Skip to main content

Buying Property, Check mysteriously bounced?

Hello Reddit,

So I’m in a bit of an odd situation and could use some, advice I suppose. To be honest, I don’t even know if this is an appropriate subreddit, if not feel free to redirect me.

Location: Washington

Names changed for privacy.

Long story shortish, I’ve rented the same house for about 24 years; rent has been super cheap so I’ve never bothered to buy.

The owner of the property (Owner) owns my property as well as that of several other properties including that of some nearby apartments. The apartment complex manager (Beth) also manages my rent and has been a great person all these years.

A few months ago, Owner passed away and left his properties to his kids (Children). The Children, to the best of my understanding, do not wish to bother with property management and have decided to liquidate most or all the properties. It seems that they reasoned to let a lawyer (Attorney) handle all the details with the selling of their properties.

Of course I’m scared about this, but I have saved up enough for a generous down payment on a mortgage, and if the price is right, I should be able to afford to purchase my house! An assessor came to the property and offhandedly valued it in the high 200k to low 300k range. Something I can do, but when contacting the attorney, he was citing around 350k. Not thrilled, but hey in this market… doable. The building itself is practically worthless, but there is some nice acreage.

On may 20th I was served my 90 day eviction notice, understandable as I’m getting details drawn out from my mortgage lender and am waiting for a final inspection of the property.

But here things get weird; I am unsure if I’m being paranoid, or if some shenanigans are afoot.

On May 6th I made my most recent rent payment to Beth. Same as I’ve always paid. Yesterday, get informed by Beth that my check bounced on that day (the 28th)

What? My account is flush for a rent payment; even if it wasn’t, any deficit would roll on to a credit card. Also, a 3-week delay for a check to bounce? That seems unusually long. In my 24 years of living here, I have never once had a check bounce for rent. Never had a check bounce at all in over a decade.

This rent payment I assume would make its way to Attorney. Right as I’m dealing with getting a loan offer. Could Attorney somehow use this against me to not sell?

Even weirder, I was able to contact my bank, and they have no record of any checks being bounced at all. Nothing on their end.

Am I overthinking this? Should I prepare for something? Or is this likely to be a series of errors and perfect timing? I'm sitting here during Memorial Day weekend worried about this.

Thank you for any advice on this issue.

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

source https://www.reddit.com/r/RealEstate/comments/no1817/buying_property_check_mysteriously_bounced/
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

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more