(va home loan)
Hello all; my wife loves the property. we are currently under contract, and after reviewing the contract with the disclosures, it is clear the seller did not disclose the rent control. my agent tells me there is no mention of this on MLS
regardless, we are very interested to continue. the property is in DC, and we were thinking of doing the small landlord exception to get a rent control exemption.
we did an information only home inspection, and it doesn't look too bad; we have cash to fix her up.
my question is, how can we leverage this to our benefit? We don't want to walk away; my wife loves it; the concern is I don't like being lied too.
edit:
List was 575K, and counter was 535K with 6% seller credit, home inspection contigency (VA apprasial cannot be waived)
the counter was 535K with 4% seller credit. home inspection contigency waived, visual only
(VA apprasial cannot be waived)
I accepted. we are in week 1 of closing, and the home inspection was done this weekend.
My wife loved it, and I finally got the leases 1 week in ( my realtor informed me that MLS only had the rent amount in the notes. no mention of rent control anywhere)
read the leases, saw the rent control and confirmed it.
regardless, I think my DTI only jumps from 10% to like 22%?
my concern is;
this is a bussiness transaction, and if the seller had been upfront about it I would've been ok. I now have to call my lending agent and hope this doesnt cause any delays, as I feel like the underwriters will find this out later and throw a fit ( rightfuly so, they work for thier investor, not for me)
Point is, I guess this is more of a rant, as they already dropped from 575 to 535K; I will be suprised if they accept my upcoming counter of 500K. it will chew into thier net, but don't lie.
If we lose this, I will be very unhappy as my wife really likes it.
[link] [comments]
source https://www.reddit.com/r/RealEstate/comments/1v7x8ki/4_unit_property_seller_did_not_disclouse_rent/
Comments
Post a Comment