Home buying thread
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Xarpolis
Life's a Dream
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Just so you know, there's pretty much always room to cancel the contract. Read it though. If the buyer is dicking around too much, you could always stipulate something they're guaranteed not to do, then they'll cancel the offer on their own.
It's much easier to be a buyer than a seller (You could realistically make an offer on EVERY SINGLE HOUSE you visit, just to take it off the market at least temporarily while you think about what you want to do and/or if it's really the house for you.
A good idea (if this offer falls though) is to get a home inspection completed. It'll cost you a little bit, like $200-300, but that "should" tell you everything that's possibly wrong with the house.
Put that information in the disclosure statement and drop a few thousand off the top for repairs (if needed), and that can prevent the buyer suddenly saying they want even more taken off for the same thing. It's a nice strategy.
Also, when selling a house, your agent is guaranteed some form of commission from you (the seller). Whatever % you allowed the property to be listed at. If he/she finds, for example, a cash buyer that has ZERO contingency, and you suddenly change your mind, you would still owe them the commission for fulfilling their side of the contract.
It's much easier to be a buyer than a seller (You could realistically make an offer on EVERY SINGLE HOUSE you visit, just to take it off the market at least temporarily while you think about what you want to do and/or if it's really the house for you.
A good idea (if this offer falls though) is to get a home inspection completed. It'll cost you a little bit, like $200-300, but that "should" tell you everything that's possibly wrong with the house.
Put that information in the disclosure statement and drop a few thousand off the top for repairs (if needed), and that can prevent the buyer suddenly saying they want even more taken off for the same thing. It's a nice strategy.
Also, when selling a house, your agent is guaranteed some form of commission from you (the seller). Whatever % you allowed the property to be listed at. If he/she finds, for example, a cash buyer that has ZERO contingency, and you suddenly change your mind, you would still owe them the commission for fulfilling their side of the contract.
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Khane
Got something right about marriage
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Well, this isn't true in most states. If it is in Hawaii that's fucked up. Here having an offer verbally accepted means jack. Once a contract is signed and a deposit (non-refundable typically) is put down only then is it actually taken off the market. And even then it isn't really off the market. The seller can still play magic tricks with verbiage in the contract and make up some horseshit about why they have decided to reject your offer after the fact.
I also don't agree at all with getting a home inspection done yourself as the seller. The buyer is not going to take you on your word and will likely get their own inspection done anyway. The piece of paper you bought from your inspection may as well be lit on fire as far as most buyers will be concerned.
alavaz
Trakanon Raider
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I think he means that you should get a home inspection for you own knowledge so you can potentially fix some shit or offer some money back when you get an offer. If the house is older and you aren't real savvy with home maintenance, I'd say it's worthwhile to have a home inspection before you put it up on the market. Shit like mold will kill a deal quickly and if it's get put into the MLS notes it can be a real problem. There are a lot of code things that can be real simple fixes too that you can get ahead on. Most buyers will just say "fix all the things" as a contingency.
alavaz
Trakanon Raider
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Well I knew a guy who got a job in another state, put his house up on the market and gets an offer about 7 days in. Full asking price, buyers are pre-approved both realtors agree it's all good so he moves. It's a VA loan so the inspection takes forever and after he's been out of state for 2 weeks working his new job, they get the inspection results. Mold in the attic. The buyers freak back out on the deal and the buyers agent notes the house had mold. He has it tested and shit and they say it's not the super bad shit or anything to really worry about but he still has it remediated costing about 3k after all is said and done. However, no one is touching it even though the realtor notes that it was not black mold and it was fully treated, etc. It sits on the market for 2 more months and his realtor finally says it's better to pull it, wait a month and relist. So not only does he pay 4 extra months of mortgage before it's sold, he has to settle for an offer 10k below asking. Had he done his own inspection and had the mold fixed, it probably could've been avoided.
Xarpolis
Life's a Dream
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You're missing the idea behind what I'm saying.
Get an inspection for yourself. Lean EVERYTHING wrong with the house, and write everything in your disclosure statement before you list the house in the first place. Then list it with x price and say that you were originally going to list it for y, but due to items described in the disclosure statement, you have reduced the price to x.
Now when people place a bid and the bank has an appraisal completed, you have more leverage. No, I won't reduce my price $10k because the drywall in the back bedroom has a crack from the taped corners. This was already disclosed to you and I have already adjusted my price accordingly. It just gives the seller a little more leverage. Nothing more.
Buyers thrive off of anything that is discovered that hasn't already been disclosed. Suddenly the tiniest thing is a HUGE issue and requires thousands and thousands to repair. But if you list it ahead of time and claim that you adjusted the price accordingly, they don't have as much of a leg to stand on. Especially if you sell the house "as is".
Get an inspection for yourself. Lean EVERYTHING wrong with the house, and write everything in your disclosure statement before you list the house in the first place. Then list it with x price and say that you were originally going to list it for y, but due to items described in the disclosure statement, you have reduced the price to x.
Now when people place a bid and the bank has an appraisal completed, you have more leverage. No, I won't reduce my price $10k because the drywall in the back bedroom has a crack from the taped corners. This was already disclosed to you and I have already adjusted my price accordingly. It just gives the seller a little more leverage. Nothing more.
Buyers thrive off of anything that is discovered that hasn't already been disclosed. Suddenly the tiniest thing is a HUGE issue and requires thousands and thousands to repair. But if you list it ahead of time and claim that you adjusted the price accordingly, they don't have as much of a leg to stand on. Especially if you sell the house "as is".
Khane
Got something right about marriage
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No I understand what you're saying. I just don't think it's a good or worthwhile strategy. I also don't think it gives you any more leverage. I'm not sure how disclosing a problem frees you from the negotiation process.
If someone tried to say that to me I'd laugh in their face and walk away from the deal right then and there.
If someone tried to say that to me I'd laugh in their face and walk away from the deal right then and there.
Cad
scientia potentia est
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The correct response when they bring up the tiniest thing is "fuck you, walk if you don't want it, there's 12 backup offers" because there probably are. Are you even aware of what the market is like right now?
I was able to get the seller to kick in $3500 to replace the broken garage doors and fix the sewer line. And this is in Seattle. Sellers will fix stuff or credit reasonable things. It's easier to just give a little off vs starting the clock over with a new buyer. The carrying cost is high enough that it's worth it.
Springbok
Karen
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About to enter hell - closing on the new place tomorrow.... inspection went okay - pool had a few minor things, but they've since been fixed (hot tub air line being biggest priority - I needs muh bubbles). On the house we're selling, everything is going okay - ended up kicking 4k to closing, appraiser came last week and I walked him through but haven't seen appraisal yet. These monkeys are trying to close on Friday, not appraised yet. Only in America. Have zero doubt this will spill into next week which is fine with me.... As long as I'm sitting in the hot tub on a snowy Xmas morning drinking froze like a fag I'm good
moonarchia
The Scientific Shitlord
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Vinen
God is dead
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Old house went under contract in 4 days at 10% over asking with the buyer putting down 10% towards the P&S (already signed) and waving Inspection and mortgage contingency. Will be closing in mid-late Jan. We didn't bother starting a bidding war as the prices offered were already out of control and we were glad taking it off our balance sheet.
Putting all that money straight into our new house. Going to gut refurb the unrenovated areas of the first and second floors in the spring of next year. Keep it as close to period as possible.' Still getting estimates but looking at putting 150-200K into the first and second floors of the house. Will deal with the 3rd floor down the line when we need additional space.
Will probably have to live in a short-term rental for a few months but not an issue in the logn run.
Putting all that money straight into our new house. Going to gut refurb the unrenovated areas of the first and second floors in the spring of next year. Keep it as close to period as possible.' Still getting estimates but looking at putting 150-200K into the first and second floors of the house. Will deal with the 3rd floor down the line when we need additional space.
Will probably have to live in a short-term rental for a few months but not an issue in the logn run.
Xarpolis
Life's a Dream
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That's awesome, congratulations.
What area do you live in? A three story house is unusual in most areas. Well, there's split level, but that's really only two stories. with a half floor staggered to the side.
I really like the look of this style.
Model A New Home Plan in Landmark: 3-Story Townhomes
Florida pricing is nice. $539k for that.
There's something very similar in Honolulu, but WAY more expensive.
New Three Bedroom Townhomes in Honolulu | The Collection Townhomes
I see one listed at $1.75 right now.
What area do you live in? A three story house is unusual in most areas. Well, there's split level, but that's really only two stories. with a half floor staggered to the side.
I really like the look of this style.
Model A New Home Plan in Landmark: 3-Story Townhomes
Florida pricing is nice. $539k for that.
There's something very similar in Honolulu, but WAY more expensive.
New Three Bedroom Townhomes in Honolulu | The Collection Townhomes
I see one listed at $1.75 right now.
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Lanx
<Prior Amod>
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i have two friends who have bought new construction 3 story houses cuz of gentrification. lot size is only so big, so they just build up
Cad
scientia potentia est
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I dunno where that townhome is in honolulu but Doral is like way inland, kinda shitty part of Miami. There are certainly places in miami where a 2000 sq ft condo will go for 2M+..
My house is 3 stories but the third floor is build out of the attic, there's no attic above the rooms that are on the 3rd. There are doors from the 3rd floor going straight into the attic. I don't know if that's a "true" 3 story or not. From the outside it looks like a 2-story if you ignore the couple of windows that are clearly on the 3rd level.
Pops
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