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12/15/2020 11:57 pm  #26


Re: Adventures of Home Ownership

For what it's worth, a one-month rentback is very common. Unless the folks have a huge abundance of cash (or credit) lying around, no bank is going to give them a mortgage on a second house while they still own the first. There really aren't any shenanigans or take-backs they can pull--the house is yours, and they *will* be leaving--plus, you get a month's rent out of the deal.

 

12/16/2020 12:20 am  #27


Re: Adventures of Home Ownership

I'd run away, but I'm really not familiar with the market where you are.  I'm watching it here and accepted offers are currently a little below asking/list or on the nail.  I never understood the rentback thing.  If you're not ready to move, don't put your house on the damn market..... The market was super-high when we bought this -offers needed to be asking price and above and in the first few days on the market-  but we avoided anything with a rentback because our paid relocation rental was ending.


The most difficult thing is the decision to act, the rest is merely tenacity  Amelia Earhart
 

12/16/2020 12:22 am  #28


Re: Adventures of Home Ownership

Aha, now I understand, thanks Ms. Fob.  I knew they were common, I just didn't get why


The most difficult thing is the decision to act, the rest is merely tenacity  Amelia Earhart
 

12/16/2020 12:26 am  #29


Re: Adventures of Home Ownership

When we bought in the UK decades ago, there were huge chains and all would close on the same day so no-one had two mortgages at once.  Nightmare.  But if you didn't want to do that, and could afford it,  you could get a "bridging loan" -expensive though.


The most difficult thing is the decision to act, the rest is merely tenacity  Amelia Earhart
 

12/16/2020 4:14 am  #30


Re: Adventures of Home Ownership

bbro wrote:

  Then, they send a document that says if the bank assessment is lower than their LIST price, I'm responsible for the difference.  In this unprecedented seller's market, buyers are offering way over list price and when the bank assessment is done, it comes up that they offered too much and who is going to make up the difference.  Normally, I am responsible for anything between list and offer (perfectly fine with that), but their document said I was responsible for ANY difference.  So, they listed at 250 and if assessment said 240, they're saying that's my responsibility.  My realtor asked if we could change it that I would be responsible for any difference between list and offer prices like normal, but they said no.
So, my first accepted offer is a bust  

So if they are  listing (asking) 250, and you offer 260, but the bank says it's only worth 240,  you're on the hook for 20?
Aren't you on the hook for 260 regardless of what the bank is willing to pitch in ?
I'm lost also. 
 


 Freedom is just another word for nothin' left to lose.
 
 

12/16/2020 7:01 am  #31


Re: Adventures of Home Ownership

That sounded sketchy. Consider it a bullet dodged. You'll find the right situation.


If you would only recognize that life is hard, things would be so much easier for you. - Louis Brandeis
 

12/16/2020 9:15 am  #32


Re: Adventures of Home Ownership

xoxoxoBruce wrote:

bbro wrote:

  Then, they send a document that says if the bank assessment is lower than their LIST price, I'm responsible for the difference.  In this unprecedented seller's market, buyers are offering way over list price and when the bank assessment is done, it comes up that they offered too much and who is going to make up the difference.  Normally, I am responsible for anything between list and offer (perfectly fine with that), but their document said I was responsible for ANY difference.  So, they listed at 250 and if assessment said 240, they're saying that's my responsibility.  My realtor asked if we could change it that I would be responsible for any difference between list and offer prices like normal, but they said no.
So, my first accepted offer is a bust  

So if they are  listing (asking) 250, and you offer 260, but the bank says it's only worth 240,  you're on the hook for 20?
Aren't you on the hook for 260 regardless of what the bank is willing to pitch in ?
I'm lost also. 
 

Sometimes buyers will adjust their offer if the bank values it lower than "anticipated".  I think maybe this means the sellers are saying she can't do that, no matter what is found regarding the value?  So she can't lock them in with a higher offer that she doesn't intend to honor because she knowa thr valuation will come in under?  But I too am a little confused here
 


The most difficult thing is the decision to act, the rest is merely tenacity  Amelia Earhart
 

12/16/2020 5:07 pm  #33


Re: Adventures of Home Ownership

@BigV - it was stupid.  It was also showing me that they weren't willing to work WITH me
@Clod - When it came down to it, it wasn't necessarily the rentback, but making me give an answer before they even knew if they needed it.  It would have made a huge difference if they had said "we'll know Thursday we can wait for your answer" or something.  It was only going to be for 2 weeks
@monster - it's an insane market right now, all on the seller's side.  If a house doesn't sell in the first 5 days, it's surprising.  Everyone is offering over or large due diligence amounts (a non refundable amount that is paid to the seller for them to take the house off the market and applied as a credit at closing for the buyer)
@Bruce&monster - From my understanding, no, The seller would be responsible for the difference between 240 and 250, then I would be responsible for the difference between 250 and 260.  This can be done different ways, though, whether it's renegotiating the price of the offer or something else.  From the buyer's stand point, it would mean adjusting down payment to cover the difference.
@griff - Thanks

I'm actually looking back at houses I've already rejected to see if they are still there and make sure there's nothing that I can't live with - lol.  There's one house that I liked, but it was weird - the only way in and out is the front door and the garage.  No back doors, no way to access the large yard.  I'm thinking of ways that I can still make it work because it's been on the market for a month and that's just ridiculous in this market.  I could get away with offering lower than asking price.
 

     Thread Starter
 

12/16/2020 6:37 pm  #34


Re: Adventures of Home Ownership

Doors are easy to put in. Make them an offer they can't refuse.


I Love my country, I fear the government.
 
 

12/16/2020 11:40 pm  #35


Re: Adventures of Home Ownership

The only question is there a spot for a door? I know a woman who had the front door and garage as entrances then had a door put in the garage to the back yard so she just goes in and out that way.


 Freedom is just another word for nothin' left to lose.
 
 

12/17/2020 7:16 am  #36


Re: Adventures of Home Ownership

Did you happen to take any pictures? Maybe we can figure out if a door is possible.


If you would only recognize that life is hard, things would be so much easier for you. - Louis Brandeis
 

12/17/2020 5:00 pm  #37


Re: Adventures of Home Ownership

@fargon - Possible

@Bruce - I think I might actually take out some closets and make a large hallway to the yard.  The garage is all brick, so I'm not sure how hard that is, plus I don't know if I'd put the deck there.  The most room is to the right (see below)

@griff - No because all the pictures are on zillow.  They do have a floor plan, though. 

The orange is the area that has some closets that I'm thinking of removing to put in a hallway, then door.  Most of the yard is to the right, there.  The blue box is approximately where the air conditioner is outside.  The house is oriented kind of sideways, so the driveway comes from the left down a hill to the garage side of the house.  The "back" yard isn't too big.  The side yard is the ideal space for a deck/outside area.
https://i.ibb.co/Z2rrV4k/image.png

 

     Thread Starter
 

12/19/2020 4:14 pm  #38


Re: Adventures of Home Ownership

Yeah, it would be easy enough to put a door right in the corner of the garage by the kitchen door but that doesn't put you where you want to be outside.  Taking out those two closets will work but be sure you leave enough closet space for when we all come to visit. https://cdn.boardhost.com/emoticons3/angel.png


I posted a chart from the NYT on rents and prices this year.


 Freedom is just another word for nothin' left to lose.
 
 

12/20/2020 7:26 pm  #39


Re: Adventures of Home Ownership

xoxoxoBruce wrote:

Yeah, it would be easy enough to put a door right in the corner of the garage by the kitchen door but that doesn't put you where you want to be outside.  Taking out those two closets will work but be sure you leave enough closet space for when we all come to visit. https://cdn.boardhost.com/emoticons3/angel.png


I posted a chart from the NYT on rents and prices this year.

Unfortunately, there's stairs down into the garage, so there's no room for another door.  But I kind of want to build a big shed in the back similar to one I saw at another house, so you can throw your stuff there - lol

The newest drama with the house is that there was a buyer that just backed out because their inspector said that it was moved.  Since the seller is a flip, they don't know anything about the house.  The seller's realtor is trying to find any proof of that but isn't having luck.  It would explain the weird orientation of the house on the property, though.  I mean, as long as the foundation is ok, I'm ok with it.  I bid on another house that was moved, but it's listed as being built in 2002.  If it was moved, it was likely built before that and that can come with concerns

     Thread Starter
 

12/21/2020 12:40 am  #40


Re: Adventures of Home Ownership

Right, my house was built in 1953 and I had to replace the boiler, roof, and water pump since I bought it in '79.


 Freedom is just another word for nothin' left to lose.
 
 

1/02/2021 11:29 pm  #41


Re: Adventures of Home Ownership

My buddy up the road also has a house in Bethany Beach Delaware, and the people who just bought the house across from him are renting it to a couple who sold their house with the intention of moving to Bethany but there's not a house available in the area. Not one, and these places start at a half million and go way up. Seller's market.


 Freedom is just another word for nothin' left to lose.
 
 

1/06/2021 7:30 pm  #42


Re: Adventures of Home Ownership

@Bruce - it's definitely a seller's market.  I haven't given up yet, though

The house above is back under contract.  I am ok with it.  I just couldn't make it work in my head.  Too much had to be done for too high a price.  We think we figured out what made the garage so odd.  We think it was a car port, but a garage was added.  It would explain the dryer vents in the garage and the huge stairs that don't seem to fit.  We should be able to look at some places this week.

     Thread Starter
 

1/06/2021 9:28 pm  #43


Re: Adventures of Home Ownership

house across the road from me just sold after 4 months on the market for 90% of the asking price.  Most of the houses I've seen sell since the first lockdown have been about 95%.  Snow is not a good season for home sales, though, so that might not be bad for this time of year.  

The problem with the house across the road is no master bath.  Disappointingly low price, though


The most difficult thing is the decision to act, the rest is merely tenacity  Amelia Earhart
 

1/07/2021 4:34 pm  #44


Re: Adventures of Home Ownership

monster wrote:

house across the road from me just sold after 4 months on the market for 90% of the asking price.  Most of the houses I've seen sell since the first lockdown have been about 95%.  Snow is not a good season for home sales, though, so that might not be bad for this time of year.  

The problem with the house across the road is no master bath.  Disappointingly low price, though

If a house here lasts a week, it's odd enough that you start to wonder what's wrong with it.  If there's one listed on Friday, it's usually under contract on Sunday.  It's INSANE.  I think I've been looking since October/November?  

     Thread Starter
 

1/08/2021 8:48 pm  #45


Re: Adventures of Home Ownership

I need a way to wash my dogs in the tub.  I got a dog-specific one, but it sucked and I sent it back without using it.  Then, it hit me, I could just buy a normal hand held shower head and transfer it to my house when I buy one.  So, my question is what's a good brand?  What do you look for?  Can I easily change hoses so I can make sure it's long enough to get the dogs?

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1/17/2021 4:21 pm  #46


Re: Adventures of Home Ownership

So, I looked at 2 houses today that are plausible

House A is 2374 sq ft, 4 bedrooms, 2.5 baths, screened in porch/deck, storage/workshop under deck, one car garage, HOA, windows will need replaced, the kitchen needs some minimal updating, but the rest is good.  The yard is .19 and not fenced.  Price is maxed budget

House B is 1434 sq ft, 4 bedrooms, 2.5 baths, deck, no garage, new driveway, master bedroom is actually a converted car port, laundry room inside the master, no tub in master, no HOA, it's a flip so everything has been updated.  The yard is .42 and not fenced.  Price is 70,000 below max budget

I'm thinking of going with house B because of no HOA and large yard.  It allows me to do whatever I want to the house as long as it's legal.  The master is a little smaller than ideal, but a bump out walk in closet would make a HUGE difference.  Plus, I can build my dream shed (I saw it on another house that my offer was rejected).  

Outside:
https://i.ibb.co/zGpbtKs/image.png


Inside:
https://i.ibb.co/CVtjK2C/image.png

 

     Thread Starter
 

1/17/2021 5:06 pm  #47


Re: Adventures of Home Ownership

The benefit of that ^ is you don't have to wear a foil hat, with metal pre-fab, the whole room would be protected.

Hm:: A will cost twice as much to heat and cool as B; and you would be spending money to heat rooms that are just used as storage. On the other hand, that ^ ain't insulated...

If you ever took on a partner they could fit better into A.  J and I are in a 1000 sq ft house, and we do not have enough room for ANYTHING. Like, if somebody gave me a tackle box of useful stuff right now, I honestly don't know where I would put it.

Last edited by Undertoad (1/17/2021 5:06 pm)

 

1/17/2021 7:35 pm  #48


Re: Adventures of Home Ownership

ooo B sounds better than A.


Be Just And Fear Not
 

1/18/2021 8:59 am  #49


Re: Adventures of Home Ownership

Undertoad wrote:

 On the other hand, that ^ ain't insulated...

I'd ask for past utility bills. How far South are you?

Wait, is that your dream shed rather than the master-bedroom carport?
 


If you would only recognize that life is hard, things would be so much easier for you. - Louis Brandeis
 

1/18/2021 11:04 am  #50


Re: Adventures of Home Ownership

@Undertoad - The no foil hats is DEFINITELY a plus.  I figured A had lots of room, but not necessarily where I would need/want it.  I'm not even considering about having a partner at this point.  I've put off too much because of an imaginary future partner.  So, I'm buying with just me in mind.    That picture is just the shed, not the bedroom or house.

@BigV - I think there's an appeal to A, but more to customize with B.  

@griff - I'm in central NC.  That's the dream shed, so no need to heat except for a portable one that I can plug in when I'm in there in the winter.  Maybe a window unit in the summer if the humidity is too bad.

So, I'm officially making an offer on House B.  I'm trying to price a fence, but I think I have enough saved to do that immediately.  I'm still trying to wait to really look until it's accepted.  I've made lots of offers.

     Thread Starter
 

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