Skip to main content

Rocky Escrow

My husband and I found a house we love near San Diego (first time home buyers). Our offer was accepted with a 45-day rent back. We have been told by the agents that our $50k lower offer was accepted by the sellers because of the rent back.

The sellers had accepted an offer that walked away just before accepting our offer but assured us that this was related only to a small septic problem. They also had a title inspection done just before listing. Without any mention, it seemed that the property was encroaching: the garage was built within the setback. We also noticed that the garage wasn’t on any of the initial paperwork and that the permit eventually produced shows it built outside of the set back. When we asked for permits and about the driveway which looked to be encroaching, the sellers were so “shocked” and had “no idea” about these problems. They were able to produce an survey that “the neighbor happened to drop by because they saw the for sale sign” that was completed a year ago (and they’ve never seen of course). This confirmed that the garage was encroaching on the set back and that the driveway was over the line. We think that the random title inspection was just them hoping for better news that what the survey showed.

They promised to pay for an easement with the neighbor who was initially onboard. An agreement was drafted but the neighbor now doesn’t want to sign. Our interest rate lock expires next week and we feel stressed. I feel really uneasy about the sellers staying in house for a free 45-day rent back period. I wish we hadn’t offered that. I wanted to make a late penalty addendum of $2k per day (it’s a $1M sale) but the realtors won’t even ask them. I feel the sellers have been very shady throughout the process and we don’t know what to do. Any levelheaded thoughts could help.

submitted by /u/Hopeful_Mammoth_5329
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/uyxumx/rocky_escrow/
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