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Cyrano4747 posted:If you caught them lying about one thing there are five you haven’t found. This. Whether that's still worth buying depends on a lot of specifics, starting with the discount from market price and your ability/willingness to fix thing as well as how much money you will have left over after the purchase. But none of it sounds encouraging.
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Feb 29, 2024 00:45
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Rent back to someone who is underwater and leaving the country? Jesus run, don’t walk.
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Feb 29, 2024 00:52
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I have no indications that they are underwater, just that they are relying on cash from the sale in order to move on with their life, so they want a number of days after closing and have put down a deposit for that. I don’t like it but I don’t think it’s that crazy either. I really regret my phrasing of “short seller in possession period”.
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Feb 29, 2024 00:57
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What's the deal with the roof? Does it need replacing or...?
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Feb 29, 2024 01:05
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Home inspector estimated 19 years. A second roof specialist said it needs to be replaced. Seller said it is less than 10 years old but doesn’t have any documentation.
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Feb 29, 2024 01:29
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As everybody else says, don't believe a liar the second time.
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Feb 29, 2024 01:37
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Yeah to be honest with that fact pattern I would just spike that deal and move on.
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Feb 29, 2024 01:38
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You might need to get a third opinion on the roof. A "roof specialist" who says it needs to be replaced may be looking for business, at least some of the time. I would want details about exactly why they feel the roof must be replaced immediately. Anecdata: According to inspector, my roof was "10 years from end of life" 14 years ago, and it's still fine, zero leaks. But yeah if they're straight up lying about how old it is, that's still 100% a red flag.
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Feb 29, 2024 01:38
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I missed the rentback part. lol run you well digging goon.
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Feb 29, 2024 02:50
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For what it’s worth it’s only 7 days and California has a standard form that lays out all of the rights and responsibilities. The house is completely empty save for a tv and mattress that the seller dutifully drags out to the garage every time I come over.
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Feb 29, 2024 03:33
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if he has so little stuff, why not go to a hotel Edit for more content: Before moving to the west coast, we put a ton of stuff in storage except for our essentials, and used Airbnb as to not extend a lease. Then when moving back to the east coast and working on the house we bought, we found a 3 month lease. In the future, I foresee us either buying with contingency on selling, or floating the two mortgages. Rent backs seem like more headache & stress than they are worth for both parties, and there’s loads of options for short term stays if you have money. It sounds like they don’t have money, so if you need to sue them for any reason, you’re going to be SOL. Nybble fucked around with this message at 13:19 on Feb 29, 2024 |
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Feb 29, 2024 13:15
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Leperflesh posted:You might need to get a third opinion on the roof. A "roof specialist" who says it needs to be replaced may be looking for business, at least some of the time. I would want details about exactly why they feel the roof must be replaced immediately. EOL with something like a roof doesn't mean it's totally hosed and you're going to get a leak right away, it means that it's got enough wear and tear that something like a bad leak is a much bigger worry. You're trying to get out ahead of it and get the replacement before you wake up one morning to a puddle in the living room and discover that there's been a leak running down through a wall for the last three months and now you have major structural damage in addition to the roof problem. If I was a roof specialist and could inspect it myself and understood what the signs of an imminent bad problem were? Yeah maybe I'd just go look it over every few months and delay replacement well past EOL. But as just another homeowner rear end in a top hat who doens't have any of that knowledge, I'm reliant on trying to get stuff like that done preemptively. Put another way: just because the treads on your tires are EOL doesn't mean they don't grip the road at all. Plenty of people drive around on bald tires, and a lot of them have no problem for years. But when you need it to perform up to spec? That's when bad poo poo can happen and riding around on tires past their due date bites you in the rear end.
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Feb 29, 2024 14:11
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I bought a house from a dude who advertised a like new roof and it was near 30 years old. No leaks. I should have asked for a hell of a lot more off the house; I basically have to do a full renovation because everything is near EOL. Today I have to get a plumber to put in a new water shutoff since none of those work, which I discovered after the dishwasher shat itself (25 years old). If the 20 year old water heater died I would have a flooded basement with no way to stop it.
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Feb 29, 2024 14:43
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Nybble posted:It sounds like they don’t have money, so if you need to sue them for any reason, you’re going to be SOL. This is important. You really don't want to rely on the civil courts as your last resort when you are pretty sure the counterparty is "judgement proof". You can "win" a judgement but never be able to collect. It means you basically have no recourse, and therefore no particular bargaining power in the situation should something go wrong.
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Feb 29, 2024 14:54
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Nybble posted:if he has so little stuff, why not go to a hotel absolutely this. place is empty? he’s using a sleeping bag? it’s only 7 days? he can stay at a goddamn motel 6. 7 day rent back under these circumstances that is too weird. i say that as someone who bought and successfully, drama-free, did a multi month rentback that began before the pandemic and ended in mid 2020.
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Feb 29, 2024 15:25
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Makes me wonder if he's intending to refuse to leave and force an eviction so he can stay a few months extra for free.
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Feb 29, 2024 15:54
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Hieronymous Alloy posted:Makes me wonder if he's intending to refuse to leave and force an eviction so he can stay a few months extra for free. Could just be a weird dude who wants to save $400 on a cheap hotel. It's one of those things where it will probably be fine, but even if it's only a 1 in 100 chance that it won't be the consequences for it not being fine are bad enough that the risk isn't worth it.
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Feb 29, 2024 15:58
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Why not use push back the close by 7 days though if the guy needs money (wouldn't have to put anything in escrow) and it's not a scam?
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Feb 29, 2024 16:04
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Sirotan posted:Why not use push back the close by 7 days though if the guy needs money (wouldn't have to put anything in escrow) and it's not a scam? His rent back deposit is going to be withheld from sale proceeds. I also suggested this initially but both realtors said it wouldn’t work. Definitely agree that there’s risk involved here. I do believe that he intends to leave and was already basically moved out before the house fell out of contract last time, but that’s putting a lot of faith into a questionable situation. I could counter with a massive deposit withheld from proceeds for the 7 day rent back so he actually has some skin in the game, but if I have lost that much trust with the seller maybe it’s best to walk. I appreciate all of the feedback.
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Feb 29, 2024 16:51
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19 years is awfully specific Like, does that mean it's really loving old, but, it's in fantastic shape and probably not going to leak in the next 5 years, but probably get it replaced in 2030? 10 years to my untrained ear sounds like, "it's fine, don't worry about it" and 20 years says "it's fine, time to start worrying about it", probably start getting quotes but it's not an emergency yet I don't know what 19 year old roof age estimate means
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Feb 29, 2024 16:52
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Mush Mushi posted:His rent back deposit is going to be withheld from sale proceeds. I also suggested this initially but both realtors said it wouldn’t work. Definitely agree that there’s risk involved here. I do believe that he intends to leave and was already basically moved out before the house fell out of contract last time, but that’s putting a lot of faith into a questionable situation. I could counter with a massive deposit withheld from proceeds for the 7 day rent back so he actually has some skin in the game, but if I have lost that much trust with the seller maybe it’s best to walk. I appreciate all of the feedback. maybe tell the agents if they want this deal to close they gotta kill the rentback and put this guy up at an airbnb or hotel for a week and let thread know what happens lol
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Feb 29, 2024 17:10
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Mush Mushi posted:His rent back deposit is going to be withheld from sale proceeds. I also suggested this initially but both realtors said it wouldn’t work. What did your real estate attorney say?
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Feb 29, 2024 17:21
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I did a rentback to my seller for a month but she was a sweet super-churchy old lady so I wasn't too worried. This guy though? lol
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Mar 1, 2024 01:00
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You may enjoy my buddy's scenario He's in Colombia, but a US national with a... some kind of domestic partner visa in Colombia that seemed improbable but used to be a thing you could get. Getting money in and out of the country, exchange rates forex fees etc is quite a large hassle, and since he works remote in tech he doesn't have any documented income in the county, which makes a local loan infeasible. Not that the local loans have very good terms, and you have to put down 33% On the plus side, a really nice house can be bought there for the price of a down payment on an average California house, so he's just doing that The house he's found, the guy built it, and now he wants to build a new one, but he's run out of money. So basically my buddy fronted the 50% of the house purchase price, and the guy is going to live in the house (basically a six month rent back) for the six months until he finishes building the new house, and when he finishes the house, he'll move into the new house and my buddy will pay the other 50% and he'll own it outright Surely nothing can go wrong with this plan right
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Mar 1, 2024 02:39
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He'll be missed.
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Mar 1, 2024 03:08
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Mush Mushi posted:rent back Being in trouble is a made up concept Hadlock posted:rent back ...in the first world
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Mar 1, 2024 03:40
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Hadlock posted:You may enjoy my buddy's scenario Your buddy is also almost certainly committing tax fraud. If he's a resident he needs to be reporting income and if he is on a Digital Nomad Visa he needs to pay taxes if he's there more than 183 days in a 365 day period. The "We build this house until we run out of money then start up again when we get money" is super common in central/south America though. So while weird that situation is less shady there then it would seem here. However, I'd put money on it being well over 6 months to finish so I hope he likes his new roommate enough to live with him for a year+. And then it'll be fun when he runs out of money before its completed and then your buddy is going to have to loan him more to get him out. Oh they'll laugh and laugh together, good times.
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Mar 1, 2024 03:59
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Lockback posted:Your buddy is also almost certainly committing tax fraud. If he's a resident he needs to be reporting income and if he is on a Digital Nomad Visa he needs to pay taxes if he's there more than 183 days in a 365 day period. that was kind of how houses got built for millennia all over the world
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Mar 1, 2024 15:21
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well i'm taking my first steps into the terrifying world of home ownership and just finished the preapproval stuff with my bank. next step is to find a realtor and i have no idea how to start this process. what do the rest of you do? random googling, yelp reviews, lookin at sale signs, human sacrifices?
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Mar 1, 2024 20:03
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Kuvo posted:well i'm taking my first steps into the terrifying world of home ownership and just finished the preapproval stuff with my bank. next step is to find a realtor and i have no idea how to start this process. what do the rest of you do? random googling, yelp reviews, lookin at sale signs, human sacrifices? Ask everyone you know who isn't a realtor if there is anyone they would recommend. See if any names pop up more than once
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Mar 1, 2024 20:08
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KYOON GRIFFEY JR posted:that was kind of how houses got built for millennia all over the world Using cash from a foreigner who is hiding it from the local government?
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Mar 1, 2024 20:16
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I walked into one open house and ended up talking to the guy selling it about punk band that recently had a show at the local venue. He gave me his card to help me buy my house. Ended up going with someone in HR at work recommended...
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Mar 1, 2024 20:18
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Yeah just pondering this, if he is doing tax fraud, I don't know how their system could really track someone like him; he's on a domestic partner visa which probably doesn't have a financial component, and he's a full time remote us employee, so he didn't have to register a business license or go through the normal business visa process. The Colombian peso isn't the most stable so I don't think he has a bank account in the country. The only time he really shows up in their system is, I guess a driver's license, and whenever he stamps in and out of the country. Financial ghost?  not as an excuse but he does pump a significant amount of money into the local economy via fuel taxes, restaurants and other expenses
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Mar 1, 2024 20:36
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Kuvo posted:well i'm taking my first steps into the terrifying world of home ownership and just finished the preapproval stuff with my bank. next step is to find a realtor and i have no idea how to start this process. what do the rest of you do? random googling, yelp reviews, lookin at sale signs, human sacrifices? I bought my current house just using Zillow provided agents. First agent fit kind of that douche realtor stereotype and I dropped him after first house we looked at. Second zillow guy showed me a house but said he was about to go on a long vacation. Third one I bought house with. Now I'm buying another house but using a recommendation from a relative.
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Mar 1, 2024 20:41
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Hadlock posted:Yeah just pondering this, if he is doing tax fraud, I don't know how their system could really track someone like him; he's on a domestic partner visa which probably doesn't have a financial component, and he's a full time remote us employee, so he didn't have to register a business license or go through the normal business visa process. The Colombian peso isn't the most stable so I don't think he has a bank account in the country. The only time he really shows up in their system is, I guess a driver's license, and whenever he stamps in and out of the country. Financial ghost? There’s a lot of don’t ask don’t tell going on in this area with US employers. Tax authorities aren’t very good at finding these things, but when they do…oh boy. Stock comp taxed locally, delinquent corporate tax returns in the local country for the employer. If they have enough influence then they might be able to convince their employer to pay for all of it if it does happen. In other news my insurance broker pulled quotes for the wrong address.
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Mar 1, 2024 20:59
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I've heard 2nd hand reports of people getting caught, you get caught the same way anyone would. Leaving a trail of living somewhere and 0 taxes for long enough someone can put 2 and 2 together. Dunno if Colombia digs too much. I've not heard of anyone getting jail time or anything but usually it's a fine. Notably, I've heard the fine is usually lower than what you would have had to pay in taxes so I guess its a kind of perverse incentive.
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Mar 1, 2024 21:36
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Kuvo posted:well i'm taking my first steps into the terrifying world of home ownership and just finished the preapproval stuff with my bank. next step is to find a realtor and i have no idea how to start this process. what do the rest of you do? random googling, yelp reviews, lookin at sale signs, human sacrifices? I just finished buying a place and found a realtor based on redfin, using their reviews. Whole experience was great, and I didn't have to think about or deal with any real BS. This is my first place as well, and I did look for reviews noting a particular realtor was good at walking a first time buyer through the whole process. Fwiw Redfin does have an arrangement with a subsidiary lender that ended up offering the best loan rate between a couple places that I looked at. So it's worth checking even if you already have a bank you like.
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Mar 2, 2024 05:43
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Today's discovery: in PA, you have 60 days from establishing residency to get your driver's license...but only 20 days to establish title and registration for your vehicle, which itself requires a PA driver's license. I've been here for 9 or 10 days depending on how you count it, my car arrived yesterday, and some of the documentation I need to get my driver's license is still in the moving truck that isn't going to get here until Monday or Tuesday. Absolutely bonkers timing requirements. Actual quote from the PA DMV website: "Although new residents have 60 days to obtain a Pennsylvania Driver's License, there is nothing to prevent them from obtaining their Pennsylvania Driver's License sooner." In other words, suck it up, you have 20 days to get all of this done.
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Mar 2, 2024 21:46
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You would have to do something catastrophically stupid to get written for that. And the thing you did to get it noticed would be so much worse than that tack on fine that it wouldn't matter. I was pulled over for speeding like 4 months after moving back to PA and I had a PA license and NC plates still because I just hadn't gotten around to changing the truck registration. Cop did not give a poo poo.
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Mar 2, 2024 21:52
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Oh sure, I don't expect that I'll run into issues if I'm late, so long as it's not like 2 years late or something. It's still a dumb rule.
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Mar 2, 2024 21:58
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