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I know of some land that is perfect for a high speed zipline....
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Feb 25, 2021 21:32
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So the title search I did get scammed on not because it wasn't valid. The soil scientist after hearing what I did and that I was wanting to just give the owner the down-payment to lock it in when I figured it would take beyond the February lockout, told me that no one is interested in this site or is going to be interested in this site and if they were they would have to go through the same work I had to do, so don't give him money until you know whether the county will let you put a septic in and approve the house location. So I held off from putting down the down payment already.
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Feb 25, 2021 21:33
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Yeah I'm going to wait til I get my lawyer on the phone before I go forward. I'm weary of getting a realtor because I need a low down payment.
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Feb 25, 2021 21:35
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Realtors don't factor into what mortgage you can get. Like, not at all. Plus lending is going haywire right now because of how low interest rates are. You can buy just about anything with 3% down and PMI and it sounds like you were ready to put 30% down on this.
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Feb 25, 2021 21:38
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Does having a realtor correlate with high down payment? (i'll never be able to afford property so I know nothing about this.)
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Feb 25, 2021 21:39
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Rytheric posted:Yeah I'm going to wait til I get my lawyer on the phone before I go forward. I'm weary of getting a realtor because I need a low down payment. Realtors make money based on a percent of the selling price. They have no influence on anything else. However, they do understand the legal aspects of the selling process and have a vested interest in making sure all the i's are dotted and the t's crossed, because they don't get paid otherwise.
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Feb 25, 2021 21:40
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ChickenOfTomorrow posted:Does having a realtor correlate with high down payment? No. Not at all. It correlates with getting scammed less, however.
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Feb 25, 2021 21:40
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ChickenOfTomorrow posted:Does having a realtor correlate with high down payment? No and I'm frankly baffled that he thinks it does.
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Feb 25, 2021 21:40
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corgski posted:Realtors don't factor into what mortgage you can get. Like, not at all. The problem is that I'm not looking for a mortgage I'm looking for owner financing or to pay the property outright like the 6k land. I will look into though.
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Feb 25, 2021 21:43
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Deteriorata posted:I'm having trouble hearing over all the Scott Joplin music blaring out of this thread. And also, this thread hitting this entirely predictable crescendo of scammyness.
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Feb 25, 2021 21:43
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EasilyConfused posted:Since you posted this, somebody has started filling the well. "One weird thing about being in this well is the guy who keeps throwing lotion down," Ry calls up from his burrow. "That's probably the only downside." "You should probably get the gently caress out of that well," some goons say. "If you're really determined to be in a well, there's a lot of them that don't have a serial killer attached. We are looking at him now, and he has a knife." "But," Ry asks, "will I like the vibes, tho? Because aside from the lotion, these are really good vibes. Honestly, I don't even mind the lotion. My skin does get pretty dry. Maybe I can find a lotion guy who doesn't have a knife."
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Feb 25, 2021 21:44
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Rytheric posted:The problem is that I'm not looking for a mortgage I'm looking for owner financing or to pay the property outright like the 6k land. I will look into though. Realtors have nothing whatever to do with mortgages and will gladly help with owner financed sales. I've used them for that myself. They will help you with whatever financing arrangements you want, because it will help the property change hands. That's how they get paid.
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Feb 25, 2021 21:45
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D-LINK fucked around with this message at 22:26 on Feb 25, 2021 |
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Feb 25, 2021 21:49
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wait wait wait you knowingly paid 2.5x the cost of a title search, to the seller, who then told you yeah no worries I can sell you this? Because giving him the money with no agreement in place would keep him from not selling it because???????? And you did this despite knowing people who regularly do title searches as part of your job???? bruhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
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Feb 25, 2021 21:50
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Motronic posted:There's a bunch of people being aggressively antagonistic though for no real reason other than they don't like what's goin on or being pissed their opinion isn't paramount. For one, just because Ry "isn't listening" to some rando rear end in a top hat on somethingawful.com doesn't mean he isn't listening to professionals because Ry has already stated he has asked professionals he works with and listens to what they say. Or maybe he isn't, but he really did plan to get that lawyer. 
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Feb 25, 2021 22:06
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GroverTruk: So the title search I did get scammed on
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Feb 25, 2021 22:13
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meowmeowmeowmeow posted:wait wait wait you knowingly paid 2.5x the cost of a title search, to the seller, who then told you yeah no worries I can sell you this? Because giving him the money with no agreement in place would keep him from not selling it because???????? The deal was specifically, that for $1000 he would give me all the documents he and his lawyer procured including the title search, previous surveys (which they provided more surveys than was obtainable online) and that he wouldn't sell it to anyone else and he'd let his sellers contract expire meaning that the owner couldn't sell it until the expiration date or I could put the sellers contract in my name and sell it to myself. But I didn't do that in a timely manner. This was his attempt to get something for his time and effort from the deal as he had been struggling with the owner for 4 months and his sellers contract was running out. Meaning he invested money into selling the land and once that ran out at the end of February it would have amounted to nothing. I had been waiting three months to pull the funds out for the down-payment. Then I was holding out for the survey. What I got out of it is that the owner couldn't sell for the month of February.
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Feb 25, 2021 22:19
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I would get yourself a realtor. When I was looking for either property or a house last year, also in NC (due to pseudo-eviction during the pandemic that could be its own thread), my realtor helped me find plenty of options in my very limited price range. I was very close to buying a piece of land and just piecemeal having my house built while I lived in an RV/camper. I decided against this because I was tired of my life constantly being in flux and not feeling like any place is truly home any more. That poo poo wears on you after you deal with it for over a decade. Did this mean I have a much smaller piece of land and limiting my options on properties? Yes it did. However, it also meant that I was getting a nice little starter 1000 sq ft 3/1 brick home on .4 acres. During the due diligence process, I had my place inspected by everyone and their brother, and I got 20k knocked off the price in concessions. My place is still a bit rough, but its livable, its comfortable, and most  of all I finally have a home that I can call my own and it feels like home now. Life can be hard enough and can throw enough bullshit your way regardless of planning and all that. Think of this as an opportunity to make it a bit easier on yourself by buying either a better piece of land, or one with a small starter house on it. Trust me, the house you buy or build will give you plenty of opportunity to work on it and make it yours.
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Feb 25, 2021 22:19
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Rytheric posted:Yeah I'm going to wait til I get my lawyer on the phone before I go forward. I'm weary of getting a realtor because I need a low down payment. ChickenOfTomorrow posted:Does having a realtor correlate with high down payment? For the education: In most real estate transactions--the person buying the house or land pays nothing to any real estate person except for their real estate attorney. The person that pays the real estate agents is typically the Seller. (Real estate brokers and Realtors are often used interchangeably. But Realtors are a national organization you can join after you get licensed in your state. i.e. All Realtors are real estate brokers, but not every real estate broker belongs to the National Association of Realtors.) What this means is if you are a looking to buy real estate--calling a Realtor to talk about what is available costs nothing. When that Realtor finds you perfect the property, you typically pay nothing as the buyer. You will get all these people that want to go around real estate agents. When someone wants to sell their property, they must create a sales contract. The sales contract typically says something along the lines, "For the next 6 months, I will try to sell your property for 100,000. If I sell it, you promise to pay 6% ($6,000) of the sale price in commission to the agents involved in the sale." The idea being the seller's real estate agent gets 3% for attracting a buyer. And the buyer's agent get 3% for driving you around for a couple weeks showing you home and holding your hand through the purchase. As a buyer--if you do not have your own real estate agent--the seller's agent keeps the full 6% in most cases. The one thing you never, ever want to do is to use the seller's agent as your buyer's agent. In many states it is illegal. In North Carolina it is called Dual Agency and is allowed if disclosed. Which means people used Dual Agents all the time in North Carolina. In a nutshell, the agent now becomes a sale facilitator and his motivation is to get the deal closed--no fiduciary duty to anyone. If your a first time buyer and got talked into dual agency--they are not my favorite type of people... Some of the exceptions: With land the commission is typically 10%, not 6%. And the percentages are not hard and fast--they are completely negotiable. I've seen houses listed for 2.5% total commission. Also, there are sometimes conditions built into the Buyer's Agency agreement if they buyer thinks they may want a "FiSBo" (For Sale By Owner)--Buyer's agents often won't show a For Sale By Owner unless the Owner of the property has agreed to pay a Realtor. Often a Buyer's Agent can call up the owner and tell them they have an interested client and ask for 3% (or $3,000, or whatever...) If the FSBO owner isn't interest in paying, I know buyers that will happily pay the 3% just to keep the agent involved. Because here is the thing--there are lots of reasons why sellers will list a property themselves and not involve a seller's agent. One of the more popular reasons is: "My house is amazing. Yes it the same size and age as all the other houses in the neighborhood that are worth $100,000--but mine has new paint and a bathfitter bathroom so I should get $150,000. But you're telling me I'll only get $100,000 and have to pay out $6,000 of that!! I will sell it myself!!" There are all sorts of other reasons. The one reason you don't want to learn about the hard way is if all the listing agents pointed out material facts like lack of permits for improvements, or water damage, or bugs and have told the seller these facts must be disclosed. And the seller just noped-out, hoping to get it sold and make it someone else's problem. Just get a buyer's agent. It costs you nothing. If you don't like the person after working with them for a while--jsut say so. "Hey, this isn't really working for me. I am going to find a new agent." Poof--fired and you can find a new agent. One note--if you end up buying a property the first agent showed you within a certain frame--you own that 1st agent the commission. HycoCam fucked around with this message at 22:24 on Feb 25, 2021 |
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Feb 25, 2021 22:21
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HycoCam posted:You will get all these people that want to go around real estate agents. When someone wants to sell their property, they must create a sales contract. The sales contract typically says something along the lines, "For the next 6 months, I will try to sell your property for 100,000. If I sell it, you promise to pay 6% ($6,000) of the sale price in commission to the agents involved in the sale." The idea being the seller's real estate agent gets 3% for attracting a buyer. And the buyer's agent get 3% for driving you around for a couple weeks showing you home and holding your hand through the purchase. As a buyer--if you do not have your own real estate agent--the seller's agent keeps the full 6% in most cases. This is the part thats relevant to this falling apart transaction. The sellers agent was running out of time on his contract. He determined that I couldn't buy it before the contract expired due to permit requirements which I didn't start til I had the money in hand (not going to contract someone to do something if I don't have money on hand) nor would anyone else make it in time, so he gave me his documentation as an exit scam if you will, but he also honored the not selling it to other people. But that probably because other people are not interested.
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Feb 25, 2021 22:38
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Rytheric posted:This is the part thats relevant to this falling apart transaction. The sellers agent was running out of time on his contract. He determined that I couldn't buy it before the contract expired due to permit requirements which I didn't start til I had the money in hand (not going to contract someone to do something if I don't have money on hand) nor would anyone else make it in time, so he gave me his documentation as an exit scam if you will, but he also honored the not selling it to other people. But that probably because other people are not interested. So what makes the rest of this make sense is that the owner must have learned what the agent was trying to sell it for $20,000 instead of $10,000 and figured I was comfortable buying it at that price. So this probably comes off as a scam or lie in other states according to what was said by HycoCam but I guess it's all legal in my state along with all the other crazy things going on. So yay North Carolina. Edit: imagine the shenanigans going on in south carolina if they don't even have vehical safety inspections. I need to move further south, but I'm afraid of alligators! Rytheric fucked around with this message at 22:53 on Feb 25, 2021 |
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Feb 25, 2021 22:41
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Ry lawyer up. Even a cheap consult will explain what is wrong, and if you listen you will benefit.
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Feb 25, 2021 22:45
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It being legal doesn't mean you aren't getting taken advantage of.
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Feb 25, 2021 22:46
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Blowjob Overtime posted:It being legal doesn't mean you aren't getting taken advantage of. No doubt. The sellers agent turns out was taking us both for a ride since he was trying to pocket 10k instead of 6%. Some of that was expected expenses though. Like the $3,000 part of his deposit going to the survey.
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Feb 25, 2021 22:52
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Rytheric posted:
It's not necessarily a scam, you just don't know what you're doing.
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Feb 25, 2021 22:53
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Rytheric posted:No doubt. The sellers agent turns out was taking us both for a ride since he was trying to pocket 10k instead of 6%. Some of that was expected expenses though. Like the $3,000 part of his deposit going to the survey. So you're walking the gently caress away and starting your search fresh with a Real Estate agent, right?
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Feb 25, 2021 23:00
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For reference the typical commission on a land with no improvements (improvements = house) with a sale price of $20,000 would be $2,000. The $2,000 would be split between the sales (or listing) agent who works for the property owner and the buyer's agent--typically $1,000 each in this example. And when the closing attorney writes out those checks--the checks go to the real estate firm that employees each agent. The firm takes a cut and then the agents get something. Depending on much the agent has sold over the year they may get as little as $400 of that $1,000. Or if they are making their numbers--$600 or even $800.
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Feb 25, 2021 23:02
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Elviscat posted:So you're walking the gently caress away and starting your search fresh with a Real Estate agent, right? I am getting an agent but im probably going to see if they can salvage this situation. The nature is that the owner found out the his agent was trying to sell it to me for 20,000 and figures that's what I'm willing to pay for it. What he didn't realize was that price included bits of the due diligence. if I can get an agent to convince him to come down on it to cover things the sellers agent was figuring it to their costs like the survey, it will be all good. If he will go half halfsies with me on the due diligence im down.
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Feb 25, 2021 23:46
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Poster with vast knowledge on the subject: Here is an itemised list of why this is a bad idea and how you are incorrect in your opinion. Please let me explain in detail how you will get yourself out of this mess and avoid it in future. OP: Nuh uh.
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Feb 25, 2021 23:51
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Rytheric posted:That part where it derailed last night was that I got concerned and frustrated because I kept saying I couldn't do something with my power system and people were trying to convince me I could. It was the inverse of the general trend of the thread. Then when I reiterated that an engineer mentioned that I could (-1 point to by arguement), but it'd be a terrible idea (+1 point to my argument) people seemingly got offended that an engineer didn't agree with them or in Motronics case outright called me a liar cause I wouldn't dox my friend. Hey, just wanted to say, please don't feel like you have to respond to every naysayer. It's ok to ignore people, and getting frustrated with them is totally normal. I've been really enjoying reading your updates but I don't like seeing you stressed and I'd hate for you to get worn down by negativity and stop posting.
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Feb 26, 2021 00:01
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Good news, guys. I'm buying the Golden Gate Bridge, and the price is REALLY good.
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Feb 26, 2021 00:17
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Just when I thought this thread was getting boring with construction talk, it pulls me back in with real property legal talk! Lmao, dude, you need to get a lawyer. Property law is a bitch, especially real property where you've got to worry about title searches, legitimate deeds, and whatever zoning laws or local ordinances are involved. Your description of the property already raised a bunch of red flags, like having another house encroaching on the property. However, if you've got an agent trying to get money out of a poo poo contract who just tossed paper at you and loving bailed, then you should run and consider the money you've already spent as an expensive lesson on why buying property is hard.
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Feb 26, 2021 00:22
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Motronic posted:There's a bunch of people being aggressively antagonistic though for no real reason other than they don't like what's goin on or being pissed their opinion isn't paramount. For one, just because Ry "isn't listening" to some rando rear end in a top hat on somethingawful.com doesn't mean he isn't listening to professionals because Ry has already stated he has asked professionals he works with and listens to what they say. Or maybe he isn't, but he really did plan to get that lawyer. I appreciate you, Motronic. I mean, I was in general favor of "let OP construct how OP wants to construct" and I'm also generally in favor of "let OP buy land how OP wants to buy land," but your comment here was great. Separately, you keep saying seller's agent but didn't you also say wholesaler? Those are...two different things...
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Feb 26, 2021 00:35
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please, op, do not let these nefarious land barons rob yourself or us from witnessing the completed glory of grovertruck
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Feb 26, 2021 00:36
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serious gaylord posted:Poster with vast knowledge on the subject: Here is an itemised list of why this is a bad idea and how you are incorrect in your opinion. Please let me explain in detail how you will get yourself out of this mess and avoid it in future. A licensed expert in the same loving State even.
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Feb 26, 2021 00:43
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CubicalSucrose posted:I appreciate you, Motronic. I mean, I was in general favor of "let OP construct how OP wants to construct" and I'm also generally in favor of "let OP buy land how OP wants to buy land," but your comment here was great. In this case it was relatively the same. If you follow what was outlined by MycoCam
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Feb 26, 2021 00:44
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According to an email i just got, there are a lot of 'Motivated Sellers Accepting End-Of-Month Offers', and 'This is a great opportunity to purchase needed equipment now - and at great savings!', so if you want some construction equipment now I'd suggest you buy-buy-buy https://www.bidadoo.com/auctions?fo...ampaign=website
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Feb 26, 2021 00:44
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Look at these recommendations for 20k, you can instead guarantee yourself a ROOM WITH A VIEW
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Feb 26, 2021 00:46
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Tunicate posted:Look at these recommendations A forklift house made of a wooden shipment crate? Sign me up lol
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Feb 26, 2021 00:48
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OP I’m pretty sure what the seller’s agent did was if not illegal, definitely unethical and almost certainly a breach of their contract with the seller. Their job is to sell the property to anyone interested and willing able to pay a certain price, not refuse to sell the property to anyone but the guy who gave them a kickback. All the stuff your $1000 got you (except maybe the survey) should have been provided willingly and for free by an honest broker/seller, and you should report the seller’s agent to whatever your state realtor’s licensing agency/professional association is for the benefit of all the other potential scam victims in your area. If you want to give someone money to make sure they don’t sell the property to someone else, you can do that. It’s called earnest money and it’s a usual feature of an accepted offer. The good part for you is if the seller decides not to sell the property to you, you get your money back! E: to add to the chorus, get a buyers agent!!! They’re free!! If you say you need some land with existing grandfathered privies, I bet they have a better way of searching for those than you do!!!
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Feb 26, 2021 01:09
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