Skip to main content

Seller bought from father a few months ago. Red flag or green flag?

I know this could go either way but what do you think? Here's the deal, seller bought her father's home 4 months ago. Now her and the husband are getting divorced (social media seems to confirm this) and are selling. It's in a great area. Cheapest home in the neighborhood. Large property. No HOA. House itself isn't perfect but its only about 20 years old and most at this price point in the area are in worse shape and like 70 years old.

So anyway, I have an accepted offer for under ask and only about 2% more than what they bought it for. Does that sound reasonable? Given closing costs and such, I can't believe they'd be making any money on this unless dad accepted less money than what's reported on the deed. My pessimism was making me think this might give them plausible deniability on the disclosure form but it looks like they didn't even answer anything "unknown." And the inspection didn't turn up anything major but radon, which they're going to give us a credit for.

This is my first home purchase and it makes it hard not thinking about all the ways this could go wrong...even like this where it's very likely a green flag.

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

source https://www.reddit.com/r/RealEstate/comments/1mlp0j5/seller_bought_from_father_a_few_months_ago_red/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

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