Real estate General topic

[paulsharvey]

As is has been our position on all real estate dealings. Leaves no doubt and may open talks on price only.

You would think so, but almost always the offer is contingent on inspection and fiancing. So, lender often won't loan (VA is the worst) with certain things. Ive heard, that VA loans require screens in every window that opens, and other, what i would call cosmetic, issues.

 

[tradosaurus]

We didn't ask for any repairs; we originally wanted the seller to do the survey; but had to back off that to make it work out.

Selling the old house, the first buyer demanded water heater upgrade and foundation jacks, which we did before deal fell through. Final buyer just wanted to meet, and discuss breakers, were the water lines were, ect.

Could you have made that repairs contingent on the buyer signing the purchase contract?

 

[paulsharvey]

Could you have made that repairs contingent on the buyer signing the purchase contract?

It was "under contract" but the contract was contingent of fiancing and inspection. I had those repairs/upgrades to meet the contingency. She then defaulted on the contract, so we seized her earnest money. It didn't completely cover the work done, but about 2/3rds of it.

 

[paulsharvey]

If I refused to do the repairs, she could walk away, with her earnest money.

We really did try to save the deal, even extending closing date. In the end, she did something stupid (quiting her job), and something dishonest (lied about cash on hand available for closing cost).

Now, I do wonder, did she have bad advice? Did someone not tell her? Did she have the down payment, but didn't think of the $1700 also due for 1st year's insurance? I dont know.

In the end, the guy who bought it, was a better real for us anyways.

 

[paulsharvey]

On our sale; we did, at our real estate guys advice, have septic tank pumped and certified; and we provided a copy of the original, still valid, survey. So, thats roughly $1500 in value, although it only cost us $700. And, thats not $1500 saved on purchase price, thats $1500 saved by them in Closing cost.

 

[paulsharvey]

I have wondered, is there a way to transfer a homeowners insurance policy? Most homes being sold have an active policy, and getting insurance is a Major hurdle to the buyer.

 

[paulsharvey]

I actually posted this comment/question in another thread, and kinda thought it was probably more appropriate on this one.

"Since we have already veered pretty far... Just saw a picture showing metro areas with highest foreclosures, which included Ocala FL (#5) and Jacksonville (#6), which made me pause for a second, and then wonder a question....

The Villages, Top of the World, and other age restricted communities; what happens when the owner dies and the heirs are under 55? I assume they can't take up residency, and have to sell, or maybe rent to a 55+; but im not sure. Im assuming these super HOAs have rules against rentals too... So, anyone actually know how that works?"

 

[bdhsfz6]

Much will depend on the HOA bylaws, which vary greatly. In most cases, you would not be permitted to live there unless it's with a family member who is over 55. Unless renting to someone who qualifies is permitted, selling the property is often the only option.

I worked with a couple who ran into this situation and they got around the rule by having an elderly aunt move in with them. Some however do not permit anyone under 55 to reside there permanently. Again, this will depend on the HOA.

Many 55+ communities follow the federal "80 / 20" rule, which allows 20% of residents to be under 55 and there is often a waiting list.

This is certainly something for seniors with heirs to consider before buying into one of these communities. It's often wise to consult an attorney who specializes in estate planning.

 

[WinterDeere]

Sounds like a recipe for some heir to pull their own morbid "Weekend at Bernie's", until they turn 55 themselves.

 

[Sigarms]

Who the heck would want to live in Florida? Flat as heck, humid as heck, and rain / sunshine like 6 times a day

I'm only joking, but Florida isn't for me.