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Epitope posted:Maybe he thought he fixed it and trusted his realtor to help write the disclosures? I'm not really trying to defend the guy, maybe empathise. Obviously it is Tristesse who got screwed, maybe by his negligence. Really where I'm at is, how do I disclose my poo poo when I sell? I don't want to be liable. God I hate home ownership If he thought he fixed it with his glitter glue, Gary is an idiot.
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Aug 16, 2023 17:59
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The issue isn't that he did a lovely job fixing it and didn't disclose that, the issue is that there was a larger, undisclosed plumbing problem. Him trying to fix it is proof that he was aware of it. That's a problem because the usual defense for someone saying you didn't disclose a flaw is that you didn't know about it. See also: why everyone tests for asbestos after they buy, not before they sell. This is a big problem for Gary if they can show he knew about it. I was on the sidelines years ago with an acquaintance who got involved in a nasty lawsuit over a massive, undisclosed flaw. The thing that won the case for him was evidence similar to this. They had proof the homeowner knew about it, because why would they have attempted the (half-assed, unsuccessful) repair that they did if they didn't know about it? In this case it also hosed the realtor because they were a family member and were on a bunch of the repair receipts, which is where poo poo got really exciting.
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Aug 16, 2023 18:06
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Epitope posted:Maybe he thought he fixed it Irrelevant, it would have to be disclosed anyway, just disclosed as "repaired".
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Aug 16, 2023 18:10
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I am an idiot who doesn't know what fixed means. Also I disagree that truth is easy butMotronic posted:Irrelevant, it would have to be disclosed anyway, just disclosed as "repaired". This is good, thanks. Maybe I'll just link the homeowner thread 
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Aug 16, 2023 18:26
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Motronic posted:Did you miss the part about the new loan? They're servicing what is essentially an all-interest mortgage on their new place. It's going to be really difficult to justify the carrying cost. Especially for as long as you're talking about. The math just doesn't work without making some wildly optimistic assumptions. We/they need more information - how large is the mortgage compared to house cost and what are the terms (i.e. how much are they paying 7-8% on versus just forgoing like 5% in a high-yield savings or whatever), how much is the price drop so far/how much does their real estate agent think they need to drop for it to actually move, and what do the comps suggest it would move for absent construction? I guess the point I'm making is really just that you are absolutely right that OP needs to divorce emotion from the comp assessment, but nervousness about holding can also be emotional rather than an assessment of carrying costs.
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Aug 16, 2023 18:37
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Motronic posted:Irrelevant, it would have to be disclosed anyway, just disclosed as "repaired". Not if you believe that you have fully resolved the issue. I'm certainly not disclosing that there was a hole in the wall where I have patched it. Because it's fixed, and I used materials sold that said "fix hole in wall" and then followed the instructions. Even if you wind up doing it wrong as long as you didn't intentionally do it wrong that's fine. Now this Gary fails the reasonableness test because lol glitter glue but still. I can envision my disclosures page now when I sell my current house: "This page intentionally blank."
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Aug 16, 2023 18:37
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KYOON GRIFFEY JR posted:If he thought he fixed it with his glitter glue, Gary is an idiot. A shocking majority of people are, op
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Aug 16, 2023 18:43
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H110Hawk posted:Not if you believe that you have fully resolved the issue. I'm certainly not disclosing that there was a hole in the wall where I have patched it. That is acceptable, because you are not asked about previous damage of that type. You are ABSOLUTELY asked about previous leaks, repaired or not. Because leaks can be hidden and will destroy houses. You are asked similarly about roof damage, which pretty much dovetails with leaks.
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Aug 16, 2023 18:47
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Rabidbunnylover posted:We/they need more information - how large is the mortgage compared to house cost and what are the terms (i.e. how much are they paying 7-8% on versus just forgoing like 5% in a high-yield savings or whatever), how much is the price drop so far/how much does their real estate agent think they need to drop for it to actually move, and what do the comps suggest it would move for absent construction? If it takes a couple months to sell I will be fine and it's not going to drastically affect my finances (aside from backing off larger contributions to my 401k for a while to give me some breathing room), it just sucks, emotionally, to have that short term uncertainty about it. Hell, if it just doesn't sell for a year I will also be fine, it would just suck having to figure out insurance on a vacant house and having to drive down there to keep up maintaining the place. My realtor got back to me earlier, based on the comps in the area he thinks the price is reasonable right now and the majority of the problem is the main road the house is on being under construction, since feedback we've gotten from people viewing it have been saying the price seems fine just they're looking for something else (mostly larger places, it seems like, the house is 2bed/1bath so its really only good for like a small family at most). He also has a couple people from an open house who were interested but he hasn't heard from for a couple days so he's gonna track them down and see if they made any decisions. I bought before selling because since I didn't have a mortgage at the time I thought the stress of trying to show my house before moving out would be too much and I think I was right at least on that front, and I didn't want to make offers contingent on selling the house and was gonna need to get a new mortgage either way cause I was looking at moderately more expensive places than I was moving out of anyway. If one more member of my extended family asks me "why don't you just rent the old place out???" I am going to lose it. I will Never Be A Landlord how dare you. 100 HOGS AGREE fucked around with this message at 19:20 on Aug 16, 2023 |
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Aug 16, 2023 19:07
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100 HOGS AGREE posted:it would just suck having to figure out insurance on a vacant house and having to drive down there to keep up maintaining the place. You already do need to figure that out. Your primary owner's policy is likely invalid once you've been out for more than a couple of weeks. If you change the mailing address of your mortgage or insurance it will 100% trigger a near immediate shitstorm from both. Vacant insurance covered much less and cost over twice as much the last time I had to do this.
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Aug 16, 2023 19:25
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Nothing good can come from Gary glitter. We've known that since at least 1997.
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Aug 16, 2023 20:02
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Sundae posted:Nothing good can come from Gary glitter. We've known that since at least 1997. 
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Aug 16, 2023 21:43
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My Gary left me patio furniture and a backyard shed full of yard tools, which was very welcome as a first time buyer. He also left rings of nicotine and tar on every surface, but I knew that was coming.
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Aug 18, 2023 20:48
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Tricky Ed posted:My Gary left me patio furniture and a backyard shed full of yard tools, which was very welcome as a first time buyer. My cousin's Gary's child left a bedroom full of BBs shot in all four walls and ceiling. 9 year old me found it fun!
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Aug 18, 2023 21:17
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Our Gary actually helped us out. They called right after closing to ask if they could leave the furniture behind (house had been a summer home for decades, never a primary home.) We said sure, because it was going to be a month after closing before our movers could come (a saga in itself). So we moved, used the owner's furniture, then our own eventually showed up. The major catch is that we're being slow to unpack our own stuff and the owner's furniture is in the way. Bit by bit we are donating the good bits, then hauling the rest to the dump. There was a wonderful '60s-probably oak-and-Formica kitchen table that comfortably seats 8. That stays! There's also a vintage floor-standing radio-phonograph that I've finally admitted I won't take the time to restore. One of these days I'll get organized, take pictures, put it up on a vintage radio site for free and then throw it away because nobody wants it. One of the pans they left behind is now one of my husband's favorites, and he's picky about his cookware. 100 HOGS AGREE posted:Do most people just not put in offers below asking? I did several, including on the house i bought. You want people's first reaction to be "I can afford that!" and "That's a good value for that price!" "I might be able to finagle it down to a reasonable price" leaves me with the feeling of "And would I be overpaying even then?" Some people (me) don't enjoy bargaining and seeing a house that is going to require large amounts of bargaining is a turnoff. Home prices have been dropping (caveat: in most places!) steadily since the interest rate increases. You have to factor that in. Arsenic Lupin fucked around with this message at 21:56 on Aug 18, 2023 |
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Aug 18, 2023 21:50
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Ahh I got a reasonable offer this morning and the inspection is Wednesday. I was def just being anxious over nothing.
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Aug 19, 2023 23:23
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100 HOGS AGREE posted:Ahh I got a reasonable offer this morning and the inspection is Wednesday. I was def just being anxious over nothing. Goon luck!
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Aug 20, 2023 01:17
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gently caress, we bought a house. Got the keys and everything.
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Aug 20, 2023 01:24
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H110Hawk posted:gently caress, we bought a house. Got the keys and everything. Congratudolences!
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Aug 20, 2023 01:29
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H110Hawk posted:gently caress, we bought a house. Got the keys and everything. Lol sucker
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Aug 20, 2023 01:32
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Tristesse posted:Insurance wants to recover their losses from the previous owner since the glue may be evidence of an undisclosed but clearly known plumbing issue. Thankfully for us insurance isn't questioning our claim at all, just the "why the hell did they do this instead of fix it" nonsense from Gary. Next to the glitter glue: 
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Aug 20, 2023 01:43
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H110Hawk posted:gently caress, we bought a house. Got the keys and everything. lol owned
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Aug 20, 2023 02:17
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100 HOGS AGREE posted:Ahh I got a reasonable offer this morning and the inspection is Wednesday. I was def just being anxious over nothing. H110Hawk posted:gently caress, we bought a house. Got the keys and everything. Condolences. See you in the home-maintenance threads!
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Aug 20, 2023 02:36
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Ok, so looking at buying a second home on a lake that will likely become primary residence once kids move out (lol). Previous owner moved into a nursing home, so I am working with his kids. The house is in...not great shape, but I am very very familiar with the area and that family so I'm pricing in what it will need, risk, etc. The particular situation: they got an insurance payout to replace the roof after it got hail damage, which it needs. But they chose to keep the money and not replace the roof, which would cost much more than their payout, but insurance would, or would have, covered that. I'm trying to see if they can get a company out there to do it under the claim, but not sure where they ended up. What happens to me if I buy it? I assume any insurance claim would just be "no, we already paid out this roof, it's gotta be rebuilt out of your pocket". Is there a set number of years before that resets? If they DON'T disclose that to another buyer, is that actionable?
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Aug 20, 2023 02:44
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Your new insurer is almost certainly going to inspect the place in some way (driveby, drone, or Google Maps, depending on how lazy they are) and compare that against the property's claim history. Aged/unrepaired roof with a claim history of "one new roof" is going to stick out like a giant red flag and they might just drop coverage altogether until you get a roof on.
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Aug 20, 2023 03:20
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That was what I was thinking. Do you know what the disclosure rules would be for a situation like that?
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Aug 20, 2023 03:28
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I think "make the sellers put on a roof" is a good place to start with the offer
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Aug 20, 2023 03:36
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DoubleT2172 posted:I think "make the sellers put on a roof" is a good place to start with the offer Well yes, there's a bunch of stuff like that, but if they fixed up everything they'd be able to ask for a lot more, it's under a reverse mortgage and no one is in it so they want to move it ASAP. If it was just "needs new roof" it'd be easy to factor that in + risk etc, but the fact they actually made a claim throws a wrench in this. I'm trying to suss out the impact so I can either get them to try to fix it under the claim, or price all this other bullshit into it. They are effectively broke so they can't put any of their own money in it.
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Aug 20, 2023 04:24
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A serious question, and I don't know the answer, is whether you'll be able to get a mortgage on a house that will certainly fail an inspection.
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Aug 20, 2023 04:39
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I've never had a lender inspect for actual condition directly - but if the appraisal comes in super loving low because of the deficient roof, that'll be one hell of a hurdle. I've also never (to my knowledge) had insurance inspect a place pre-purchase but I have had them come by shortly afterwards. Getting insurance cancelled because the house is not as you described it is A Big Problem and the least of your worries will be paying your lender for their extremely expensive insurance.
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Aug 20, 2023 05:03
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Lockback posted:Well yes, there's a bunch of stuff like that, but if they fixed up everything they'd be able to ask for a lot more, it's under a reverse mortgage and no one is in it so they want to move it ASAP. If it was just "needs new roof" it'd be easy to factor that in + risk etc, but the fact they actually made a claim throws a wrench in this. I'm trying to suss out the impact so I can either get them to try to fix it under the claim, or price all this other bullshit into it. They are effectively broke so they can't put any of their own money in it. Can you afford to replace the roof? Because unless I’m missing something, it’s kind of six of one and half a dozen of the other if they repair the roof and then sell it for $Livable_house or if you buy it for $dilapidated_shack and then plop roof money of your own into it. They should have repaired the roof with the pay out but that’s neither here nor there at this point.
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Aug 20, 2023 05:09
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1. Appraisal was done last week and it's in the ballpark of what we're talking. Lots of stuff would come up in an inspection but it wouldn't be condemned or anything. 2. The insurance claim was very recent, they may still be able to get it replaced. There was a hail storm here that got disaster relief, I had my roof replaced at my house and in this area at least 4 other neighbors within a few houses got theirs replaced. My insurance cut me a check for like $9k but the replacement was like $15k but that money came when the work started/finished. In their equivalent they just pocketed the 9k but I know they had roofers out there at one point so they may still be able to have their insurance cover, the roofing queue is so backed up that delay is normal. Given this houses kind of odd footprint I think it will for sure be on the higher end. 3. We can afford to replace it. The roof is functional, not leaking or anything. I'm asking because insurance may be able to still cover that gap between the payout and actual replacement, and I'm trying to figure out what they got themselves into to make a real bid.
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Aug 20, 2023 14:09
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Lockback posted:I can either get them to try to fix it under the claim What does this mean? They already made a claim, they were given money, they chose not to do it. It should have been inspected by their insurance company afterwards and then they would have dropped coverage: not because you can't do whatever you want with insurance money (it' to "make you whole", not to fix the specific thing) but because insurance companies don't like to insure homes with damaged roofs for obvious reasons. Do you think they can go back to that well and get more money if it costs more than what they were already paid out? It would have to be VERY recent, like work started when they got paid or before most likely. Arsenic Lupin posted:A serious question, and I don't know the answer, is whether you'll be able to get a mortgage on a house that will certainly fail an inspection. Things don't work in that order typically. You'll go through the entire transaction, your new insurer will do a drive by, tell you they're dropping you in x days unless you put on a new roof and if you push it until you get dropped without cycling through all the other insurers who will do the same thing (buying yourself 30-90 days per insurer) your mortgage lender will get a notice you don't have insurance and insure it themselves at 4x the cost, just like you agreed to in the mortgage paperwork you didn't read.
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Aug 20, 2023 15:03
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Do claims show up in CLUE reports by address? Either way, tell your insurance company up front when you get a quote. In writing. "As I understand it, and I'm no roofer, the previous owners had a roof claim and didn't use the money to repair the roof. Does this impact my coverage?" When they say "LOL Yes it does, in that we won't do it or will specifically not cover your roof and any further damage to the house from it" you turn around and tell the sellers this. Then get a roofer out to give you a written estimate to fix the roof. Hand this to the sellers and renegotiate the price based upon it. The cost of the house should go down by more than the estimate unless the estimate includes all hidden damage (decking, framing) in it as well, or at least some substantial allowance for it. After that it's up to you. No insurer is going to touch it, but if they do and you've disclosed it in writing in advance then who cares their E&O coverage will cover it until underwriting looks at it and issues you a 30-day notice that they're cancelling your policy regardless of signed contract to replace it.
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Aug 20, 2023 15:16
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Motronic posted:What does this mean? I just went through this. The insurance company cut me a check to replace my roof, 9 months later the project was able to start and it cost more than the check they cut, you didn't need to have, like, the work done to get that first check. I submitted the work order and the insurance covered the difference. After the work was done there were additional costs that came up while the work was being done, and insurance cut a 3rd check. I know they had roofers out on this house so ideally I'd like them to pick that back up, but I don't know where they are in the process or when things were done.
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Aug 20, 2023 15:19
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Arsenic Lupin posted:Condolences. See you in the home-maintenance threads! Wait, that WHAT threads?
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Aug 20, 2023 17:16
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H110Hawk posted:Wait, that WHAT threads? 
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Aug 20, 2023 17:19
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H110Hawk posted:Wait, that WHAT threads? One of us.
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Aug 20, 2023 17:25
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I have set the lament configuration to "knowledge" what could go wrong? Anyway hope this hurricane is fine.
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Aug 20, 2023 18:04
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H110Hawk posted:Wait, that WHAT threads? This is just the ones I watch; I'm sure there are more. Homeowners thread: spf3million sighed as he drew his water pipe Home Zone: Do your best and caulk the rest Landscaping: Call your County Extension Service Wiring Thread: Assumptions will burn your house down Pest Control: Dale Gribble was right HVAC thread: No returns, supplies are limited Fix It Fast: Start here for DIY help! (and sex nuts) Plumbing: Two copper fittings and the most obnoxious nipple this side of Vegas I'm sure I've missed some. There's definitely a paint thread, but it's not in the first three pages of my bookmarks.
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Aug 20, 2023 18:06
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