Are Real Estate agents lying about Inspections and "buyer's financing fell through" on houses that have fallen out of "Pending" on Zillow?I hear the SOP is:1)offer accepted contingent on Inspection after buyer puts up earnest money2)Inspection3)Appraisal4)bank approves appraisal and buyer's credit, title, etc.But to crawdad out of Pending doesn't the buyer need to give Seller's agent a real reason from the Inspection to recover earnest money, otherwise WTF even is "pending" and "under contract"?Are all these agents that say they never saw any Reports on the house just legally able to lie about until just before Closing when they have to Disclose, but they figure "sunk cost fallacy" is in their favor?Don't all Buyers wave the Inspection in the Seller's agent's face hoping to re-negotiate to lower price because ANY inspection will have some stuff that SOUNDS kinda serious, even if its grasping straws about "possible future"?
Since 1/2 the entire process is about making sure the buyer can qualify for a loan, does "buyer's financing fell through" like mean "yeah, because the bank doesn't loan on houses that should be torn down and failed Appraisal"? Are there THAT many buyers will bad credit wasting everyone's time paying combined about $1000 or more for Inspections and Appraisals knowing their credit stinks or trying to buy a house way out of their range?When I was doing some Home Repair during RE transactions the Seller or their agent would hand me the Inspection or Termite Report paid for by the buyer and "that is your copy, keep it" the first couple times I asked if they need it back, and I even passed it on to fellow tradies in their was some issue in the report more up their ally they might do for the new owner.very substandard movie and really not even about anything, mostly a low grade car chase very disappointed and hoped for much better from Speilberg
I had one agent for a house, been on market for over a year with 33% price drop, that fell out of Pending tell me "they didn't have an official inspection, they saw some stuff they didn't like but I don't know what it was". How does that make any sense?Prior to Closing, are they required to "disclose" but NOT tell you the disclosure was the reason it fell out of Pending? Do they get to "bury" the original reports they got from previous would be suckers and re-word stuff to sneak it past you?Is there some legal trick going on that even after a buyer emails a seller's agent a report and exchange a few emails about issues that the seller's agent can legally pretend they "never saw that" when dealing with the next sucker? If everything is going through a buyer's agent is there some "professional courtesy" among agents to carefully word everything such that the seller's agent isn't on the hook to "disclose" to next sucker?much better "Disclosure" movieits got Demi as a sex maniac and its near perfect prediction of the Morgan Stanley case with the Jeet. :)
its a business infested with w*men and the devils foot soldiers in their earthly embodiment what did you expect?
>>3011094When I tried to buy a place the lender would not approve the loan because the AC side of the HVAC was broken. This was disclosed by the seller up front so everyone knew this going in. Only when I tried to buy the place did it become an issue. The seller stated they would not make any repairs or changes to the house before the sale so my lender declined to issue a loan. The seller inherited the place and was nearly underwater on the loan so they didn't want to spend anything on it. The next buyer after me got it, which was a shame but it happens.Basically the thing happened with another place that had out of compliance roof jacks and a breaker panel that was put in when that was future technology that a small town blue collar worker didn't quite understand yet. They couldn't touch the code with a ten foot pole and the seller refused to make the upgrade so my lender declined the loan.Why did I go with that lender? It was a Veterans Affairs loan and required no down payment and no PMI but their inspection requirements were tighter than most places. Third times the charm though. Found a fixer upper that had some issues my lender didn't like but the seller agreed to fix a few things before the sale and we closed the deal.
>>3011104https://www.youtube.com/watch?v=1qsSwDtfFFk&t=3504sYOU NEED AN AGENT BECAUSE OF THEIR PROFESSIONAL KNOWLEDGE AND EXPERIENCE AND THE PROCESS IS SO COMPLEX AND YOU WILL NEVER FIGURE IT OUT.I'm just barely poking around on Zillow and calling a few agents.This video is claiming "YOU NEED TO HAVE RECEIPTS FOR ANY REMODEL AND RECEIPTS FOR THE APPLIANCES OR YOU WONT BE ABLE TO COMPLETE A HUD/FHA, ETC NEW U.A.D. 3.6 APPRAISAL!!!" 39:50 markThere is no spot on the 3.6 for any 'receipts', for anything. IIRC there is a "other comments" section but mostly not. The Appraiser just has to "know" to what vague general level the kitchen or bath has been "updated" or "not updated".Claiming UAD 3.6 needs receipts is like saying DMV needs you to be a high school grad to get a DL. Its a non-factor and they couldn't care even if they wanted.First thing I hear from these big time youtuber agents I happen to know the slightest thing about and they are not just wrong but full of seriously harmful FUD and misinfo.So now you got any homeowners who believe this video panicking thinking they can't sell their house due to lack of receipts, or "retcon" fake receipts (committing real crimes) or WTF.
>>3011106>It was a Veterans Affairs loanIt's that. A lot of sellers don't even want to deal with VA buyers because they have so many stupid restrictions.
>>3011117a perfect McMansion can be missing carpet in one of 6 bedrooms (because let new owners pick) and it will flat fail any Govt backed loan because "no durable surface flooring".But AFAIK shitty semi-stained worn out carpet in every room is OK as long as its not an actual "heath risk".
>>3011094This is some hot garbage ESL posting
>>3011124no one in my senpai has been ESL for at least 5 generations and last college English class I got an A from a famously tough prof who graded on the curve, olde school.he even recommended me for scholarship for writing, but I woulda had to become an "English major".
>>3011131When did they stop teaching people to capitalize the first letter in a sentence? That was still on the curriculum when I went to grammar school. Maybe it is now in one of the later classes in the English Major degree you skipped out on.>senpaiSomeone got filtered.
>>3011097The seller's agent has an incentive to /not/ know about things. There's a ton of required disclosure stuff in most states. Stuff like the presence of asbestos, lead paint, black mold, or previous meth production. Those can be nightmarishly expensive to clean up. There's also things like "the basement floods every spring for 2 weeks" and various other seasonable things. If you as the seller's agent get caught knowing about those things without disclosing them, you can be sued buy the buyers. That liability is contingent upon you withholding information though, so if you don't /know/ that information, there's no liability.Naturally, a lot of sellers are going to lie about shit like this because it's not easy to catch them, and all the real estate agent wants is to close things. I've bought several places that had fairly obvious problems that the seller's pretended not to know about. In multiple instances I was able to contact people who were previously under contract and had backed out and get proof that the seller's knew about stuff (generally that they'd received a copy of the inspection report and then failed to convey info in it during the sale). It's not a trivial lawsuit, but fraud like that is one of the things that can include attorney's fees, so it's basically free money for doing a little digging.>>3011122This kind of stuff is the gimmick that lets you block section 8 tenants even when it's illegal to discriminate against section 8. Just have something obvious that will fail the section 8 inspection. Section 8 won't pay for the unit, and that means the tenant needs to qualify independently, which they never will. It's not illegal discrimination because the government cannot compel you to make the unit compliant with section 8 requirements.Obviously it's more complicated than that, but that's the general gist.
>>3011239good info on Section 8.I used to a be carpenter in The Projects and the units were kinda scabby but absolutely needed to meet certain specs. One of the things they didn't have was garbage disposals. I've only seen two major cockroach infestations and both were where the LL refused to install a GD, but I digress.How did you find the prior "under contracts"?
>>3011131You don't write like you're white, Anon, that's for sure.Tone seems brown. Youre a shit writer.
>>3011244Garbage disposals are a horrible idea in general, but even worse in a rental. They leak, they stink, they encourage people to put all kinds of shit in them that they shouldn't. You're going to waste a lot of time and money responding to idiots breaking or clogging the things. Just never install them. They're not even needed.
>>3011244>How did you find the prior "under contracts"?In one case I asked the neighbors what they knew and they had the phone number of the lovely couple that was looking at the house. I also know most of the licensed inspectors that operate in my region on a first name basis. Called them up and asked if they'd done a structural inspection on (property) recently. Caught a handful of cases doing that.In all cases I was fine with buying the properties as is for the prices I paid, but if you can screw over a piece of shit for an extra 20k or more, fuck it why not? Their fault for being so sloppy they got caught.>garbage disposalsCan't install them in a lot of areas because of the sewer system, or if you're on septic. I don't install disposals in my lower tier units because tenants will destroy them consistently. The real slobs won't even use the disposals, or they'll try and shove paper plates, plastic packaging and everything else in them. The only way to keep a handle on infestations is to have fairly routine inspections. We replace hvac filters regularly as an excuse to get into the units. Tenants are never going to replace the filters even if you give them free ones to do it. Regular inspections let you catch problems before they turn into nightmares.Colleague just finished gutting a place where they took something like 14 full sized dumpsters worth of shit out of the house, and now they're heat treating for bedbugs. That kind of mess doesn't happen overnight. Tweakers can horde a lot of shit in a month, but nothing a half dozen teenagers from the local trade school can't rip out in an afternoon. Big hordes take time to accumulate.>good info on Section 8.Don't treat it as gospel. Section 8 is highly region specific and there's a lot of grey area stuff where things are technically illegal but they can't "prove" it. Never acknowledge what you're doing to block section 8 in a region where it's illegal to do so.
>>3011239>n multiple instances I was able to contact people who were previously under contract and had backed out and get proof that the seller's knew about stuff (generally that they'd received a copy of the inspection report and then failed to convey info in it during the sale).Huh, when I bought my house, the contract specifically stated that we could not disclose the results of inspections to the seller.
>>3011268That's because they don't want to know. That kind of clause doesn't even make sense if you think about it.>I want to back out of the deal>Why?>Because of the contents of the inspection report>Whoa now hold on just a minute there chief. You can't tell us about that.What, are they just going to take you at your word if you want to back out of a contract and reclaim your earnest money?
>>3011256I've never had a problem with them stinking and I put lots of stuff down mine in my rental.But I have seen an upscale large apts where in the service shop they literally had a PALLET of replacement GD and a special cart just to do the swaps.>>3011261>Called them up and asked if they'd done a structural inspection on (property) recently.Interesting. Real Estate agents would tell you those are "strictly confidential" and the Inspector was doing a big no-no by giving out that info.Now I'm wondering if "confidential" ever trumps "disclosure".
>>3011280>What, are they just going to take you at your word if you want to back out of a contract and reclaim your earnest money?yeah, because they unofficially know the house has major problems, and are playing dumb.There hope is the next sucker hires a shitty Inspector or even does a waiver/cash offer, because that is the only way the pile of shit is going to sell for more than Tear Down value.I do believe there is a pretty big segment of Real Estate buyers who buy strictly on emotion, with money they didn't earn, and couldn't care less about silly "defects". Some of that will be due to the house being next to their other family or some other very specific location situation, and such rarely comes up in the market.So yeah, they'd be willing to give back Earnest Money, "no questions asked".this was me and now its making sense. >>3011097 I didn't know such contracts existed or were possible.>I had one agent for a house, been on market for over a year with 33% price drop, that fell out of Pending tell me "they didn't have an official inspection, they saw some stuff they didn't like but I don't know what it was". How does that make any sense?
BTW, I'm thinking of starting a website/service called "Real Estate Dox" or rdox.com.It would enable buyers and "reporters" to post info about any address for sale, with offers for cash on both ends for specific or general info.A "buyer" might post $100-1000 bounty on info for a property and dole out as they deem fit.Reporters could post the sort of info they have on a property and prices.Much of this would be on the Honor System but repeat users would gain karma, clout and rankings for good honorable past performance.Website would take 10% of cash involved, plus ads.I'm currently trying to figure out what "platform" to launch this on. I'm thinking WTF open source 4Chan/8Kun is run on, plus some anonymous User ID to handling the Monero/CC payments and user rankings.IMO it could become a "no brainer" to put $1000 on rdox before you take a chance on $500K house purchase.Might include "mods" that dole out at least part of what they judge your info is worth, to buffer the "honor system" at least for new users.
>>3011268>Huh, when I bought my house, the contract specifically stated that we could not disclose the results of inspections to the seller.Seems like a hella red flag.Was there "sunk cost fallacy" at play?WTF were the results of your house's inspection?WTF State or Nation was this in?
>>3011356>when I bought my house, the contract specifically stated that we could not disclose the results of inspections to the seller.https://www.justanswer.com/law/b6jvy-realtor-representing-potential-buyer-sent-inspection.htmlLooks pretty common and lots of "head in the sand" would be Sellers out there.".....may be exaggerated findings.... I feel completely like a victim""....I'm discussing the law that safeguards the SELLER from dishonest inspection reports."Buyer sent Seller's agent report anyways, agent refusing to open envelope. pure comedy. I'm sure a Jury would believe the Seller really really had no idea about the Defects named in the report that she didn't disclose.PS-normally its correct form to use "he" when the person is unknown, but in this case I'm confident its a "she", both Seller and Seller's agent.
>>3011280>>3011346>>3011356>>3011358It was Illinois. I'm pretty sure it is part of the boilerplate language of modern Multi-Board contracts.You can disclose some findings, just not everything. If you uncover unknown issues, the seller needs to disclose those to the next buyer, no matter how minor. So yeah, a bit like putting your head in the sand. Also, the seller doesn't care about your laundry list of 100 paint chips, scratches, buffs, etc.Obviously you can still notify the buyer of major issues. My inspection found gas leaks and some damage to the sewer line. The buyer repaired the gas leaks and gave $10k concession for the sewer.
>>3011363>modern Multi-Board contractswhat "board"?did you order a full sewer pipe scope or WTF to discover that problem? Leaking to surface?
