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canyoneer posted:No takebacks from the seller just for asking. While this is often true, I believe in IL practically speaking, during attorney/inspection review seller takebackesies are allowed. Which means, if you ask for too many repairs as a result of your inspection period, the sellers are free to renege on the sales contact and walk away with no consequences, and your earnest money as a buyer would be returned. This detail was explained to me by my REA / attorney so hopefully it is correct. As a buyer it was pretty nerve wracking in the current environment to ask for certain medium-ticket repairs or seller credits, as I did not want to anger the fickle beast so to speak. House buying sometimes feels like job searching in a negative way, it's a numbers game before you get the interview, and I really didn't want to go back to that.
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May 19, 2022 06:01
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Cyrano4747 posted:My take is that if someone that close to the project is telling you to run, run. That's the feeling I got from her, 100%. I've also searched online in that same area and I can get drat close to what we were gonna pay on a new construction that is currently being built, has walls and a roof and poo poo so yeah.
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May 19, 2022 13:12
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Hey all, I'm working on being a first time buyer and was going to start reaching out to buying agents for help with a purchase. Going through the thread and some other sites I have a general idea on what questions I should ask when interviewing the ones I've found but I wanted to know if there was any information that I may not necessarily need to provide or keep to myself as part of the search? As a first time buyer I'm trying to double check everything because I certainly don't know much!
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May 19, 2022 14:00
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I poked around east coast laws (house sales involving an attorney) a bit and the process is quite a bit different than the west coast. West: *Signed Purchase Agreement can not be withdrawn from the seller's side unless the seller adds a contingency/addendum to do so. Most commonly would be seen as a home seller contingency for a seller trying to buy a new house. *Without clauses signed by both parties (buyer & seller) - the seller can't stop a sale after an appraisal, buyer demands, inspection, or other reason. East: *Signed Purchase Agreement can be cancelled from the seller's side during the attorney review (the 5 day review). *A seller can back out for any reasonable / good faith reason such as - appraisal came in higher, higher offer is received, buyer's are being a pain, buyer asks for too many closing/repair costs, personal life distress, change in markets, etc. The buyer can sue but... lol. Thread replies make a lot more sense in this context. On the West Coast - you should ask for everything and a cherry coke on top, seller can at most say no. On the East Coast - it's best to treat the seller like a deity in this market until it's closed.
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May 19, 2022 15:46
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Sounds like your contracts are barely worth the paper they're printed on, unless what they're saying is they can back out for any reason, but the buyer can sue for specific performance / damage...which I'm pretty sure is the same thing on the west coast. Just because you have to sue for breach of contract doesn't mean the contract allows you to freely break its terms
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May 19, 2022 20:46
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Any suggestions for companies to go with for title insurance? Looks like our loan company picks a title insurance company, but we're allowed to replace the one they use? Not exactly sure how it works.
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May 19, 2022 20:55
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Thom Yorke raps posted:Any suggestions for companies to go with for title insurance? Looks like our loan company picks a title insurance company, but we're allowed to replace the one they use? Not exactly sure how it works. Depending on what part of the country you are in, it probably doesn't matter. Title insurance rates here in Texas are set by the state gov, there's literally no difference who you use.
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May 19, 2022 21:12
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net work error posted:Hey all, I'm working on being a first time buyer and was going to start reaching out to buying agents for help with a purchase. Going through the thread and some other sites I have a general idea on what questions I should ask when interviewing the ones I've found but I wanted to know if there was any information that I may not necessarily need to provide or keep to myself as part of the search? As a first time buyer I'm trying to double check everything because I certainly don't know much!
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May 19, 2022 21:16
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gwrtheyrn posted:Sounds like your contracts are barely worth the paper they're printed on, unless what they're saying is they can back out for any reason, but the buyer can sue for specific performance / damage...which I'm pretty sure is the same thing on the west coast. Just because you have to sue for breach of contract doesn't mean the contract allows you to freely break its terms At least on the west coast, your contract is ironclad. It can, & I have seen it enforced by the legal system before up to & including evicting of the sellers. Market change/material change is not a valid reason to cancel a sale. On the east coast, it appears there's a lot more room for cancellation; including material gain. Almost any title company will be good - Fidelity, WFG, National, First American, Stewart, Chicago are all great. Regional ones are usually good too. Lender's have a lot more on the line than you if they have a bad title company - they probably recommended a good one. Fun story about Chicago Title - the industry rumor goes that during the great Chicago Fire, an sharp witted Chicago Title employee ran into a burning gov't building to grab a couple boxes of title records before they were destroyed. The records taken were mostly related to city owned land, and the company was able to utilize this for great profit selling it back to the city & leverage that helped them become one of the first major national title chains.
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May 19, 2022 21:19
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Enforced by the legal system is a nice way to say "in a lawsuit"
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May 19, 2022 21:35
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Ugh, just picked up my cashiers check for the cash to close. I think I’m going to puke. I will say I feel a little buyers remorse, but that happens with everything I’ve ever bought. My wife tells me to stop looking at Redfin for all the houses coming on the market-I should probably listen to her.
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May 20, 2022 15:24
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nwin posted:Ugh, just picked up my cashiers check for the cash to close. I think I’m going to puke. Yeah the very first thing we did when going under contract was to turn off all other notifications for the various sites.
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May 20, 2022 15:34
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nwin posted:Ugh, just picked up my cashiers check for the cash to close. I think I’m going to puke. Yup, you will drive yourself nuts. Focus on the good things about what you got; alternatively, you can do what I do and focus on the approximately 7.8 million little things that aren't perfect and start slowly chipping away at that list. 
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May 20, 2022 15:37
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nwin posted:Ugh, just picked up my cashiers check for the cash to close. I think I’m going to puke. It honestly probably doesn’t matter. Everything has something good about it and something awful, and at some point everything is a lateral move anyway. Obsessing over the “right” choice, while damned difficult to avoid (just ask me!!!), is going to chew you up. Best to be like water, IMO.
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May 20, 2022 15:50
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Pollyanna posted:It honestly probably doesn’t matter. Everything has something good about it and something awful, and at some point everything is a lateral move anyway. Uh, no. There are absolutely good properties and poo poo properties even in the same price range. Doubly so if you're buying in a different market than where you're selling, either because of a physical move or time having changed things. I get that homebuying nihilism is kind of your thing now, but "everything is a lateral move" is taking it a bit far.
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May 20, 2022 16:13
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Cyrano4747 posted:Uh, no. There are absolutely good properties and poo poo properties even in the same price range. Doubly so if you're buying in a different market than where you're selling, either because of a physical move or time having changed things. Yeah, it’s a lot of this. Time was not on our side since I’m getting transferred this summer so we needed to close earlier rather than having the luxury of waiting it out because we really didn’t want a rental for another year, especially since rising rates already lowered our comfortable price range. Luckily we have relatives in the area to check things out and that know the area, but seeing something listed now that potentially checks all the boxes stings a bit. But, I think we did the best we could with what was available in terms of time, property, and amount. It has been good to see some homes we loved get marked “sold” well above what we had offered. There hasn’t been any that were “oh man, if we just offered $1000 more!” Also upon second look at most houses I can easily nit pick things I don’t like, so there’s that.
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May 20, 2022 16:25
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nwin posted:Ugh, just picked up my cashiers check for the cash to close. I think I’m going to puke. Alternatively, think about leaving those notifications on and how good you'll feel when a better house doesn't come on the market. 
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May 20, 2022 16:37
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One rant-oil adjustments. I know it’s in the contract but it seems so “nickel and diming” to have to pay for whatever is in the oil tank at the new house. “Here’s 400k for the house but here’s another $700 for your leftover oil.”
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May 20, 2022 16:40
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I feel lucky to be moving from a high cost of living area to a lower cost of living area. Basically got a great dream house for about $20k more than my current house! Win win! Im still sweating bullets about moving day though. I have a closing on Monday afternoon, movers come Monday morning to get everything packed up. Then need to quickly get the place cleaned up. Spend Monday and Tuesday at the in laws in town, then Wednesday drive up and close on the new house. Movers then come Thursday morning to drop everything off. I went with the nicest/well reviewed/expensive movers after hearing about so many horror stories but im still nervous. What if logistically it all falls apart? Will the wire from my sale come to my account in time to pay off on Wednesday!?! In my head I know people do this all the time but in my heart im a nervous wreck.
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May 20, 2022 16:42
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New listings, median sales price 4 week rolling avg data from Redfin for National & PDX continue to climb. Final April data is out and prices showed strong growth. Over 70% of PDX houses sold above listing. Almost 60% nationally. The only glimmer of hope on pricing is listing volume is finally starting to rise. PDX is just hitting the point where mortgage/month is more than rent/month. Edit: "Fun" fact - National median rent measures on a 5 year rolling average hasn't gone down since the great depression. It nearly flattened around '08 - but it kept climbing. 1st_Panzer_Div. fucked around with this message at 16:52 on May 20, 2022 |
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May 20, 2022 16:47
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Looking at Zillow for the estimate on your old place compared to the estimate in the new place and thinking about all that equity* * that is mostly meaningless
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May 20, 2022 17:35
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For fun I looked at some other houses that we looked at or made offers on 10 years ago. On one of them, really glad we didn't get it. It was a Homepath foreclosure, we had an offer in at $151k and THEN our very bad realtor finally did comps and told us that literally the same floorplan a couple hundred yards down the street sold for $130k three weeks prior. We withdrew the offer, and it ended up selling for $160k a couple months later  The house we ended up with a year later (with a different realtor) was much better suited for us.
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May 20, 2022 20:17
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Final underwriting approval on the loan today, final walkthrough on Monday, signing on Wed/Thu (I’ll be traveling out of state for business) and close Friday. I have a major project with its grand opening over 4th of July weekend and will be traveling for work or pleasure through the month of June - just gotta sign up the (very good, Architect-recommended) GC and do some reno/painting/cleanup before we move in by mid-July! Now to ride out the anxiety rollercoaster…
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May 20, 2022 22:16
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nwin posted:One rant-oil adjustments. I know it’s in the contract but it seems so “nickel and diming” to have to pay for whatever is in the oil tank at the new house. What is that 3 gallons?
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May 21, 2022 00:35
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Residency Evil posted:Alternatively, think about leaving those notifications on and how good you'll feel when a better house doesn't come on the market. It's true though. After a year of buying my house, I haven't seen a single comparable home that went for the price I paid. Almost identical house up the street sold for 100k+ more a few months ago. Feels good man
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May 21, 2022 02:36
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Holy poo poo what a 48 hours we just went through. All those red flags I felt were right, and thank you to those of you who gave me some really good advice here. We cancelled our contract, and will get a full refund. And tomorrow we are signing a new contract on a house actually being loving built with a tentative closing of mid September. Only $30K more in price so we are happy. Plus it’s in a better development, and area. Turns out the builder on the original contract had no interest in building. They were hoping people would cancel, or they were going to wait out the 2 year period then cancel it themselves. Our rep with them resigned and her husband was representing us as our realtor and the 2 of them found us a better home in a better location. We’ve become friends with them over the last year so there were no trust issues here. Such an emotional roller coaster the last 2 days but we have something solid now. And, the market in NJ is on fire so I should be able to sell my townhouse with no issues.
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May 21, 2022 03:13
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Late to “ask seller for repairs” chat, but here’s a personal anecdote. Working in window adjacent production facility and getting a LOT of requests lately to expedite certain orders because current lead times are holding up closing of house sale. Typical scenario is buyer asking for window replacement, seller says yes without checking actual lead times for service and making it condition of sale. Thing is, we already running at full steam with 8-12 week full pipeline plus actual install scheduling on top of that.
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May 21, 2022 17:14
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Douchebag posted:Turns out the builder on the original contract had no interest in building. They were hoping people would cancel, or they were going to wait out the 2 year period then cancel it themselves. Yup. Houses have leapt up in price. Every canceled contract is a house they can sell for a much higher profit. Scummy, but technically legal. I'm glad you've severed with them.
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May 21, 2022 19:57
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I am in the UK and I am nearly at the end of a house sale, some weird things happened along the way and I am curious if this is par for the course or do I have a particularly shady buyer. My buyer said he had a really keen cash buyer and that was the sum total of his chain. When he viewed the house with his girlfriend he left us with the impression that he owned the property but they wanted to buy something together (I didnt really probe this - I will next time given what I am about to tell you) He offered 15k above the asking price and 8k more than the next offer which was a straight up first time buyer - we figured with the short chain it's worth the extra 8k even though the lower offer might be less complicated - seemed a no brainer at the time... As the process moved forward, about 3 weeks in, he randomly referenced his ex girlfriend in a text message in relation to the process. I obviously asked and it transpired that she had a stake in the property he was selling. He had not mentioned this at all. He then also mentioned that the ex girlfriend was purchasing the cash buyers property for the first time. When I asked where has all this come from he explained that she is not part of the chain, they have an agreement that her deal cannot hold up the sale and apparently the cash buyer has the cash to buy his place irrespective of selling his property so it's a non-issue. I appreciate that the market is highly competitive and you want to make yourself seem like an appealing buyer when you make your offer but I didnt really want to find out this information blindsided 3 weeks in. My solicitor basically said if that's what he has said they we just have to suck it up. (so I did...) Then another thing happened. I reserved a new build property and they demand a 6 week turnaround on exchange of contracts (even though the house will not be ready until Q1 2023!!) so when my chain proposed a completion date, I advised my builder that I will be ready to exchange soon. This prompted them to ring the estate agents (realtor?) in my chain to check this date was likely. They uncovered some more information. Looks like cash buyer is not a cash buyer, but is a regular using a mortgage buyer and the exgirlfriend is part of the chain but she also has a mortgage ready to go - so no concerns as it's all in place but my buyer is just telling me what I want to hear. I haven't really challenged this because I figure my solicitor will just say whatever. I guess I get triggered by the lies but I've let it go (I am venting a bit by posting this I guess) In terms of the date proposed for completion, it is really short notice. I am the end of the chain so I am getting my stuff put in storage even though it probably wont happen until a week after but my buyer has said he is on holiday the week after the proposed date, then the ex girlfriend is on holiday the week after, so would be unable to move out. I think what he is doing is tell me the cash buyer is driving the short notice and he doesnt want to risk losing them, but I think he is telling the cash buyer I have a new build reservation so I am driving the quick completion I believe this because if he is on holiday the following week, he probably cant get more time off and the date he is proposing suits his work schedule or whatever. I guess, given that I can make it, I just have to roll with it but I am venting that he is being a bit sneaky. I guess my main assumption is that all people are sneaky to suit their own needs and this is typical of the house buying process - my question is, is that right? I guess given that I am able to move my stuff into storage and go to my temporary home easily I should just consider myself lucky and keep doing everything I can to make sure this goes through... although he seems to be BS'ing his way through the process, it does feel like it will happen so no reason to get the jitters I guess I'll come back in a couple of weeks and say "all good, completed" or I will be in a total rage about something he's done 
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May 22, 2022 23:38
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What is a chain?
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May 23, 2022 00:27
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All of those who are selling a house to buy a new one are in the chain. So if you are selling your house to someone who is waiting to sell their house to someone who is selling their house etc… is the transaction chain.
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May 23, 2022 00:36
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I literally can’t parse the situation described and it can’t tell if it’s because I’m stupid (probably) or because it’s written out poorly
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May 23, 2022 01:27
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Upgrade posted:I literally can’t parse the situation described and it can’t tell if it’s because I’m stupid (probably) or because it’s written out poorly I think it is basically like a contingent offer. I need to sell my place to buy your place. But the guy said that wasn't the case but it appears it is.
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May 23, 2022 01:42
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Contingent offer sounds like the same/similar thing So the guy buying my house needs the money from the cash buyer to fund his purchase of my house and I need it to put the deposit on the property I am after. A whistle-stop tour of the UK process is that you accept an offer on your property and then the solicitors draw up contracts/deal with queries etc Once everyone is happy you agree to exchange contracts, this is the legal point of no return for everyone - until this happens, anyone could change their mind/change their offer etc. At that point everyone agrees a completion date, this is because the solicitors will arrange for the money to move along the chain as required and everyone moves house on the same day. If you have a particularly long chain, it can be hard work, so you could elect to move into a rental property, thus not depend on the money coming through the chain to move- this is "breaking the chain" to make it smaller and more manageable- I knew my house won't be ready anytime soon so I am doing this on purpose Edit, my earlier post basically alludes to my buyer not disclosing the full intimate details of the chain at point of offer, solicitors don't seem to care so I am assuming this is just how some people operate which seems crazy to me.
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May 23, 2022 02:04
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The way mortgages are written in knife crime island your buyer has to sell their house on the same day, and his buyer has to sell, all the way down until you get to a cash buyer and they have to execute them the same day, like those hermit crabs exchanging shells. His buyer lied about being an unencumbered cash buyer when he has a mortgage and an ex-wife involved and it will most likely end in tears, and his lawyer is ineffectual. Like everything else in the UK it’s an unnecessary complication because some dude in a powdered wig got one over on an earl five hundred years ago https://en.m.wikipedia.org/wiki/Chain_(real_estate)
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May 23, 2022 02:13
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Felt like I was having a stroke trying to understand that situation, and I still don’t get it, boy am I dumb
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May 23, 2022 03:13
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In america if you want to buy a house but need to sell your house to get the money, you put in a contingency and then - critically - you sell your house before you close on the purchase. In the UK, it sounds like you do the same thing, but then your own sale has to happen on the same day as your purchase. This is batshit, loving, insane. Especially as you add more buy/sell processes in a "chain." Any single transaction goes wrong for any reason and the whole thing collapses. What in the everloving gently caress. OP I suggest you sell your house, take the money and put it in a bank, and then go buy a house with that money, later.
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May 23, 2022 06:53
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And if you don't sell it today You will never buy real estate I can still hear you saying You would never break the chain (Never break the chain)
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May 23, 2022 07:11
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Leperflesh posted:This is batshit, loving, insane. Especially as you add more buy/sell processes in a "chain." Any single transaction goes wrong for any reason and the whole thing collapses. What in the everloving gently caress. Leperflesh posted:OP I suggest you sell your house, take the money and put it in a bank, and then go buy a house with that money, later. I guess there is an argument to say my estate agent didnt find any of this out either and just told me "this offer is good". They were quite keen to just push an offer through and not really worry about it. There is a specific contract form in the UK which is "the" document and I've been told that buyer + cash buyer have both returned theirs (so have I) so in theory, once the last couple of bits of paperwork land, this will just go ahead. I guess my purpose here is this is my first ever property sale, so do I expect this sort of questionable buyer every time I go through this or are people usually a bit more forthcoming? I wasn't sure
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May 23, 2022 08:56
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angry armadillo posted:I guess my purpose here is this is my first ever property sale, so do I expect this sort of questionable buyer every time I go through this or are people usually a bit more forthcoming? I wasn't sure Probably just depends. Partly on location, partly on the house itself. Essentially: what is the average quality of buyer you're going to attract? My last buyer was - and this is the technical term - "rear end garbage", but the house wasn't anything special and it wasn't the type of neighborhood people go out of their way to buy into, either. So I had to take what came along.
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May 23, 2022 09:07
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