called 'Millennials,' and they're not interested in saving money or buying homes. They just want to spend their money on eating out. He was really excited because micro-apartments were going to be built in the city. Since micro-apartments are the ideal housing for Millennials. I didn't even know what to say to him.
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Apr 21, 2016 01:44
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Does he do single family for sale and multi-family rentals?
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Apr 21, 2016 02:08
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crazypeltast52 posted:Does he do single family for sale and multi-family rentals? Primarily multifamily rentals and some commercial rentals.
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Apr 21, 2016 03:07
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Pryor on Fire posted:http://www.denverpost.com/business/ci_29788143/denver-millennials-are-at-risk-being-trapped-renting I've heard mortgage brokers push HELOCs to cover down payment shortages, and accountants push retirement account raiding for first-time home buyers. People who are desperate to buy a house will find a way. But I think a lot of current buyers aren't being very realistic about their long-term plans.
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Apr 21, 2016 03:11
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Zanthia posted:The last time I did the math on buying a home in Seattle, it was cheaper to rent for $3k/month than to buy a nice 3-bedroom house that doesn't need work and isn't a hellcommute. Considering that I might want to leave the area in 5-7 years. lol look at this lazy millennial, what you need to do is buy something old and cheap with a 2 hour commute instead of eating out and and looking at Instagram all day
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Apr 21, 2016 06:39
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"The reason millennials aren't contributing to our communities and aren't buying houses is that none of them want to start a family!" -some ranting olds around here who equate non homeownership with being totally aloof from the community Meanwhile in the 10 years i rented a shared (with friends) house here, I volunteered at more community oriented things and did more favors for neighbors than all of the whiny old bastards put together. Kind of makes me disdain the fact that now that I bought a house here, the same people think I'm "finally invested in the community" 
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Apr 21, 2016 14:52
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Sperg Victorious posted:Primarily multifamily rentals and some commercial rentals. Chasing the mini units then. Gotta say I'm interested in what the lifecycle looks like for those properties. Can't be too bad, but they don't seem like you could exit via condo conversion. Multifamily cap rates are so low that you wouldn't do that now anyways, but maybe someday.
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Apr 21, 2016 15:15
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I think "invest in the community" is code for "be white and heterosexual, then procreate". Nothing else seems to qualify around here.
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Apr 21, 2016 15:19
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Seller had a furnace from 1978 that apparently had never been inspected or serviced with a cracked heat exchanger potentially venting carbon monoxide into the house, and she had no CO detectors (which is technically illegal).  In this instance my realtor was required by law to disclose this fact from the inspection since obviously it's a safety risk. She has no right to cure according to my accepted offer so what does she do but of course immediately schedule an install of a crappier furnace than the one I specified in my post inspection amendment, without even bothering to tell her or my agent and installed by some part time rando HVAC duder. Willing to potentially torpedo the sale of her house and the house she is buying contingent on her sale to me over $900, the difference between the crappier furnace no name installer and what I wanted. Do never buy (from dumbasses).
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Apr 21, 2016 15:31
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