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With regard to getting out from the contract on the wet house; you guys are maybe ignoring that so far what we have are two contractor's estimates, not actual cost. OP being willing to accept a $5k offer doesn't mean that $5k totally covers all risk. Especially when it comes to dealing with a serious, presumably long-standing drainage problem, contractors could get in and start digging and discover more issues. It's also the case that, having started in on a seriously adversarial fight with the sellers, buyer could be quite nervous about what else the sellers are concealing (what are the odds they didn't know about standing water under their house) and what they'll do as they move out. Granted plenty of real estate transactions are adversarial, I can't blame lollybo for wanting out, now. Lastly, what lollybo was told, to wit joepinetree posted:But you said "I was told the sellers had a change of heart, and I am still legally bound to buy the house if the seller offers repairs." was not being told by an actual lawyer, and nobody should assume that a real estate agent is definitely correct when they say something like this. A lot depends on the exact language of the contingencies, plus the real estate contract law in the municipality and state. Off the top of my head, I would guess that buyer can opt to not release the inspection contingency until actual repairs are complete; or unless they're satisfied with the repair offer the seller offers; or some other restrictions or options. This is one reason why a lawyer is needed. It's not really just about whether OP wants out of the contract no matter what and doesn't want to lose their earnest money, vs. forcing the sellers to cough up the full $5k, anymore. Sellers have threatened legal action if buyer pulls out. A consult with a lawyer could at least determine whether that threat is significant.
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Jul 21, 2020 06:24
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nice discussion of mortgage-backed security coupons and mortgage rates here: http://www.mortgagenewsdaily.com/mortgage_rates/blog/949814.aspx tl;dr -- a 30-year mortgage rate of 2.25% is conceivable in the next year, but it is more likely that 2.5-2.75% will be the low in the months ahead
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Jul 21, 2020 12:48
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Queen Victorian posted:My dad explained it as a migration of costs - in the old days, materials were expensive and labor was cheap, and now, materials are cheap but labor is expensive. Material waste isn’t the issue - it’s the cost of labor. We could really have some cool stuff if,A. rich people weren't just lucky morons, and B. developers weren't greedy morons that know no one can tell the difference if you put cardboard doors in every house.
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Jul 21, 2020 13:04
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Andy Dufresne posted:Thankfully our appraisal came in clean and we were able to close last Wednesday (one day before we would have had to pay fees for the rate lock). Apparently our situation was the focus of an all-hands presentation at Redfin including both the realty and the lending side; they are now requiring listing agents to verify that no appraisals are being ordered on a home before accepting a PIW ("Property Inspection Waiver"). I'm in the final stretch and I'm terrified something will go wrong last minute. There's a 3 day gap between my final walkthrough and closing due to my work schedule. My realtor says it shouldn't be an issue, but I'm still worried about it.
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Jul 21, 2020 13:50
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Anyone refinance through Chase? I'm hesitant to see what they're offering as they seem to be requiring a hard pull vs. someone like Better.com that let's you see the loan estimate with just a soft pull.
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Jul 21, 2020 14:46
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Bioshuffle posted:Glad to hear it all worked out. Make your realtor go day of closing and at a minimum email you some pictures. Doesn't have to be much you're just making sure that they didn't go full meth head on the way out the door and take the wires and pipes. Or that the house isn't full of water. H110Hawk fucked around with this message at 15:19 on Jul 21, 2020 |
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Jul 21, 2020 15:17
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Supposed to close Friday. Got closing disclosure yesterday and immediately reviewed it to start the 3 day clock. Haven’t heard from the escrow company so I call them this morning and they claim they don’t have any info from the lender. I ask the lender and they send me the email they sent to the escrow company yesterday morning. Good god guys, I just want to close on time please don’t have your emails going to each other’s spam folder or something 
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Jul 21, 2020 18:25
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We're supposed to close on Thursday. Seller agreed to and said he had gotten ungrounded outlets grounded and fixed a flipped hot and neutral, of course it hasn't been done. GFCIs still showing open ground. We're currently sending our agent up his rear end to get it fixed or pay us to do it. Lotta fun.
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Jul 21, 2020 19:42
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Theoretical question: Let's say I offer on a house and inspection comes back rough, lots of work to be done. Conventional loans allow the seller to contribute 3% of the purchase price towards the buyers closing costs. If the amount of repairs were to exceed that, can I stipulate that they give me the 3% towards closing costs (putting cash back in my pocket) AND put money in escrow specifically to be used for repairs based on an estimate? This seems like it would solve the problem of the seller doing the repairs as quickly and cheaply as possible. But i ran into a situation on the last contract I was under where there was enough work that even if they had come down on the house price, that wouldn't have put money in my pocket. Just wondering if that's a thing or if it would run afoul of the 3% limit.
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Jul 21, 2020 20:27
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BonerGhost posted:We're supposed to close on Thursday. Seller agreed to and said he had gotten ungrounded outlets grounded and fixed a flipped hot and neutral, of course it hasn't been done. GFCIs still showing open ground. Not to pick on you, but for those reading the thread - this really is an avoidable headache. Almost all repairs are better addressed as seller closing credit or reduction in sales price. It's partly because of the obvious - the seller doesn't care about the quality of the home, the buyer does. But it's partly because it's such a pain in the rear end to deal with the repair and re-inspection process on both sides of the transaction.
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Jul 21, 2020 20:35
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Deviant posted:Theoretical question: Yes. Both sides can also agree on the work to be done and choose a company/contractor to do that work, and they can cut you a check for the work addressed to that company/contractor at closing.
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Jul 21, 2020 20:35
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You can also adjust the offer price down.
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Jul 21, 2020 20:37
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H110Hawk posted:You can also adjust the offer price down. That's my point though. I have x amount of money in my savings to cover down payment, repairs, closing costs, and whatever the gently caress else while not draining my emergency fund. if the house needs x+$10,000 in work, lowering the offer price doesn't magically put $10,000 in my pocket. it just makes my loan smaller and my monthly payment lower.
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Jul 21, 2020 20:40
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Sirotan posted:Yes. Both sides can also agree on the work to be done and choose a company/contractor to do that work, and they can cut you a check for the work addressed to that company/contractor at closing. One thing that came up in my deal is that lenders are extremely wary of language on deferred repairs. Our contract had to be rewritten from "Seller offers $2500 credit at closing in lieu of repairs" to "Seller offers $2500 credit at closing". My gut feeling is that your proposal would turn off lenders.
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Jul 21, 2020 20:40
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Andy Dufresne posted:One thing that came up in my deal is that lenders are extremely wary of language on deferred repairs. Our contract had to be rewritten from "Seller offers $2500 credit at closing in lieu of repairs" to "Seller offers $2500 credit at closing". My gut feeling is that your proposal would turn off lenders. This was my concern as well. This again, is purely theoretical, but I was pondering on it because i canceled the last contract because of huge inspection issues.
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Jul 21, 2020 20:41
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Andy Dufresne posted:One thing that came up in my deal is that lenders are extremely wary of language on deferred repairs. Our contract had to be rewritten from "Seller offers $2500 credit at closing in lieu of repairs" to "Seller offers $2500 credit at closing". My gut feeling is that your proposal would turn off lenders. I mean, I will look up what my closing documents say, but this is what happened with my current place. I got $5000 back immediately in the form of a closing credit, and then something like $22k in the form of two paper checks that I then handed over to two different companies to perform repairs on the home after I took possession.
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Jul 21, 2020 20:48
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Deviant posted:That's my point though. I have x amount of money in my savings to cover down payment, repairs, closing costs, and whatever the gently caress else while not draining my emergency fund. In general, if you don't have the cash to repair the obvious issues evident with a home then you don't have the money to repair all the things you never noticed being wrong with the house.
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Jul 21, 2020 20:49
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BonerGhost posted:We're supposed to close on Thursday. Seller agreed to and said he had gotten ungrounded outlets grounded and fixed a flipped hot and neutral, of course it hasn't been done. GFCIs still showing open ground. A receptacle tester will show a GFCI receptacle that does not connect to a ground wire as open ground. The receptacle itself, however, will be grounded. This is correct. Technically by code you are supposed to put a sticker that says "NO EQUIPMENT GROUND" on the cover but nobody cares.
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Jul 21, 2020 21:02
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Sirotan posted:I mean, I will look up what my closing documents say, but this is what happened with my current place. I got $5000 back immediately in the form of a closing credit, and then something like $22k in the form of two paper checks that I then handed over to two different companies to perform repairs on the home after I took possession. I'm not offering any judgement, if it works then great. It's definitely something I would ask my loan agent about though. Some lenders are going to be more cautious than others, and the entire landscape of what's acceptable can change from year to year.
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Jul 21, 2020 21:04
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Andy Dufresne posted:I'm not offering any judgement, if it works then great. It's definitely something I would ask my loan agent about though. Some lenders are going to be more cautious than others, and the entire landscape of what's acceptable can change from year to year. The sellers handing over a check payable to a contractor at close doesn't really have anything to do with the mortgage nor was my lender at all a part of that transaction. I didn't receive that money, I just got the check which I delivered to the contractor. Things get a bit more complicated if the seller's money is held in escrow. Took me minute to find but this was written up as an addendum solely on the sales contract, and it is not mentioned anywhere on my closing or lender statements: quote:3. At the time of closing, Seller shall provide a title company/cashier's check made payable to <contractor> in the amount of $Texas. Buyer shall be responsible to oversee all basement repair work post-closing.
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Jul 21, 2020 21:08
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Deviant posted:That's my point though. I have x amount of money in my savings to cover down payment, repairs, closing costs, and whatever the gently caress else while not draining my emergency fund. You can still take out the larger loan or HELOC on closing to do the repairs, assuming your appraisal shakes out correctly. This is just an option that isn't "lender credit" if you're somehow going to exceed the maximum allowable on that, in which case do you really want this house or should you wait for a flipper to paint over the water damage first? 
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Jul 21, 2020 21:44
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Seriously the GFCI outlet is such small potatoes that it's not worth any further hassle over. I've swapped out GFCI outlets in 15 minutes and I'm not at all an electrician. And yeah adding GFCI absolutely does not automatically ground the outlet, but for most outlets, GFCI protection is sufficient that the outlet doesn't also need to be grounded. The GFCI acts to protect you from being electrocuted to death which is the main safety concern with an ungrounded outlet, and it provides a third prong so your plugged-in device is also able to not electrocute you to death if there's a short in it. I get being annoyed that the seller is lying about fixing it to whatever was agreed upon, but dang, don't hold up your sale over a single bad outlet.
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Jul 21, 2020 23:06
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H110Hawk posted:Make your realtor go day of closing and at a minimum email you some pictures. Doesn't have to be much you're just making sure that they didn't go full meth head on the way out the door and take the wires and pipes. very elegant solution! i want to think it worked out. btw is there a thread about landlords and/or tenants? can't see it anywhere.
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Jul 21, 2020 23:37
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Breath Ray posted:btw is there a thread about landlords and/or tenants? can't see it anywhere. Not anymore. It got brigaded.
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Jul 21, 2020 23:53
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ah thats a shame. was that here in ask/tell?
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Jul 21, 2020 23:57
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Breath Ray posted:ah thats a shame. was that here in ask/tell? It was here (BFC) and was brigaded by......I don't really remember. Moneyball? Who was it. (or is this poop you don't want to touch)
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Jul 22, 2020 00:02
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Breath Ray posted:very elegant solution! i want to think it worked out. the place for landlords is in the loving sea
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Jul 22, 2020 00:25
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Motronic posted:It was here (BFC) and was brigaded by......I don't really remember. Moneyball? Who was it. (or is this poop you don't want to touch) Some people did something. I have given my opinion on someone starting a new thread for investment property, but no one has done it yet. I'd say try seeing how it would go in Ask/Tell but I wouldn't want to make Grand Fromage suffer like that.
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Jul 22, 2020 01:39
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Leperflesh posted:Seriously the GFCI outlet is such small potatoes that it's not worth any further hassle over. I've swapped out GFCI outlets in 15 minutes and I'm not at all an electrician. And yeah adding GFCI absolutely does not automatically ground the outlet, but for most outlets, GFCI protection is sufficient that the outlet doesn't also need to be grounded. The GFCI acts to protect you from being electrocuted to death which is the main safety concern with an ungrounded outlet, and it provides a third prong so your plugged-in device is also able to not electrocute you to death if there's a short in it. There are about 5 grounded outlets in the entire house (bunch of 3 prongs without ground, a handful of 2 prongs), 2 GFCIs that may or may not be grounded, one GFCI that doesn't reset or test, and an outlet with hot and neutral flipped. The dude agreed on paper to get it fixed. It's not a single bad outlet, and it's a MCM with finished basement, so it's going to cost money to fix.
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Jul 22, 2020 02:58
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Motronic posted:It was here (BFC) and was brigaded by......I don't really remember. Moneyball? Who was it. (or is this poop you don't want to touch) It was brigaded by a core group of vocal, highly-irritating CSPAM / D&Ders who were largely unable to decouple "aiming for the world as it ought to be" from "dealing with the world as it exists today." Add to that a few landlord posters who really should've been up against the wall for the firing squad and it turned into a right old shitshow. I like the discussion forums in general, but jfc there are some morons in that pair of subforums.
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Jul 22, 2020 03:15
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Someone, create the new landlord thread right here in BFC!
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Jul 22, 2020 04:14
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Inner Light posted:Someone, create the new landlord thread right here in BFC! 
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Jul 22, 2020 04:15
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Inner Light posted:Someone, create the new landlord thread right here in BFC! Sure thing
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Jul 22, 2020 04:53
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Sundae posted:It was brigaded by a core group of vocal, highly-irritating CSPAM / D&Ders who were largely unable to decouple "aiming for the world as it ought to be" from "dealing with the world as it exists today." Add to that a few landlord posters who really should've been up against the wall for the firing squad and it turned into a right old shitshow. I like the discussion forums in general, but jfc there are some morons in that pair of subforums. 
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Jul 22, 2020 07:29
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I just can't see myself getting bent out of shape over $5000 in repairs or whatever on a house you're buying. Especially if the roof is not going to collapse unless you get it fixed immediately. $10,000 is probably a bridge too far, but average house these days is what $250,000? $5,000 is about 2% of the value of the house. That's definitely wiggle room territory.
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Jul 22, 2020 07:32
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bawfuls posted:several posters deserved to be up against the wall but the people who poo poo on them for it are the real problem
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Jul 22, 2020 09:12
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Moneyball posted:Some people did something. thanks. looking at your post here https://forums.somethingawful.com/showthread.php?threadid=3929213&userid=81453#post506009932 it seems to be or to have been against some informal rules? but now is probably a good time to set one up. where i live the govt has left things up to tenants and landlords to sort out in terms of rent in the time of corona
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Jul 22, 2020 12:01
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bawfuls posted:several posters deserved to be up against the wall but the people who poo poo on them for it are the real problem Yeah that thread had people asking on the first loving page how to commit fraud and, iirc, how to evict section 8 housing. "Brigaded" though, lol.
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Jul 22, 2020 12:24
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bawfuls posted:several posters deserved to be up against the wall but the people who poo poo on them for it are the real problem Yep that’s exactly the takeaway message from my post. Great job. Here’s your juice box and orange slices.
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Jul 22, 2020 12:34
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Johnny Truant posted:Yeah that thread had people asking on the first loving page how to commit fraud and, iirc, how to evict section 8 housing. Yes, brigaded. If memory serves, the first loving page was about ten years ago with most of the people no longer part of the forums.
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Jul 22, 2020 12:43
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