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Home inspection happens today, inspector goes in blind. There's a pool and a hot tub. Never had to own+maintain either of those. Seller's "pool inspection report"'' tl;dr says have equipment inspected by a "licensed pool contractor" - There's a "excessively noisy", rusty, unbonded pump, But what seems more worrying, without having more context - The concrete decking around the pool shows evidence of cracking or movement (wonder if that could apply overall and == expensive repairs needed) My home inspector is deservedly getting paid 200$ extra today to look at the pool but am wondering if their inspection will be any more granular than the sellers report.
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Mar 12, 2024 19:54
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Thom ZombieForm posted:
It should be. IIRC our inspection was ~25 pages with photos and the seller's report was like ~2 pages, no photos.
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Mar 12, 2024 19:55
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Thom ZombieForm posted:My home inspector is deservedly getting paid 200$ extra today to look at the pool but am wondering if their inspection will be any more granular than the sellers report. I hope this means your home inspector is bringing in a pool guy to do a supplmental report, because that's what should be happening. I had both a septic and an oil guy brought in on my last purchase. The septic guy saved me from eating a couple grand worth of work.
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Mar 12, 2024 19:58
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Sirotan posted:As the owner of a 1941 home, you basically just assume asbestos exists and send in samples for testing if you plan to do any kind of demolition. I am fairly certain our local asbestos tester just checked the age of the home and said yes/no based on that without testing.
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Mar 12, 2024 20:00
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We put a low offer on a home after it's been on the market for 60+ days and we're now told there's another offer and to make our highest offer.
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Mar 12, 2024 22:01
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SpartanIvy posted:We put a low offer on a home after it's been on the market for 60+ days and we're now told there's another offer and to make our highest offer. Depending on how badly I wanted the house vs how much I wanted to signal that I wasn't putting up with that kind of bullshit, I would be tempted to add $5 and tell them I was looking at another house all offers would be void at 17:00.
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Mar 13, 2024 10:29
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The other offer is someone who put in a low ball offer 59 days ago and forgot this property existed Irregardless of how close it is to Mar 15 I agree with Cassius on this specific topic
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Mar 13, 2024 10:49
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SpartanIvy posted:We put a low offer on a home after it's been on the market for 60+ days and we're now told there's another offer and to make our highest offer. Standard stuff. If your previous offer was your best and final then stick with it.
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Mar 13, 2024 11:08
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Cassius Belli posted:Depending on how badly I wanted the house vs how much I wanted to signal that I wasn't putting up with that kind of bullshit, I would be tempted to add $5 and tell them I was looking at another house all offers would be void at 17:00. We did almost exactly this except we didn't give a fast deadline. E: read $5K instead of $5. We tossed in a few thousand more just to appease their greed slightly. SpartanIvy fucked around with this message at 16:03 on Mar 13, 2024 |
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Mar 13, 2024 13:43
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Put in an offer yesterday afternoon, offers were due at 5PM. An hour later our realtor called and told us that if we can come up $5k and also do an inspection today then we've got the house. So we did and now we have an accepted offer on a house for a little bit more than we really wanted to pay. It's not like we're emptying our bank accounts for it but it's still a lot of money to be parting with all at once. When i was looking at the listing for this house it was making me mad because it looks so good and the location was so amazing I thought that there was no way we were going to get it. Now the stress sets in over the rest of the process. Trying to manage expectations still because our last accepted offer we had to back out of after things revealed during the inspection, so hopefully there's no repeat of that.
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Mar 13, 2024 16:00
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A little bit of buyers anxiety is normal. Skepticism is healthy. Congrats on the accepted offer!
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Mar 13, 2024 17:46
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SpartanIvy posted:We put a low offer on a home after it's been on the market for 60+ days and we're now told there's another offer and to make our highest offer. At the very least if you are inclined to raise your offer be sure to make the higher offer in the form of an escalation clause so that the higher bid is entirely contingent on there being a valid competing offer, and require a redacted copy of the competing offer to verify you aren't being jerked around. And put a tight deadline on the fucker.
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Mar 13, 2024 17:48
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I'm just gonna add that it's now mid-March and buying season is starting, so while a house sitting with no offers for 60 days and then suddenly there's another buyer the same time as you is definitely a bit sus... it's also exactly the time of year where houses that have sat through the winter may start attracting bids. This chart is from an article from last July, but it's useful to see where the uptick started in each of the past five years:  Very consistently, March.
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Mar 13, 2024 18:08
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Just as an anecdotal correlation with that, I have noticed that several houses around here (central VA) that have been sitting for a couple months with for sale signs all went under contract within the last two weeks or so.
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Mar 13, 2024 18:13
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I'm pretty confident that there's no other offer because we asked what the other off was and was told they wouldn't provide it but that "it is higher". If they really wanted a bidding war they would tell us. Or at least provide a counter offer. They could be idiots which is also possible. We don't want to go with an escalation clause because if this deal doesn't work out our realtor will know our upper number because this house is already close to our max. The house is cool but has some major drawbacks because of its design. We were at the open house last weekend almost the whole time poking around and we didn't see or hear anyone that really spoke well of the house. One couple was even upset it didn't have an HOA  It also has some big issues like the 30 year old roof, even older HVAC, similarly old water heater, some original single pane windows, one of which has a hole, and there are some mold issues in the crawlspace. So it's not exactly a house I'm dying to own at 4x the cost of my current one, but it fits us and our needs well.We'll know tomorrow what the answer is. SpartanIvy fucked around with this message at 18:57 on Mar 13, 2024 |
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Mar 13, 2024 18:46
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Why do you care if your realtor knows your upper limit? That’s kind of an important conversation to to have with them.
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Mar 13, 2024 18:57
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Cyrano4747 posted:Why do you care if your realtor knows your upper limit? That’s kind of an important conversation to to have with them. Because they're incentivized to get us to spend the most amount of money possible and if they know that number I don't trust them to not use it against us.
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Mar 13, 2024 19:08
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I feel like I'm not connecting the dots here. Let's say you go with the escalator clause and offer another... $10K contingent on another offer. What's the downside to doing that? Why would the realtor now know your upper bound?
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Mar 13, 2024 19:12
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SpartanIvy posted:Because they're incentivized to get us to spend the most amount of money possible and if they know that number I don't trust them to not use it against us. Their much greater conflict of interest is that they are incentivized to get you to buy any house at any price as fast as possible.
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Mar 13, 2024 19:14
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Motronic posted:Their much greater conflict of interest is that they are incentivized to get you to buy any house at any price as fast as possible. Yeah this. Not knowing your upper bound also kneecaps their ability to show you houses. Not saying you need to assume they’re your best friend but if you’re going to cut them out of the loop this much you’re hobbling their ability to work for you.
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Mar 13, 2024 19:20
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Motronic posted:Their much greater conflict of interest is that they are incentivized to get you to buy any house at any price as fast as possible. Yeah it's this You might lose your job and back out, or realize they're a lovely agent and switch to someone else, or simply you're taking up too much of their time and they're not able to be out there drumming up more business
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Mar 13, 2024 19:20
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Worst case, if you do want for whatever reason to keep your upper limit on the DL just tell your realtor it’s your upper limit on this specific location, that you might be more flexible for the perfect find but you have enough qualms about this particular home that it’s where you’re capping things. It’s not a lie, you’re just creatively framing it!
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Mar 13, 2024 19:25
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Hadlock posted:Yeah it's this How is this a problem for me? You think agents do anything to earn their 3%? Any house she brings to our attention we've already been looking at on Zillow or Redfin for hours. Oh no, I'll have to find another vestigial cog in the house buying process to take thousands of dollars for doing almost nothing. I sure hope another is willing.  Thaddius the Large posted:Worst case, if you do want for whatever reason to keep your upper limit on the DL just tell your realtor it’s your upper limit on this specific location, that you might be more flexible for the perfect find but you have enough qualms about this particular home that it’s where you’re capping things. It’s not a lie, you’re just creatively framing it! This is what we did. Our initial offer was just under what we consider the max for this house after discovering all its issues and risks. So really there was no point to an escalation clause. We just tacked on $5K to our initial offer to placate the seller assuming there's no other offer. Our agent hadn't mentioned or suggested an escalation clause. What would be the reason she hasn't suggested it? Is there a downside besides calling the selling agents bluff?
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Mar 13, 2024 19:33
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so your initial max offer wasn't really your max offer, in fact?
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Mar 13, 2024 19:40
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SpartanIvy posted:How is this a problem for me? You think agents do anything to earn their 3%? Any house she brings to our attention we've already been looking at on Zillow or Redfin for hours. It's not a problem for you, it's an explanation of why the realtor would rather close quickly than close at a higher price.
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Mar 13, 2024 19:40
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There might be another offer but it looks a lot more shakey. If the agent truly believes you are at the top of your budget they don't want you to over-extend yourself thinking that the clause won't get exercised. Generally you'd want an offer to be reasonably simple if possible.
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Mar 13, 2024 19:44
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Thinking about the house buying process is stressing me out so I'm going to peace out for a while. I'll let the thread know if my final_final_really-final_offer_3.xlsx is accepted tomorrow.
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Mar 13, 2024 19:45
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SpartanIvy posted:
No real downside. The big upside is that if the clause gets exercised (say you put in at 400 with a clause to 450 and they come back and say you won at 435) they have to provide you the nearest losing bid.
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Mar 13, 2024 19:47
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Welp, false alarm. My agent just called and another bidder increased their all cash offer and has now waived all contingencies. My father-in-law was already on his way to the inspection and my wife and I were about to leave work for it. This loving market, man.
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Mar 13, 2024 20:07
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I have heard of sellers and agents getting tetchy in hot markets because they see the upper bound amount of the escalation clause and feel that you are cheating them out of that amount. Obviously you think the house is worth that much and we're willing to pay that much, so why are you not giving them that much? Our buyers agent also mentioned that some listings will include "no escalation clauses" in the listing notes that are not seen by potential buyers, but said that such things are meaningless since agents have to present all offers to the seller. She said that a seller might be a bit grumpy about you not giving them the maximum amount that you were willing to pay, but it is very rare for a seller who cares that much about getting every last penny to choose to give up $2k or so and take the next highest offer.
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Mar 13, 2024 20:07
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Shifty Pony posted:I have heard of sellers and agents getting tetchy in hot markets because they see the upper bound amount of the escalation clause and feel that you are cheating them out of that amount. Obviously you think the house is worth that much and we're willing to pay that much, so why are you not giving them that much? This isn't really a problem. They can be grumpy all they want, but they need to show a competing bid to get the escalation clause. If they don't, or worse fabricate one, that's no bullshit large-dollar-value fraud and has extremely real consequences.
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Mar 13, 2024 20:11
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Gravity Cant Apple posted:Welp, false alarm. My agent just called and another bidder increased their all cash offer and has now waived all contingencies. My father-in-law was already on his way to the inspection and my wife and I were about to leave work for it. I hope you're getting some concession for them breaching your contact. Typically they shouldn't be able to back out of an accepted offer without cause (like, a legal cause, not "we got a better offer"). Or did you just have a verbal agreement with plans to sign things after the inspection?
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Mar 13, 2024 20:16
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marjorie posted:I hope you're getting some concession for them breaching your contact. Typically they shouldn't be able to back out of an accepted offer without cause (like, a legal cause, not "we got a better offer"). Or did you just have a verbal agreement with plans to sign things after the inspection? Nothing was signed yet, no. the offer was just accepted at 6:30PM last night.
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Mar 13, 2024 20:21
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Gravity Cant Apple posted:Nothing was signed yet, no. the offer was just accepted at 6:30PM last night. Ah, so not sure if this is unusual, but in my experience, an offer involves a contract with a purchase price and any contingencies, signed by the prospective buyer with a line for the seller. Accepting the offer meant the seller signed that offer. Again, not sure if this is unusual, but might be a consideration for next time since you're in a hot market, to protect yourself from getting swooped like that.
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Mar 13, 2024 20:31
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Yeah they don't provide anything like that here, it's all verbal precisely so people can pull scumbag poo poo like this if they so please.
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Mar 13, 2024 20:51
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It's hard to believe that "gently caress this market is so hot god drat I hate real estate" season is already here
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Mar 13, 2024 21:21
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The way it was explained to me is that the season begins the weekend after super bowl Sunday. Prior to that you have the holidays, and poo poo-garbage weather so it's difficult even getting people to show up to open houses. By March the days are long enough to actually visit more than three houses in a day
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Mar 13, 2024 21:31
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Gravity Cant Apple posted:Nothing was signed yet, no. the offer was just accepted at 6:30PM last night. FYI, that's not what constitutes an accepted offer. That's why the thread was confused. Gravity Cant Apple posted:Yeah they don't provide anything like that here, it's all verbal precisely so people can pull scumbag poo poo like this if they so please. What is "here"? Non-US? I had to (have my real estate attorney) threaten to sue on this house when they quickly accepted our offer before the first open house (we came in strong for the market conditions because we decided this was what we wanted and could afford to make that point stick) when I saw it go from pending back to for sale in the MLS and they had scheduled another open house. Your seller remorse and what-if scenarios are not my problem once you've signed the contract, Gary. Their seller agnet was a piece of poo poo and very pissed off when my agent roasted her professionally for the next several months whenever they crossed paths. Motronic fucked around with this message at 22:09 on Mar 13, 2024 |
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Mar 13, 2024 22:06
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Motronic posted:Their seller agent was a piece of poo poo and very pissed off when my agent roasted her professionally for the next several months whenever they crossed paths. This is what I wish those Bravo shows about real estate agents was actually about. Forget the high powered folks with NYC/LA properties, I want to see two competing agents in North Carolina being “southern nice” at church Nybble fucked around with this message at 23:17 on Mar 13, 2024 |
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Mar 13, 2024 23:14
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You thought you could send my client a purchase offer without putting any money down, bless your heart
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Mar 13, 2024 23:18
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