Skip to main content

CA: Too Many Red Flags?

Are these red flags, should I be worried?

  • Possible Red Flag #1: The house was right back on the market because the previous sale fell through.

Counter: shit happens.

  • Possible Red Flag #2: We put in a bid and the seller's agent told us that the previous appraisal was higher and we need to come up to be competitive. Fair enough. Unfortunately, our lender's appraisal came in low. We asked the seller's agent to show us the previous appraisal and he admitted that he didn't have it. He had been told it was X, but he didn't have anything that said X. Luckily for him when challenged, our lender's re-appraisal came up to our bid (FWIW, sellers paid the reappraisal fee).

Counter: the house did eventually appraise at the price the seller's agent told us it had appraised at previously.

  • Possible Red Flag #3: One of the insurance companies wouldn't bind a home insurance policy because there had been a claim for $5000.00 worth of water damage 3 years ago. We look in the disclosures: no mention of water damage.

Counter: Oopsie? We're still waiting to hear back from the sellers.

What do you think? Even my wife, who loves the house, is starting to get cold feet.

The house is everything we want, and the price/interest rates, etc... are right, but it's starting to feel sketchy. We really don't like our agent (she seems more interested in the sale than in our deal), so we wouldn't use her if this deal falls through.

submitted by /u/AdjunctSocrates
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ij5iq0/ca_too_many_red_flags/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Pool fill without engineer oversight

We are in the process of purchasing our first ever home in CA and we just discovered in the disclosures that the new build property we are purchasing previously had a swimming pool which was filled without an engineer onsite to approve the work (details from disclosure below). Is this something we should be concerned with or not? Is it something we should have additional inspections conducted on? We are originally from the UK and not really sure what to do with this information and if it is concerning or not. A POOL DID EXIST PREVIOUSLY. COPING, TILE, GUNNITE AND REBAR WERE ALL REMOVED AND DIRT AND CLEAN DRAIN ROCK WERE USED TO FILL IT IN. COMPACTED FILL WAS NOT USED AND NO ENGINEER APPROVED THE DIRT AND DRAIN ROCK FILL IN submitted by /u/tommot82 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/dpyzw8/pool_fill_without_engineer_oversight/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more