Skip to main content

(CA) New Homeowners - 8 mo ... title insurance and advice on who to reach out to next ? Please read more...

Hi all, first time home buyers here. Our experience was... not so great... but we do love our home! Suspected malfeasance on honest disclosures have happened thrice or more over (mold issue covered up by tac paper, mold issue covered up by “fresh paint”, etc.) Our trust in the system is a bit, less trusty. This is not a sh*t on our realtor or seller post, this is an “I wish to be a more informed and educated consumer” post. And this community has been great.

The story: we’ve owned for 8 months — a 1910 2 story bungalow in CA. We paid 690k, and have already put in 60k on fixing issues that were “upgraded in 2022” based on disclosures. In this time, we’ve also received multiple (4) CAFTB overdue tax notices addressed to the previous tenant/owner. I continue to write “no longer a tenant; return to sender” and drop at USPS and we continue to receive from the tax board. While I don’t know how much is owed (let’s say it’s hypothetically 75k), I do know they are not in good standing based on the LLC research/lookup on https://www.ftb.ca.gov

More backstory: we were never offered nor told of owners title insurance. Our broker and realtor team sent us the Dropbox final agreements (signed and countersigned.) Included therein is an unsigned CLTA doc (labeled BLANK) we were never told of or received. Were pretty conservative and pay for coverage even if we don’t need it, so this was a bit alarming, ha. I’m also paranoid.... but knowing things were concealed AND now we’re getting repeated overdue tax statements doesn’t feel good for my anxious brain.

I’ve also send a kind email to our realtor with simplified information. She has been, throughout this entire process, conflict averse, seemingly not our advocate or perhaps too green, or she was dealing with personal stuff during our transaction. Nonetheless, It has been a difficult and frustrating experience but I remain kind and hopeful because our home is worth it. She’ll be a shiny 115 year old penny restored to perfection eventually.

the question: what do we need to know, ask, consider with the above information and how quickly to act on owners title insurance to protect our assets (or am I just crazy paranoid)?

Thank you

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

source https://www.reddit.com/r/RealEstate/comments/125hbc5/ca_new_homeowners_8_mo_title_insurance_and_advice/
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