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rjmccall posted:Walkthrough should always be before close. You can do a walkthrough after you close, but you’re just walking through your own house and have missed your opportunity to object to the seller taking the bathtubs. Yeah, we did a closing walkthrough, too.
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Sep 14, 2023 01:05
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TheBacon posted:FWIW I was told by my agent walkthrough is usually before actual close but uncommon in our area when there is a rent back, also I got a key on the day of close even though they had 2 weeks of rentback in the property. You own the property at close. Rent back is just a short term lease. Ham should have received keys at closing.
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Sep 14, 2023 01:10
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spwrozek posted:You own the property at close. Rent back is just a short term lease. Ham should have received keys at closing. Again, taking possession and closing are two different things.
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Sep 14, 2023 01:19
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TheBacon posted:This really echoes my experience here, every offer I made was really uncomfortable and felt like I had zero leverage and was at the complete mercy of the sellers and the market, being bullied out multiple times by cash or folks willing to waive every contingency (which is ultimately what I ended up doing for the house I got). I will say mine has been completely contrary to Ham's in that everything has gone according to plan and the sellers sent me a nice email the day they were closing out about mowing that morning and having cleaners in as well as tips and tricks about maintaining the yard and the mower they left. The guy even offered to come by and show me the ropes of his Hops plants too in case I wanted to grow some. Other than one small excitement during closing everything was smooth, if still completely un-nerving and yeah just the you have to accept this is just normal for homebuyers at the entry level of the market here, it sucks for sure. I am jealous of your smooth closing.
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Sep 14, 2023 01:20
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Landlords usually have keys to their tenants' homes, yes.
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Sep 14, 2023 01:23
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Ham I am happy to represent you and fully resolve this situation free of charge; for the purpose of identity verification I'll just need your SSN, date of birth and a quick look at your wallet.
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Sep 14, 2023 01:23
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Leperflesh posted:Landlords usually have keys to their tenants' homes, yes. Not a landlord, and by state law they're not tenants.
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Sep 14, 2023 01:24
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potayto, potahto, I get what you're saying from a legal standpoint, but it's just another brick in the wall of solid reasons why I wouldn't agree to a rentback in the first place
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Sep 14, 2023 01:25
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Discendo Vox posted:Ham I am happy to represent you and fully resolve this situation free of charge; for the purpose of identity verification I'll just need your SSN, date of birth and a quick look at your wallet. Leperflesh posted:potayto, potahto, I get what you're saying from a legal standpoint, but it's just another brick in the wall of solid reasons why I wouldn't agree to a rentback in the first place And what area did you buy/are you buying your house in? Landlord would be a dealbreaker, I'd have to march myself to the guillotine.
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Sep 14, 2023 01:28
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Leperflesh posted:potayto, potahto, I get what you're saying from a legal standpoint, but it's just another brick in the wall of solid reasons why I wouldn't agree to a rentback in the first place Pretty much. I can't imagine closing on a house, starting that mortgage payment clock and not having a set of keys.
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Sep 14, 2023 01:29
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spwrozek posted:Pretty much. I can't imagine closing on a house, starting that mortgage payment clock and not having a set of keys. Mortgage payment doesn't start until October.
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Sep 14, 2023 01:30
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Ham Equity posted:I don't have my wallet on me, can I just give you the four-digit PIN I use for everything instead? Sf bay area, but it was 2009, I bought an empty foreclosure. Nonetheless: never a landlord shall I be, in legal or moral sense. Maybe more importantly, I'm not paying hundreds of thousands of dollars for a house that is still occupied by someone else, who can still damage it on their way out. Yes, you can set up ways to charge them for it or whatever, but I want to tour an empty house with every surface exposed before I sign over the money, not after.
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Sep 14, 2023 01:36
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Leperflesh posted:Sf bay area, but it was 2009, I bought an empty foreclosure. Nonetheless: never a landlord shall I be, in legal or moral sense.  Not all of us can be so lucky. 
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Sep 14, 2023 01:40
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I will say Ham, I hope it all turns out great. I can't wait for Friday though.
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Sep 14, 2023 01:45
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spwrozek posted:I will say Ham, I hope it all turns out great. I can't wait for Friday though. Call with the lawyer went well. She said she wasn't sure what the gently caress, it's kind of an unusual situation, but that she'd try to get back to us by tomorrow morning.
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Sep 14, 2023 01:50
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God I can't wait until Friday to get updates
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Sep 14, 2023 01:59
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spwrozek posted:I will say Ham, I hope it all turns out great. I can't wait for Friday though. Yeah, that’s basically it. My SA-rear end in a top hat soul yearns for red meat, but intellectually, I hope it goes well for OP.
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Sep 14, 2023 02:16
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Ham Equity posted:Motherfucker, you bought during the biggest buyers' market we're likely to see in our lifetime. Biggest, you mean probably only buyer’s market in any metro for our lifetime. Also effectively in like North Bend.
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Sep 14, 2023 02:23
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Ham Equity posted:I expect most of the thread feels similarly. I can definitely understand the win/win of "I hope this goes well for you, but if it doesn't, there's always schadenfreude."
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Sep 14, 2023 02:27
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Ham Equity posted:Mortgage payment doesn't start until October. Yes, but you are under that mortgage contract already. Best of luck to you, but this looks like a slow motion trainwreck to me.
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Sep 14, 2023 02:43
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Ham Equity posted:Landlord would be a dealbreaker, I'd have to march myself to the guillotine. I'm not a landlord. I am just allowing a group of unrelated people to reside in a property I own through an incorporation with several other investors for a contractually predetermined length of time in exchange for cash and holding a security deposit in escrow.
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Sep 14, 2023 05:28
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Ham Equity posted:I feel like the title means I own the property and I don't need the keys for that, and while they're living there, what am I going to do with the keys, sneak in at night and watch them sleep? I guess you saved them the trouble and expense of just changing the locks after handing over the keys after you closed. The junk collector posted:I'm not a landlord. I am just allowing a group of unrelated people to reside in a property I own through an incorporation with several other investors for a contractually predetermined length of time in exchange for cash and holding a security deposit in escrow. 
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Sep 14, 2023 12:04
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Appraisal is done and the FHA inspection didn't flag anything so the buyers of my old house are in underwriting now. I think I'm nearly done here. 
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Sep 14, 2023 12:52
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Ham Equity posted:I feel like the title means I own the property and I don't need the keys for that, and while they're living there, what am I going to do with the keys, sneak in at night and watch them sleep? I would like to short you. Like, I would like to find a financial instrument that makes me money off your bad decisions. hmm...could I borrow some money? Like $25k? It would be really uncool of you not to do it and don't worry I will prepare the loan documents so you don't need to pay a lawyer or even read it before signing.
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Sep 14, 2023 14:37
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Ham Equity posted:I don't know that the DoR can do that? We don't owe the DoR money. I mean, they can ask, but I don't know that they can demand. I will talk to the DoR just to make sure we don't fall into some conspiracy to commit tax evasion, but this is between them and the sellers. They haven't actually told us anything, they've talked to the sellers and to escrow. If you give the sellers some or all of the money, I don't see how you aren't assisting in tax evasion. I'm not a lawyer though, and it sounds like you have one of those at this point.
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Sep 14, 2023 15:43
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100 HOGS AGREE posted:Appraisal is done and the FHA inspection didn't flag anything so the buyers of my old house are in underwriting now. I think I'm nearly done here.
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Sep 14, 2023 17:34
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evilweasel posted:I would like to short you. Like, I would like to find a financial instrument that makes me money off your bad decisions. 
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Sep 14, 2023 17:41
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evilweasel posted:I would like to short you. Like, I would like to find a financial instrument that makes me money off your bad decisions.
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Sep 14, 2023 17:49
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Ham Equity posted:I don't know if it's still legal, but you used to be able to take out life insurance policies on people without informing them. Wal-mart did it to their employees for awhile. Policyowner requires an insurable interest in the insured. Im confident your post history would meet that requirement.
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Sep 14, 2023 17:54
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Ham Equity posted:I don't know if it's still legal, but you used to be able to take out life insurance policies on people without informing them. Wal-mart did it to their employees for awhile. Because they figured they'd be more valuable dead?
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Sep 14, 2023 17:58
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Eric the Mauve posted:Because they figured they'd be more valuable dead?
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Sep 14, 2023 18:00
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IIRC Walmart didn't stop because they were forced to or anything, it just stopped being profitable because old employees were dragging on too long or whatever.
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Sep 14, 2023 18:08
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it's not that different from sports betting, if you think about it
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Sep 14, 2023 18:10
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COLI was a tax dodge. Once the tax loophole closed, there was no reason to do it anymore.
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Sep 14, 2023 18:27
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Hi thread. For those who own a home are there actual, significant advantages to owning vs. renting? Like have you ever said to yourself "thank goodness I own my own home and I'm not renting!" My impression from this thread and the homeowners thread is that owning is a nightmare and mostly just not worth it, but I don't know if it's just people venting or if it is actual regret. My wife and I are looking to move into a bigger house soon because we have two toddlers and need more space, but I'm still not 100% sold on the idea of buying vs. just getting a bigger rental. But despite having kids I guess I don't see the need to buy especially in this market? Oh we live in Florida if that matters.
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Sep 14, 2023 19:43
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What we did with our house that we could not have done renting was add space for my in-laws. First we finished our basement into an apartment, and then we built a stand-alone in-law house in the backyard so that we could take over the basement space for ourselves. The cost of renting a similar separate space for them would have been much higher than the additional mortgage cost on the refinance we used to pay for the work.
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Sep 14, 2023 19:48
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being able to do whatever you want and not having to worry about having to move rules imo goons are very doom and gloom about everything and rarely actually enjoy anything, but my home buying process was easy and “making it my mine” has been very fun that being said I doubt I’d ever want to own a home in Florida due to HOAs and insurance stuff tho lol
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Sep 14, 2023 19:50
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Mind_Taker posted:For those who own a home are there actual, significant advantages to owning vs. renting? Like have you ever said to yourself "thank goodness I own my own home and I'm not renting!"
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Sep 14, 2023 19:51
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Mind_Taker posted:Hi thread. Most of us are just venting. I think whether or not it's really worth it is going to be an individual/lifestyle calculation. In my area (SF bay area), if you can afford to buy, you do because landlords out here are the greediest fucks in the world and all the laws are written in favor of homeowners. I caught a slight dip in the market at the way beginning of COVID, plus I had the fire lit under my rear end because I was (effectively) evicted from my apartment once we had our first kid. Finding affordable (even by this area's standards), baby-safe rentals out here is very difficult, and a lot of places will straight up not rent to you if you have kids. Owning gets me out of the cycle of neverending rental fuckery and ensures that (for as long as I have a job at least) I can keep a roof over my daughter's head. That's worth it to me. YMMV in Florida of course.
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Sep 14, 2023 19:52
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like the #1 advantage of owning over renting IMO is that you never have to deal with a loving landlord ever again financially it's a mixed bag, being able to paint whatever color I want and dig holes in the yard because I feel like it and rip off a panel of drywall in the garage just to see what's behind it and then not repair it for six years are all decent bonuses that can vary in value from one person to the next it can also be a terrible burden, it really depends on the details of your situation, your house, your local market, all these other factors nearly 14 years in, I'm still very happy I bought a house, although a significant factor in that that shouldn't be ignored is that I got it very cheap so my mortgage was about the same as my rent in 2009 and still is, like, I'm paying 2009 rent in 2023, that's pretty loving sweet, let's not think about the several tens of thousands of dollars in impending repairs I'll need to do, given the appreciation of my house's value in that time I still made out like a goddamn bandit but like not having a landlord for 14 years has been absolute heaven and also I leave my decrepit truck in my driveway just rusting away and it's not against the law so nobody can make me do poo poo about it
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Sep 14, 2023 19:57
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