Real estate General topic

[paulsharvey]

Even dissolving the HOA after a fraud case was difficult, because od the airstrip asset, and they created a new, voluntary association. Which makes sense; air strip requires maintenance, mowing, stripping, and eventually resurfacing.

 

[kenmbz]

Instead of semi-permanent can't it just say above ground pool ?
What makes it semi-permanent?

Good luck on the sale.

 

[paulsharvey]

Instead of semi-permanent can't it just say above ground pool ?
What makes it semi-permanent?

Good luck on the sale.

That's pretty much the term I've always heard for the metal ring pools. I guess cause they really have about a 10 year life span?

 

[paulsharvey]

We did get an informal offer today. They wanted a $5000 discount, a $4000 credit for closing costs, and a boast for buyers agent from 2% to 3%. It would be an FHA, which originally our agent recommended not accepting, but he said he doesn't anticipate a problem with the required inspections. It also proposed a 31 day close.

I talked to our guy, and we both felt, either the discount or the credit, call it whatever makes you feel good, but not both. He also said the 2% to 3% is really unwarranted with only 48 hours on the market.

 

[paulsharvey]

So, I'm not "displeased" with our guy, but, and it sounds funny from me; he seems to fat finger a lot of stuff. I think he misspelled something in the ad text, and on one thing, he put 1xx as the address; when we are 2xx. We actually know the guys at 1xx, and I'm going to have to screenshot it, and let them know we are selling Their house

 

[WinterDeere]

So, I'm not "displeased" with our guy, but, and it sounds funny from me; he seems to fat finger a lot of stuff. I think he misspelled something in the ad text, and on one thing, he put 1xx as the address; when we are 2xx. We actually know the guys at 1xx, and I'm going to have to screenshot it, and let them know we are selling Their house

After 30 years of managing people, and having to work with many groups, I've come to the conclusion that 90% of all people in the workforce today suck at their jobs. Once you start dealing with right-brained folks in sales and marketing, that number seems to drift even higher, to where even marginal competence appears exceptional.

 

[paulsharvey]

We are officially under contract to sell. Of coarse contingent on everything, and a hundred ways for the deal to fall apart still, but we accepted a signed offer.

 

[WinterDeere]

Congratulations!

I hate those contingencies.

 

[ultrarunner]

My last offer made was 50k over asking with a single contingency of a survey approval paid for by me…

I still didn’t get the place but it kept the other buyer with the 50k lower offer in line… he was going to ask for items found during inspection and seller said no, don’t buy it and we will make 50k more…

Real Estate is a funny thing and the last place of true negotiation… the art of a deal.

I know a investment buyer whose plan was to tie up a property and then nickel and dime… it often worked…

 

[CloverKnollFarms]

People seeking an FHA, are usually cash strapped. So the credits and the fee for the buyers agent are probably mostly necessary. My wife has had a few sellers balk at paying ANY of her buyers agent fee. Those sales only work if the seller takes an equal concession on the sales price. The money comes from somewhere. Nobody wants to pay an agent

 

[paulsharvey]

I saw this, and figured this would be the best place to drop it...

 

[paulsharvey]

On a more serious note, the buyer's inspection was done Monday or Tuesday, and their appraisal was done Wednesday. Other then approving the times/dates, I haven't seen the results, or heard anything from them since...

 

[paulsharvey]

Got some news; and maybe a clarification. Apparently it was the structural engineer this Wednesday and appraisal is next Monday. So, Apparently the engineer is requiring 8 additional hurricane straps, and the home inspector won't pass a water heater over 25 years old, so the buyer can't get insurance...

I asked the real estate folks; ok, first how much and 2nd who? on hurricane tie downs? Next, I'm not doing either straps or water heater until I have a complete list and passing appraisal. I want one complete punchlist, before I decide on doing the repairs.

Actually did some googling on water heaters, and they aren't very cheap anymore...

 

[paulsharvey]

I did some reading, and apparently there was a definition change in 1996, on what was legally considered a permanent foundation, and this home was from 1994; so that explains the tie downs...

The water heater, it's more of a rant; but; insurance, requiring replacement of roofs, water heaters, ect... Water heater that works, no reason to replace at 25 years; roof, if in good condition, replacing on a time table, again, stupid. Roof, ok, that's a structural component, so, to some degree, I guess. A water heater; if it fails, why would insurance care? They aren't covering mechanical break downs... Be like your car insurance requiring you to replace your transmission at 10 years, just because.... At what point does insurance want you to just do PM service of replacing your AC, doors, refrigerator...

 

[WinterDeere]

Is buyer really going to back out if you just call, "as is", and let them deal with the water heater themselves?

Maybe my view is skewed by only ever buying and selling very old houses, my newest house ever was built 1877. But it's real common here for a seller to just say, "hey, it's an old house, take or leave it," when buyers start throwing up home inspection repair items. It's what's been done both to and by me, in the past.

 

[paulsharvey]

Is buyer really going to back out if you just call, "as is", and let them deal with the water heater themselves?

Maybe my view is skewed by only ever buying and selling very old houses, my newest house ever was built 1877. But it's real common here for a seller to just say, "hey, it's an old house, take or leave it," when buyers start throwing up home inspection repair items. It's what's been done both to and by me, in the past.

Yeah, because you can't close without insurance, and their insurance company is refusing to insure. No insurance, no loan, no loan, no sale

 

[paulsharvey]

BTW, of coarse the home had tie downs. It's the lack of 8 "longitudinal" tie downs. My real estate folks looked briefly into it, cause they had seen this before, and found two recommended contractors that are "fairly affordable".

Water heater, i think I will likely pull a permit and do myself, although, I got to reread that "homeowner builder affidavit". It might include a line about not selling for 1 year?

 

[ericm979]

A water heater; if it fails, why would insurance care?

If it leaks and causes water damage they might get a claim.

 

[ultrarunner]

Yeah, because you can't close without insurance, and their insurance company is refusing to insure. No insurance, no loan, no loan, no sale

May a better offer offer will come your way?

There comes a point where the deal falls apart…

I sold an old 3 unit vacant building and the accepted offer fell apart with demands from the buyer…

I had a backup and said no problem moving on and the buyer had a lawyer write a demand letter for inspection fees and 5k inconvenience…

Very laughable and glad I sold to the back up…

 

[ultrarunner]

BTW, of coarse the home had tie downs. It's the lack of 8 "longitudinal" tie downs. My real estate folks looked briefly into it, cause they had seen this before, and found two recommended contractors that are "fairly affordable".

Water heater, i think I will likely pull a permit and do myself, although, I got to reread that "homeowner builder affidavit". It might include a line about not selling for 1 year?View attachment 3555805

Yep… same here for owner builder…

If you want to make a deal the escrow can do a holdback… at least here it’s worked for me.

Insurance issue are at the top of deal killers in California…