Skip to main content

First time home buyer looking for advice on a situation

To start, my dad is my realtor. He has our best interests at heart and just wants what will make us happy so Im looking for some outside perspective on a situation.

My wife and I are trying to buy our first home. I have a little knowledge I've sapped off my dad from helping him flip houses but we're pretty fresh to it nonetheless. We looked at a good few houses and were surprised to find a home in a neighborhood that couldn't be much more perfect that seemed to check all our boxes. It is a flipped house but my dad and I have done that ourselves several times so it's not a huge red flag for us. So we put an offer in and struck a deal that we'd do no inspection to get us the house at about 10k under asking price. We were pretty happy with price it's actually a little below our max budget, especially after the reduction.

However, now that we've seen it a few more times, weve noticed things and the seller is refusing to do them. Most notably are two things: that they put an addition on, but the crawlspace which is underneath has plenty of gaps and is uninsulated. We live in upstate ny so it gets very cold in the winter, and the addition is our kitchen so there's water and drainage pipes in the crawl space, so I worry the pipes will freeze if that area remains uninsulated (not to mention cold floors). Next is that it has gas heated water radiators for heat, which is great, but there is only 1 radiator for the whole downstairs. It is all open floor plan downstairs but it's on a wall at the front of the house and leaves the kitchen without any radiators.

We conditioned the contract on them getting a certificate of occupancy from the town, since it is so much new construction in the flip they need one anyways. Will the town require any of that for code? If we go to the town ourselves, I worry the seller will get pissed and pull the deal.

Am I crazy for still wanting the house? We love all the other parts of it, but I don't wanna get in too deep and end up spending all our money and regretting it later.

What would you tell a client if they were in our spot?

Hopefully this makes sense.. Feel free to ask questions if it doesn't and we really appreciate any advice in advance!

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

source https://www.reddit.com/r/RealEstate/comments/vhdrrk/first_time_home_buyer_looking_for_advice_on_a/
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

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/
Post a Comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more