Real estate General topic

[ultrarunner]

No access across this property. The water, I would have to do digging on FLa rules about either pumping or animals watering directly from an open water source. Other than that, yes, free use.

Well; when I say no acess... the roadway on the western edge is an easement, each property gives up 33ft to create the road. IMO, I view that as not part of the property.

On my 2 acres there is a 25’ road right of way… I also own 1 acre on the other side with a similar 25’ right of way… so 50’ is the recorded number but the blacktop is 30’ wide and it works because I have no individual responsibility to maintain…. there are 5 neighbors past me and never an issue…

 

[paulsharvey]

Apparently, this road was part of the original development, and there was a Property Owners Association (POA, not an HOA) that collected dues to maintain the road. That went away 3 years ago. It is not a county road, so they don't maintain. Guess it just falls on property owners to either maintain, not maintain, or hire out. It's good condition, sand-clay road.

 

[paulsharvey]

Been scrabbling to get everything together. I didnt realize the number of things that I needed to provide within 3 days, 7 day, and 15 days... Also, annoyingly, some stuff is e-sign, some is print/sign/scan/upload, some is print/sign/physical mail.

Hopefully it's not an issue; but on the mortage application, it did ask if any additions, including porches/overhangs/patios were attached, which I answered, Yes. Now, that May trigger the need for an engineers certificate of wind load... Wife said (after I filled out form and submitted), why didn't you just say No. I figured the appraiser or inspecting would note it, and better to tell truth.

 

[paulsharvey]

Also, I really do like my credit union, and have no joke had the same account since I was like 12 y/o, but they are difficult to do a lot of e-transfer stuff; which is inconvenient nowadays

 

[Jstpssng]

Also, annoyingly, some stuff is e-sign, some is print/sign/scan/upload, some is print/sign/physical mail.

I just filled out an application for a small mortgage to do some work around the house. What I found annoying about the e-sign; you would sign one, and it would automatically jump down to the next spot to sign. I would have to scroll back up to read the form.

Am I the only one who reads a contract before signing?

The closing costs are about 2 1/2 times what I was cited; about 10% of the loan. This might make me reconsider, maybe take out a personal loan at a higher rate or just go a couple more years without a garage.

 

[paulsharvey]

My fine print stuff, they didn't include the closing cost discount for using their "partnering agent" which was a few grand. They had to re-prep the doc and send it the next day.

So, I did get hit with the pre-approval expiring like 2 days before the offer. So, had to get all that done again (I understand, but I feel the system is set up for people who aren't looking to buy, but ready to buy), and then bombarded with phone calls again. I can't really ignore them, cause my personal phone is also my work phone. The credit agencies are sure quick to sell that info to everyone.

 

[paulsharvey]

Got hit with something that I guess is common, but I didn't expect. The sellers want to stay in the home for 7 days past close. Not thrilled with that, but apparently they can't move into their new place until then. My agent said you can ask for basically 1 weeks rent, and a refundable fee to ensure no damage and everything is left clean. We aren't pushed to move on a specific date, so reluctantly we agreed.

 

[paulsharvey]

So, if they had known they could get moved, I wish they had asked for a 45 day close. It's been a rush trying to get all these moving parts lined up in time, stuff like bank holds, insurance, ect

 

[WinterDeere]

I'll admit it's been a dozen years since I had to deal with this, but why not just adjust closing date back 1 week? I remember changing our closing date by 2 weeks on the current house, for similar reasons.

 

[plowhog]

Got hit with something that I guess is common, but I didn't expect. The sellers want to stay in the home for 7 days past close.

That is a very nasty last minute high risk change. It happens often, but that doesn't reduce the risks involved.

For example: are you prepared to purchase a landlord's insurance policy to cover a catastrophic loss, such as if they burn the house down in the 7 day period while you own it and are responsible? I seriously doubt that your insurance you are purchasing as the property owner would/is going to cover such a loss by a tenant. Their insurance would not cover as they are no longer a property owner.

Like it or not, you are being pushed into being a landlord with all those added rights and responsibilities. I realize it is a stupid question but can they cook meth on the property during the 7 day period? If their diesel tank ruptures and spills everywhere, are they, or you, responsible for property cleanup? What if their dog bites someone? What if after 7 days they say another hitch has developed and now they need 90 days? And it goes on and on.

My temptation would be to say you are not going to close escrow until you can have possession and they have moved out. But I don't know all of the details of your transaction and laws of your state.

If it were me and I did allow them to hold over, I'd want some language where they are fully responsible for damages, etc. until they vacate-- and until you do a walkthrough after they have vacated and you approve the condition.

A mid-strategy is to let them stay, have a signed agreement that they do not get the sale proceeds until they: a) vacate, and b) you approve the condition after they are gone. And something like you can use their part of the sale proceeds to correct any damage that might occur.

I'm not intending to give legal advice as I am not qualified to do that. So, you might want to consult a real estate attorney about them staying past the close of escrow. I realize this is unwanted, but it would be terrible if you were on the hook to pay the mortgage on a property someone else destroyed, and which you could never even move into.

Good luck!