All Forum Posts by: Andrew Karpman

Thanks everyone for sharing your thoughts. It's greatly appreciated.

@Steve S.

I'm guessing they're asking for it for the reason you just suggested. They want to know if we have equity in the home, and wonder how much of that equity covers the repairs. I hear you regarding the instinct to not share it, however, I feel that if we don't they may think that we're hiding something and that possibly the home appraised at e.g. $20k higher than agreed sales price. This could make them uneasy and they could possibly use that as a reason to back out. Our deal is contingent upon them closing escrow on their replacement property, in which they're already in escrow for. So in a way, I feel like they are kind of at our mercy. Having said that, they were accepting back-up offers on the property and I believe still are accepting them. Personally, I don't think this property is a great deal for in our market it's as good as they come. It's not a bad deal if they fix everything we'd asked them to fix. Any more advice?

@Steve S. @Patrick Liska

Thanks for your quick replies. They do have the home inspection report which indicates all of the big ticket items we want them to fix or replace. Now, the home appraised at about $7k higher than the agreed sales price. Their initial listing price was exactly the same as what the home was appraised for. We low balled them and agreed upon $7k less than the listing and the appraised value. I don't know if they had their own appraisal done.

Hi, we're in the process of purchasing our first property, and we're in the negotiating stages of the deal. We've already requested that sellers repair the big ticket items as was indicated in the home inspection report. The sellers are now asking if we can provide them with the appraisal report which obviously we as buyers paid for. Our agent said that we don't have an obligation to share the appraisal report with the sellers but can if we choose too. 

Are there any cons to sharing the appraisal report with the sellers?

Thanks,

Andrew

Hello All,

We've entered escrow on a property just yesterday that has been on and off the market for a few years, and according to the selling agent multiple potential buyers have been in escrow on the property but eventually ended up walking due to the sellers not being able to find a replacement home. This raised red flags for me so I decided to ask you guys.

The seller had 3 contingencies in the counter which we had accepted and signed without fully understanding the 2nd one. They are as follows:

1. Escrow to be a specific escrow company (They specified the company)

2. Contingent upon Sellers purchase of replacement home with concurrent close plus 2 days

3. All other terms to remain the same

Once we signed, we submitted our earnest money deposit into this specific escrow company. My fear is that we conclude our due diligence period and pay for all inspections at which point we will forfeit our earnest money and the sellers take forever to find a home or never find one.

What are our options?

Andrew

Hi,

Can anyone recommend a good home inspection company in the Antelope Valley, CA, i.e. Palmdale, Lancaster and the surrounding areas? Quality is more important than anything for me in this case. Also, does anyone know of any good contractors who operate in the area who are honest and perform well?

Thanks,

Andrew

 Where do you get this official Cap Rate from? Should I take the listing agents word when he/she provides it to me? I think the answer to the last questions is "no" so please enlighten me on where, for specific neighborhood and property type in that neighborhood, I can find the official Cap Rate?

Eric, so as an example, I was looking at a 2 bedroom condo which already noted the HOA expenses of $175/month. This HOA included water, trash, and things of that nature but definitely not CapEx. If I use this $175/month to account for CapEx I don't think I would be allocating enough. In other words, this HOA fee did not include any of the CapEx expenses. So I guess I'm saying that my HOA allotment is different from what I will put aside for my CapExes. The questions is, which CapEx items do I account for if I own and rent out a condo vs. owning and renting out an SFR?