Realtor
Realtor
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Is there anyone who is willing to advise me on a real estate issue?
I paid out of debt back in August, so we've been trying to get a house. I'm VA qualified up to $130,000 but my gut won't let me go that high. We found a place for $84,000 but it won't pass VA standards. We made an offer to rent the place for 3 months, get it up to VA standards, and complete the purchase. The seller's agent handled the lease paperwork, and didn't give us our copies, nor has he responded though I've asked for copies to be sent. Not impressed.
Yesterday the owner called us, wants us to pay rent directly to her instead of through the agent (who takes 10%), and furthermore, told us she isn't in the rental business and just wants the house sold, and she wasn't interested in renting it to begin with. That gets my attention because she also stated that the agent didn't communicate with her any better than he communicates with us, and reading between the lines, this feels like it's going sideways and fast. They only agreed to rent it to us with a clause that we cannot file any sort of mechanic's lien against the place if we cannot complete closing.
I put my hand to the plow (please forgive the bible reference), and I'm not looking back, but we are about to sink about $6000 into the place for which I have no recourse. Up to this point all the work we have done to it with the exception of some plumbing has been "free" in that it didn't cost anything, but we are fast running out of those projects and are facing some expenses. I don't trust my agent, he just wants the deal to go through and get paid, I definitely don't trust the seller's agent, and I'm having a hard time trusting the seller. I also don't trust the bank, and I don't trust the politicians to not really screw things up with a nationwide lockdown in January. Does anyone have access to real estate knowledge that can advise me what to do in this situation?
I paid out of debt back in August, so we've been trying to get a house. I'm VA qualified up to $130,000 but my gut won't let me go that high. We found a place for $84,000 but it won't pass VA standards. We made an offer to rent the place for 3 months, get it up to VA standards, and complete the purchase. The seller's agent handled the lease paperwork, and didn't give us our copies, nor has he responded though I've asked for copies to be sent. Not impressed.
Yesterday the owner called us, wants us to pay rent directly to her instead of through the agent (who takes 10%), and furthermore, told us she isn't in the rental business and just wants the house sold, and she wasn't interested in renting it to begin with. That gets my attention because she also stated that the agent didn't communicate with her any better than he communicates with us, and reading between the lines, this feels like it's going sideways and fast. They only agreed to rent it to us with a clause that we cannot file any sort of mechanic's lien against the place if we cannot complete closing.
I put my hand to the plow (please forgive the bible reference), and I'm not looking back, but we are about to sink about $6000 into the place for which I have no recourse. Up to this point all the work we have done to it with the exception of some plumbing has been "free" in that it didn't cost anything, but we are fast running out of those projects and are facing some expenses. I don't trust my agent, he just wants the deal to go through and get paid, I definitely don't trust the seller's agent, and I'm having a hard time trusting the seller. I also don't trust the bank, and I don't trust the politicians to not really screw things up with a nationwide lockdown in January. Does anyone have access to real estate knowledge that can advise me what to do in this situation?
Real estate
Realtor
Department of Veterans Affairs (VA)
Home Loan
Posted >1 y ago
Responses: 9
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5
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You and the seller need to negotiate directly if possible. Do pay the rent directly to landlord, but be sure to do it in a way that generates an acknowledgement from landlord.
Fire your agent if you can't get a copy of paperwork.
Do not attempt to complete sale without a copy of the contracts involved. You may need an attorney. Don't do any more free work for the landlord. Only repair the property if it involves health and safety or the landlord is willing to pay for materials and your labor. Alternatively, the landlord can decrease the cost of the property by the value of materials and labor, but his is risky because you two may not agree on value. Take before and after pictures to substantiate the work you're doing. Keep receipts.
Fire your agent if you can't get a copy of paperwork.
Do not attempt to complete sale without a copy of the contracts involved. You may need an attorney. Don't do any more free work for the landlord. Only repair the property if it involves health and safety or the landlord is willing to pay for materials and your labor. Alternatively, the landlord can decrease the cost of the property by the value of materials and labor, but his is risky because you two may not agree on value. Take before and after pictures to substantiate the work you're doing. Keep receipts.
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Find a house that meets FHA and use that 6 grand for down payment and closing costs. Get away from the situation as it will only get worse.
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