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I am buying a home from an estate. My agent negotiated a move in date two weeks after closing. It is just occurring to me that this was probably stupid. The house is full of gross old people furniture in bad shape that they will be selling. Do I need to do anything to cover my rear end while they get to use my home as an auction hall?
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Jun 13, 2016 03:37
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| # ? May 29, 2024 23:43 |
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I hope you have a lot of money to remodel. My next door neighbor has been in probate for 4 years, she had her 2nd estate sale this weekend and the house is in bad shape, on account of not having been lived in recently and before that being lived in by an almost dead person. I hope you got a good deal. Moving in after closing isn't a big deal in general. There are nightmare stories, but most normal people will leave the house no worse than when you saw it.
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Jun 13, 2016 04:04
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You don't generally get anywhere near a fair rental rate for those 2 weeks though so there's that. You can negotiate a fair one if you stick to your guns but if you just now realized it/the problems with it you probably didn't push for one.
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Jun 13, 2016 19:34
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"Fire your lovely agent that talked you into that terrible idea" should be the thread subtitle
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Jun 13, 2016 19:42
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I had an interesting situation come up. In my day to day job, I deal with a lot of local people. Volunteer groups and such. In casual conversation, I mentioned that I was looking for a home in (for lack of a better term) the "service area" of one group. The member I was talking to said that her neighbor had passed away and their children were heavily considering selling the home, but hadn't officially decided yet. She then emailed me their number. Good idea/bad idea to contact them directly to get a look at the place? I'm currently working with a realtor. I realize there a re a few personal factors that could be in play, but am wondering if there are any obvious reasons I'm missing as to whether reaching out to them is a bad move.
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Jun 13, 2016 19:54
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Pryor on Fire posted:"Fire your lovely agent that talked you into that terrible idea" should be the thread subtitle BFC mods best mods
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Jun 13, 2016 21:04
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Lower cost homes are in such demand where I am I put in an offer 35k over asking like 2 days ago and haven't heard poo poo back. I think they got like 30+ offers haha
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Jun 14, 2016 02:06
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My Rhythmic Crotch posted:Lower cost homes are in such demand where I am I put in an offer 35k over asking like 2 days ago and haven't heard poo poo back. I think they got like 30+ offers haha We went 10k over 250k asking price and didn't hear anything back. Since most homes were listing and selling within a weekend, it seems to have pushed prices up quite a bit. Past moth nothing seems to be getting listed under 300k. Agent keeps saying that maybe once closing dates go past school registration deadlines things will get easier. 
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Jun 14, 2016 02:53
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Oh god what have we done. Looked at an open house on Sunday, put an offer in Monday morning of 15k below asking(listed at 249, we offered 233500), they came back $1500 higher than our offer and we accepted their counter monday night. Let the fun times begin. This will be my 3rd house I've purchased so I've gone through this poo poo already but my wife hasn't, she's in for one hell of a ride. Houses have been selling within a few weeks on the market in this area, but surprisingly not many are going higher than list prices. Central florida region, if anyone cares. 4/2 2300 sq/ft with a decent backyard built in 2005 for 235. mattfl fucked around with this message at 14:48 on Jun 14, 2016 |
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Jun 14, 2016 14:26
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I personally think you should edit out the county or at least the city. Some internet detective could troll MLS listings and figure out your (potential) new address pretty quickly using all the info you gave.
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Jun 14, 2016 14:41
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Nail Rat posted:I personally think you should edit out the county or at least the city. Some internet detective could troll MLS listings and figure out your (potential) new address pretty quickly using all the info you gave. Good point. Thanks!
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Jun 14, 2016 14:47
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Got our appraisal back yesterday, $500 over sale price  Still on track to close next Thursday, somebody hold me 
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Jun 14, 2016 15:42
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Hay team, Question about windows, I have an active offer moving through the inspection and many/most of the condos windows came back with broken gas seals. Is this the kind of thing that is reasonable to request a credit for? I was proactive to get a quite coming out to around $350 / window and almost $2000 for the monster custom window. Doing a 20% down conventional loan so the leader is not putting any restrictions to force a fix. I could not really find good resources on what inspection items are normal to request from the seller to request a fix or credit. To me its not a deal breaker if they say no, as this is the Portland metro area making the market annoyingly hot.
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Jun 14, 2016 17:04
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Totally reasonable to ask for a credit (though probably not full replacement cost) and totally reasonable for them to deny it. My inspector made it sound like it was super common and not a big deal, but I included it on a list among other small items when asking the sellers for a price reduction and they gave it to me. I think you're expected to ask for something during the inspection period unless the inspection comes back perfect.
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Jun 14, 2016 17:30
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Andy Dufresne posted:unless the inspection comes back perfect. In which case find a new inspector or run away from the house
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Jun 14, 2016 17:52
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Got pre approved and am meeting with a realtor this week. Now that I finally got up off my rear end and looked into the process, I'm kicking myself even more that I didn't look into this two years ago; I'd already have a house. 
Panfilo fucked around with this message at 18:32 on Jun 14, 2016 |
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Jun 14, 2016 18:28
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Thufir posted:Got our appraisal back yesterday, $500 over sale price What's up with those appraisals that are suspiciously close to the purchase price? I bought a home at around $240k, that was originally a $265k home before the sellers made concessions due to required major sewer/water repairs (major enough that the home needed a special waiver from the county to close). The house appraised at $240k, almost exactly, and it didn't even note that the sewer/water lines were failed. Out of all of the six different AVM tools I tried, the lowest estimate today (a little less than a year later) is around $295k. Are appraisals sometimes tied to just what you're paying?
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Jun 14, 2016 19:40
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Turns out, according to the industry, an accepted offer to buy a place for $240k is the best indication that the place is worth $240k. The contract established the house's value. It makes appraisals an exercise in wankery, but there it is.
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Jun 14, 2016 19:54
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call to action posted:What's up with those appraisals that are suspiciously close to the purchase price? Appraisals are supposed to be based on comparisons to recent sales in your neighborhood of similar homes. Adjustments are made based on the condition of your home compared to the comps, and further adjusted based on what the appraiser had for lunch. Usually you can figure out what they were thinking by looking into their report and pictures of the comparable homes. They should mark the condition of various things for each home. You are allowed to dispute the appraisal, but the last two times I've seen it done in TX the appraiser just said "that's nice" and didn't change a thing. This is part of why you don't want dumpy homes in your neighborhood, it literally drives down the price you can sell your home at. It also tends to reign in a fast-moving market because people can usually only get financing for what a home was worth 6 months ago. When I paid $9k over list&appraisal for my house it was a very real $3k bump in property value for every home in my neighborhood. e: One last thing, appraisers tend to shoot low rather than high. I can speculate a lot about the reason why this is, but whatever. Andy Dufresne fucked around with this message at 20:00 on Jun 14, 2016 |
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Jun 14, 2016 19:58
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Our appraisal also came in at exactly what we're paying for it. Fine with us!
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Jun 14, 2016 20:12
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We got the inspection results back from the house we're in contract with. List price was $149,900, our offer was $152,900, seller pays $3000 in closing costs. ~1700 sq ft, backyard, 4/2.5 with a semi-finished basement. There's two sump pumps in the basement, one primary and one on a battery as a backup. The owners were pretty up front with the basement having had water issues in the past, necessitating the pumps, and we made our offer on the house "as is". So the inspection comes back, and the roof isn't up to code (three layers of shingles instead of one, a few missing shingles, signs of water seepage) there's some black mold in the attic, the inspector's worried about the amount of iron sediment the sump pumps deal with, some water pipes are too close to the electrical box, and some smaller issues like insufficient flashing around the outside brick, some outlets weren't grounded, windows wouldn't stay open. The roof is probably going to be a $7000+ job, right off the bat. We could but in a 30 year roof, maybe get my insurance reduced a bit, but that's a big cost one day one. And I thought I had made peace with the idea of living with sump pumps, but seeing it on the inspection started to raise the little hairs on the back of my neck. We have two days to pull out of the contract and just be down the cost of the inspector and maybe the earnest money, I can't remember. We had our realtor reach out to the sellers with a counter offer, but we haven't heard back yet. Houses are quick to be picked up in Columbus, especially something decent and in our price range. But I'm worried about signing my life away for a money pit. I'm pretty handy and I'm not afraid of picking up some DIY skills, but I also prefer to have a professional deal with bigger problems. I'm no superman. Any thoughts or encouragement?
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Jun 14, 2016 20:38
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When we bought our first house the appraisal came in for $100,000.00 over what we were in contract for (something like $340k on a $240k home). We chuckled and had our realtor get back with them to adjust it back to the sane amount, which ended up being the exact amount we were in contract for. This was in 2010 when the market was slower and there was more scrutiny on appraisers as well. Closed on Friday, moved on Saturday. New place is great. Plenty of stuff that needs to be improved, but the only things I'm concerned about fixing are security related (Door from the garage to the house does not lock, etc.). Now on to the house selling part of the process. Our old home is at the low end of the market, but has a lot of negatives (2br/1bath, on major street, no garage, etc.). I have no doubt that we'll sell it easily, but our realtor (who flips houses as well) suggested that we put some significant money into improvements that I'm not really crazy about after thinking about it for a bit. Like, blow out a load-bearing wall to open the space between the kitchen and the living room (fixing the load-bearing issue as well, obviously). It'd be nice to make an extra $10k on a $20k investment like he thinks can happen, but I'm thinking the risk of the drat house collapsing or, more plausibly, not getting any profit on what we put in to it is enough that I don't want to really go through the pain.
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Jun 14, 2016 20:44
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LawfulWaffle posted:Any thoughts or encouragement?
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Jun 14, 2016 23:35
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LawfulWaffle posted:Any thoughts or encouragement?
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Jun 15, 2016 00:50
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moana posted:Sounds like you're not in love with it, which is a great thing! Get them to lower the price $7k to pay for your roof or walk away. I've replaced the roofs on both of my houses, it's not uncommon since people don't normally do proper upkeep on big ticket stuff. Ha! I somehow managed to foist my roof off on the buyer without a single peep from them when I sold my house. They're gonna be replacing it. Maybe we'll have a hailstorm and they can get their insurance company on the hook
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Jun 15, 2016 00:55
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LawfulWaffle posted:We got the inspection results back from the house we're in contract with. List price was $149,900, our offer was $152,900, seller pays $3000 in closing costs. ~1700 sq ft, backyard, 4/2.5 with a semi-finished basement. There's two sump pumps in the basement, one primary and one on a battery as a backup. The owners were pretty up front with the basement having had water issues in the past, necessitating the pumps, and we made our offer on the house "as is". I also don't know roof prices in your area, but $7k sounds low if they're going to need to remove 3 layers of old shingles.
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Jun 15, 2016 03:48
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LawfulWaffle posted:We got the inspection results back from the house we're in contract with. List price was $149,900, our offer was $152,900, seller pays $3000 in closing costs. ~1700 sq ft, backyard, 4/2.5 with a semi-finished basement. There's two sump pumps in the basement, one primary and one on a battery as a backup. The owners were pretty up front with the basement having had water issues in the past, necessitating the pumps, and we made our offer on the house "as is".
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Jun 15, 2016 06:39
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LawfulWaffle posted:
My advice is don't buy that badly maintained death mold house. Also fire your agent for showing it to you.
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Jun 15, 2016 13:44
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Anybody got FHA horror stories to share? I'm waiting to hear back about the appraisal and I don't have high hopes. The house we're trying to buy has an enclosed porch that was very crappily converted to an addition, and the garbage plywood siding is rotting off and letting some water in. It's something we could fix ourselves, if we had the cash for materials, but if we had any money we wouldn't be going FHA, would we?
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Jun 15, 2016 15:41
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I'm having an inspection done today on a house that was previously owned by a 90 year old man. Please wish me luck...I'm terrified.
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Jun 15, 2016 15:47
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If you don't find any skeletons (animal or otherwise) consider yourself lucky.
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Jun 15, 2016 15:47
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Our house appraisal came in at $100 over what we're paying. Thanks, appraiser, you made a real effort to make sure we know you came up with that number all on your own and definitely didn't just copy the sale price down and call it a day.
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Jun 15, 2016 19:02
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When my brother in law was selling his house, the appraiser undervalued it by $20k because the guy didn't sum up all the subtotal lines correctly in his report 
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Jun 15, 2016 19:49
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Elephanthead posted:My advice is don't buy that badly maintained death mold house. Also fire your agent for showing it to you. E: On reflection you guys are right, the third layer of shingles is what bumps it from mediocre to kinda poo poo. It still sounds better off than most of the houses I've looked at though. Alereon fucked around with this message at 01:54 on Jun 17, 2016 |
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Jun 15, 2016 20:06
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Home inspection for a 1962 home reported carpenter ant / wood burrowing beetle infestation in part of the crawl space, not all of it...otherwise is dry and no mold. No mold in attic. Roof is fairly new, and everything appears to work. There is a leak on a toilet that is likely causing wet rot underneath. Is this enough to run away from a home, or work with sellers? It seems...ok? Edit: Has galvanized pipes that appear to be OK.
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Jun 16, 2016 02:42
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I am a total amateur butKirios posted:carpenter ant / wood burrowing beetle infestation Kirios posted:There is a leak on a toilet that is likely causing wet rot underneath Kirios posted:Edit: Has galvanized pipes that appear to be OK. At least get a quote or two for repairs on the insect damage and toilet rot.
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Jun 16, 2016 03:05
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After 50 years galvanized pipes are likely not okay.
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Jun 16, 2016 03:08
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So we got out of the house with the bad septic system and got our earnest money back. Made an offer a week later on another home that was accepted and in 14 days we close. I'm nervous as hell trying to get everything ready but excited to finally be moving after the pass 9+ months.
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Jun 16, 2016 11:13
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Alereon posted:Do you think what he described sounds like a badly maintained house? I am not arguing, I am genuinely wondering if I need to recalibrate my expectations. To me that sounded like the inspection revealed that the condition of the house matches what it looks like from the outside, and because the purpose of the inspection is to find ways where the condition of the house is worse than it appears that is a good outcome in my opinion. The roof is at end-of-life, but to me "badly maintained" would mean leaving it in that condition until there was significant damage. Right now it's just in need of regular maintenance, which can be a way to get a good deal. It all depends on how good of a deal the house is in that specific market. The 3 layers of shingles is pretty damning. I don't think any respectable roofer would do that. Also the roof is one area that can make getting a loan or homeowners insurance difficult. Though his loan should be ok as long as the appraiser doesn't see any water damage. If not he will have to ask the sellers to replace the room before closing. The water issues are also a little worrisome to me it sounds like a lot of water is getting into the basement. I would want to make sure I understood why before buying. It doesn't sound like the house is badly maintained to me. It's probably average condition. So to me the next question is whether the buyer is ok with that and if the price takes the condition into account.
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Jun 16, 2016 14:15
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Appraisers shouldn't be told the sale price. Some bullshit there.
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Jun 16, 2016 15:15
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