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Yesterday the bank offered/agreed to move closing from the 7th to the 3rd. They also wanted clarification on a few of the documents but the people that actually wanted the clarification were all out of the office so the people I could get a hold of just assumed it was a matter of things being linked properly in the back end system. But now it turns out we need to resubmit the documents (related to gift verification) because they don't meet the requirements. Which would have been nice to have figured out sometime in the past 4 weeks since I initially submitted them.
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Apr 28, 2021 18:54
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skipdogg posted:I live in a new construction community, and there's probably 20 houses being built in my 'hood right now, and I'm just waiting for someone to come steal a bunch of lumber one night. I'm surprised they don't have private security guards watching things overnight right now. I'd bet at least even money there's a camera or two somewhere.
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Apr 28, 2021 19:03
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gwrtheyrn posted:Are you sure this isn't because of the maximum amount for a conforming loan? My max preapproval principal is a number that happens to be exactly that of the maximum conforming loan limit for my county. Outside of NYC and a couple counties close to it, the rest of NY is the standard ~548k the rest of the country gets, which is ~685k purchase price with 20% down I don’t think so? At least the person who did my preapproval told me is was due to tax rates, but she was also an idiot and we didn’t end up going with her. My loan was a jumbo with 20% down for NYC, so I really don’t think think those purchase limits were a factor. Taxes on Long Island are insane. $500k houses have like $11k a year in taxes. The you’re paying nearly as much in taxes as on P&I sometimes.
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Apr 28, 2021 19:11
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TacoHavoc posted:I'd bet at least even money there's a camera or two somewhere. Not that I've noticed. There's been some minor (under 1K) theft in the development in the almost 3 years I've been here but nothing major. There's not a ton of lumber just laying around though, it's a big nationwide builder and they actually build most of the walls and trusses off site. The truck drops it all off, and the house is framed in a single day. Someone did steal the dishwasher out of my house while it was being built. Cost of doing business I guess. As long as losses are less than cost of security, they won't do anything
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Apr 28, 2021 19:16
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Pilfered Pallbearers posted:I don’t think so? The taxes impact your dti ratio I assume, so maybe you're butting up against that?
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Apr 28, 2021 19:22
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H110Hawk posted:The taxes impact your dti ratio I assume, so maybe you're butting up against that? Yeah I think that’s all it was. Just pointing out how insane taxes are here.
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Apr 28, 2021 19:32
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We’re still accepted at $150k over-asking. Did final inspections today and the septic needs $3k in repairs. We’ve agreed to close when the seller wants to, let them live there 2 weeks after closing for free, and we’re waiving appraisal. I figured asking for half of the septic quote would be easy, and let me feel like I got something. Nope. Second highest bidder says that God told them the house is theirs and they’re willing to beat my offer by a “significant amount” if I ask for any inspection fixes. eddiewalker fucked around with this message at 20:05 on Apr 28, 2021 |
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Apr 28, 2021 20:01
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eddiewalker posted:We’re still accepted at $150k over-asking. Did final inspections today and the septic needs $3k in repairs. Lmao. I hate everyone.
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Apr 28, 2021 20:07
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eddiewalker posted:We’re still accepted at $150k over-asking. Did final inspections today and the septic needs $3k in repairs. At that point $1500 is a rounding error, I'd cough it up just for the sake of being able to flip God the bird.
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Apr 28, 2021 20:10
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eddiewalker posted:, let them live there 2 weeks after closing for free, and we’re waiving appraisal. But why
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Apr 28, 2021 20:11
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Rentbacks are a terrible idea so I'm gonna need someone to post their 1 good anecdotal experience with them to put this mind at east
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Apr 28, 2021 20:14
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mattfl posted:But why Because they got 18 offers in a weekend, half of them in cash and still above asking price.
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Apr 28, 2021 20:15
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eddiewalker posted:Because they got 18 offers in a weekend, half of them in cash and still above asking price. I picked the wrong day to quit sniffing glue.
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Apr 28, 2021 20:16
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GoGoGadgetChris posted:Rentbacks are a terrible idea so I'm gonna need someone to post their 1 good anecdotal experience with them to put this mind at east I've done it twice, once as a buyer and once as a seller. Seemed fine.
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Apr 28, 2021 20:22
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GoGoGadgetChris posted:Rentbacks are a terrible idea so I'm gonna need someone to post their 1 good anecdotal experience with them to put this mind at east I would like to point out there is a large list of things that are a bad idea involved with purchasing a house in a market where 150k over asking is "normal" right now, rentback only being one of them. Of course with eviction moratoriums, rentback is probably a worse idea than normal, and with a rentback, it probably doesn't fall under the exception for new owner taking occupancy because you, the new owner, made an agreement with the old owner, the tenant. Even if it did, it would probably end up as an expensive legal endeavor if they didn't want to leave
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Apr 28, 2021 20:30
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the holy poopacy posted:At that point $1500 is a rounding error, I'd cough it up just for the sake of being able to flip God the bird. I got five on it just so you can tell those people that they aren't the Chosen Ones, YOU are 
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Apr 28, 2021 20:43
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eddiewalker posted:We’re still accepted at $150k over-asking. Did final inspections today and the septic needs $3k in repairs. collude with the seller - you'll place a higher bid if they split how much the guy beats your offer 50/50
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Apr 28, 2021 21:11
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do this on every property you look at until you get a whole house for free #lifehacks
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Apr 28, 2021 21:12
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Tunicate posted:collude with the seller - you'll place a higher bid if they split how much the guy beats your offer 50/50 I'm more of a, buy the house and offer it at 2x what you paid to the God person and see what happens
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Apr 28, 2021 21:13
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Hi everyone, first-time homebuyer here. I am mostly operating off of the advice of people I trust (including this thread’s OP!) and otherwise do not have that much knowledge about what I’m doing, so if I say something that’s a red flag and I don’t even realize it please call me out. The process, as you can imagine, has been rough, you’ve read enough articles about what the market is like by now. After two months of showings my buying agent found a place that seemed very good - it’s a refab with almost everything updated, costs 20% less than I was planning to spend even going above listing price, and the appliances are not brand new but they’re in good shape and they come with a one-year warranty. So I put an offer down on it and was accepted, and I hired an inspector to get out there. Unfortunately he found some issues that seem pretty serious. The biggest, most glaring issue is that the breaker panel is outdated and counts as a fire hazard. I have been advised by others that replacing this costs thousands of dollars. The advice I’ve been given, which seems sound, is that “house is not up to code” is a good hill to die on and I should expect the seller to have that fixed before closing. The sellers will likely not have an answer for me until at least Monday. At the same time, the title company is asking me to wire the earnest money, which others have advised me not to do until it’s confirmed that they’ll fix at least the breaker panel - but I don’t know how long I should wait, and the whole scenario is starting to really stress me out. I guess my questions are this: 1) Should I wire the earnest money now? I know I’m supposed to get it back if the sale doesn’t go through but I have been told by others that it is an option for me if I really want to press this. 2) Is it reasonable for me to ask this issue be fixed before closing? What other issues are worth pressing on, in a general sense?
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Apr 28, 2021 21:59
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GoGoGadgetChris posted:Rentbacks are a terrible idea so I'm gonna need someone to post their 1 good anecdotal experience with them to put this mind at east Every house I’ve looked at is asking for 2 months rentback and there’s always 10+ offers, some in cash etc so uh yeah. I agree rentback suck but in this market it comes with the territory also early release of 5-10% earnest money or more. Glumwheels fucked around with this message at 22:07 on Apr 28, 2021 |
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Apr 28, 2021 22:04
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How are you at the point of an accepted offer and inspections without your earnest money already being there? That's not at all how things work in my market or any market I'm familiar with so it's going to be difficult to give advice. Also, what your offer looks like matters. Contingency clauses specifically. Also also, you are making someone a lot of money here. Someone who supposedly represents you. What did they say when you asked them this question? They should know your market specifically better than any of us.
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Apr 28, 2021 22:05
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Motronic posted:How are you at the point of an accepted offer and inspections without your earnest money already being there? That's not at all how things work in my market or any market I'm familiar with so it's going to be difficult to give advice. This is how my market works (NYC). Accepted offer via realtors with no contract, then inspection, then official binding contract via attorneys. You risk the deal falling apart in between acceptance and contract, but it’s much much easier to dip out if inspection is bad.
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Apr 28, 2021 22:11
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Pilfered Pallbearers posted:This is how my market works (NYC). Yeah, your inspector wouldn't be allowed in the house before the earnest money was received here.
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Apr 28, 2021 22:16
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Motronic posted:How are you at the point of an accepted offer and inspections without your earnest money already being there? That's not at all how things work in my market or any market I'm familiar with so it's going to be difficult to give advice. I should clarify - this is a property that was shown to me by my agent before it hit the market. The offer that has been accepted is a verbal, not legally-binding agreement thus far, that they agreed to instead of putting it on the market for a bidding war. But yes, the inspection happened Monday morning and the title company didn’t even reach out to me about how and where to wire the earnest money until today. I haven’t asked my agent about wiring the earnest money yet, but when I asked him if some issues in the inspection report could be fixed he said “I would keep in mind that they are accepting our offer instead of taking it on the market where they would get much higher bids.” Which scares me a little, but I don’t know how correct that is. If this property is “as-is,” my agent provided no indication it was. Of course I realize now I should have asked outright. So far the only money I’ve spent on this place is the $250 for the inspection. I feel I’m in a safe place to back out if this is indeed a lovely deal.
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Apr 28, 2021 22:22
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It is wild to me that there is anywhere in the US that allows an in house inspection before earnest money is deposited.
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Apr 28, 2021 22:26
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The Puppy Bowl posted:It is wild to me that there is anywhere in the US that allows an in house inspection before earnest money is deposited. I’m in Northeast Ohio if that clears anything up.
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Apr 28, 2021 22:30
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Pirate Jet posted:I should clarify - this is a property that was shown to me by my agent before it hit the market. The offer that has been accepted is a verbal, not legally-binding agreement thus far, that they agreed to instead of putting it on the market for a bidding war. But yes, the inspection happened Monday morning and the title company didn’t even reach out to me about how and where to wire the earnest money until today. I mean, i guess this comes down to what is and is not on the formal offer form that you submitted to them. Don't put a dime of money into escrow without having the terms ironed out under which that money gets released. Most states it's a simple association of realtor's form with the basics on it - including contingencies and even some blanks where you get to write some terms of your own such as "leave the fridge, take the oven" or "seller to repair breaker box". I'm also quite confused though about how one even does escrow without something like that already in place. Personally I'd just get a quote on what it costs to fix that and ask for a discounted sale price based on that cost, because I'd be afraid of leaving something important like that up to a seller.
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Apr 28, 2021 22:30
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Pirate Jet posted:I’m in Northeast Ohio if that clears anything up. It's really all going to be on your purchase offer. For example, the wording on mine was specifically earnest money deposited within four days, inspection to be done within four days. If it's verbal like your saying I don't think anything applies contractually, it's just weird.
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Apr 28, 2021 22:36
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So did we gently caress up by closing in June instead of asking for a rent back?
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Apr 28, 2021 22:45
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Residency Evil posted:So did we gently caress up by closing in June instead of asking for a rent back? I mean you mighta left a bit of money on the table, but then again you also simplified the deal and reduced the risks considerably for everyone.
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Apr 28, 2021 22:48
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El Mero Mero posted:I mean you mighta left a bit of money on the table, but then again you also simplified the deal and reduced the risks considerably for everyone. I guess I’m still imagining the scenario where they decide to bail in the next two months. I guess we get to keep their deposit?
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Apr 28, 2021 22:58
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Residency Evil posted:I guess I’m still imagining the scenario where they decide to bail in the next two months. I guess we get to keep their deposit? I also wonder about this scenario, and further wonder how often damages from violating a sales contract exceed the deposit. I.e. could you successfully sue for more than the deposit
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Apr 28, 2021 23:18
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Suing someone for breaching a sales contract is a huge pain in the dick and I wouldn't recommend it unless there's 7 figures on the line
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Apr 28, 2021 23:23
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I got ahold of my buying agent and he says I do have to wire the earnest money ASAP, I can’t sit on it - but also says I get all of it back if there’s a “legitimate issue.” I certainly hope “there’s an active fire hazard on the property” is a legitimate issue. He’s going to try to get me a credit based on the price of replacing the panel. I told him that if I don’t get a credit, I walk. If they don’t get back to me fast enough that I have to wire the earnest money beforehand, I’m not sure what I should do. Just let the offer die because I didn’t wire it? I don’t know if I can do that.
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Apr 28, 2021 23:37
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Pirate Jet posted:I got ahold of my buying agent and he says I do have to wire the earnest money ASAP, I can’t sit on it - but also says I get all of it back if there’s a “legitimate issue.” I certainly hope “there’s an active fire hazard on the property” is a legitimate issue. You gotta lean on your agent for these questions. This is also a question that varies significantly state to state. i.e. here in Illinois, apparently buyers have a lot of power and don't really have to worry about earnest money not being returned if they walk, per my attorney. In other states, EM is pretty solidly given to the seller unless there is an issue that meets specific criteria, and only then would the buyer get EM back. Not an attorney and not legal advice.
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Apr 28, 2021 23:39
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GoGoGadgetChris posted:Rentbacks are a terrible idea so I'm gonna need someone to post their 1 good anecdotal experience with them to put this mind at east They're extremely common where I live and my spouse has done it several times in previous transactions without any issues. Also we're currently in that situation (both on the buying and selling side) and so far it's going smoothly. But yeah it's a super stressful thing of what could theoretically go wrong, but that also describes the entire house buying process.
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Apr 28, 2021 23:40
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Pirate Jet posted:I got ahold of my buying agent and he says I do have to wire the earnest money ASAP, I can’t sit on it - but also says I get all of it back if there’s a “legitimate issue.” I certainly hope “there’s an active fire hazard on the property” is a legitimate issue. Your agent sounds awful at their job. Earnest money follows a WRITTEN CONTRACT that is the "offer". This was provided by your buyer agent and it doesn't sound like they know what it says or how to explain it to you. As often mentioned here: fire your real estate agent early and often.
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Apr 28, 2021 23:47
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Went and got the certified check today for the closing. Did the final walkthrough yesterday and had a nice chat with the sellers. They’re leaving us a binder of receipts and notes on how to work the solar panels and care for all the plants and sundry other maintainance items, and recommendations for landscapers etc. all the repairs I requested made were made.
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Apr 28, 2021 23:47
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Throatwarbler posted:Went and got the certified check today for the closing. Did the final walkthrough yesterday and had a nice chat with the sellers. They’re leaving us a binder of receipts and notes on how to work the solar panels and care for all the plants and sundry other maintainance items, and recommendations for landscapers etc. all the repairs I requested made were made. Sounds smooth, nice! I gotta head to the bank tomorrow to grab the stupid cashier's check for my closing on Friday.
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Apr 28, 2021 23:53
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