All Forum Posts by: Ken Ch
Ken Ch has started 5 posts and replied 11 times.
Post: Advise on replacing boiler during cold winter..
- Posts 11
- Votes 1
hello,
We are in Long Island.
I got a call from my tenant saying that the heat is not working. So I hired a plumber and he attempted to repair it with boiler sealer but it only made it worse as the boiler started to leak heavily.
We have decided to replace the whole boiler and was told may take 1 to 3 weeks as all the boiler are sold out. So my tenants maybe out of heat for couple weeks.
Knowing that we are towards the end of winter here but there may be a few more weeks of chilling.
If you are in my situation, what would you do?
Post: Asking price reduction due to Coronavirus?
- Posts 11
- Votes 1
Originally posted by @Mary L.:
.
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Post: Asking price reduction due to Coronavirus?
- Posts 11
- Votes 1
Hi, I have a deal that is already in escrow since January. But now the coronavirus outbreak has gotten so much worse, I feel that the housing market is going to crash sooner or later. Is it fair to ask for a price reduction at this point?
Has anyone deal with a similar situation before?
Post: Question about fees when signing contract
- Posts 11
- Votes 1
hello all,
I'm buying a 2 family house. When Signing the contract, the attorney asked me to write 4 checks.
1. downpayment (5%)
2. courier fee ($180)
3. title fee ($850)
4. survey ($500)
5. his fee ($1500)
This is actually my second house, but I don't recalled being asked for survey, title, and courier fee on the day of signing the contract.
Could it be possible that this attorney trying to scam me?
Post: Repair Credit, deduct from listing price or closing cost?
- Posts 11
- Votes 1
Originally posted by @Shaun Weekes:
Originally posted by @Ken Ch:
Originally posted by @Shaun Weekes:
Originally posted by @Ken Ch:
Originally posted by @Shaun Weekes:
Originally posted by @Ken Ch:
My seller is offering us 12k Repair Credit. The agent asked if we want to deduct it from the listing price or just get it as a credit towards the closing cost.
I'm not sure which way will save me more money.
Any suggestion?
What is the list price?
The listing price is $749k, Looking to get a 500k mortgage
I would put it towards the closing costs then.
Can you explain the benefits?
12K will pay for most of the closing costs including taxes and insurances impound account. This is saving your client one-time fees. If you use it to lower a 700+ home, it's less than 2% of the sales price. A home worth that much most likely will appreciate by more than 2% per year. My thought process is to eliminate the one-time fees. If this home were 100K then I would have said add the credit to sales price because you're lowering the price by more than 10% is significant in my opinion. Moreover, your buyer is putting down a large Down Payment so getting the home for 12k less means nothing against potentially pay $0 closing costs in this scenario.
Just my 2 cents and I hope this helps.
Thanks.
Post: Repair Credit, deduct from listing price or closing cost?
- Posts 11
- Votes 1
Originally posted by @Shaun Weekes:
Originally posted by @Ken Ch:
Originally posted by @Shaun Weekes:
Originally posted by @Ken Ch:
Originally posted by @Shaun Weekes:
Originally posted by @Ken Ch:
My seller is offering us 12k Repair Credit. The agent asked if we want to deduct it from the listing price or just get it as a credit towards the closing cost.
I'm not sure which way will save me more money.
Any suggestion?
What is the list price?
The listing price is $749k, Looking to get a 500k mortgage
I would put it towards the closing costs then.
Can you explain the benefits?
12K will pay for most of the closing costs including taxes and insurances impound account. This is saving your client one-time fees. If you use it to lower a 700+ home, it's less than 2% of the sales price. A home worth that much most likely will appreciate by more than 2% per year. My thought process is to eliminate the one-time fees. If this home were 100K then I would have said add the credit to sales price because you're lowering the price by more than 10% is significant in my opinion. Moreover, your buyer is putting down a large Down Payment so getting the home for 12k less means nothing against potentially pay $0 closing costs in this scenario.
Just my 2 cents and I hope this helps.
Thanks.
Post: Repair Credit, deduct from listing price or closing cost?
- Posts 11
- Votes 1
Originally posted by @Shaun Weekes:
Originally posted by @Ken Ch:
Originally posted by @Shaun Weekes:
Originally posted by @Ken Ch:
My seller is offering us 12k Repair Credit. The agent asked if we want to deduct it from the listing price or just get it as a credit towards the closing cost.
I'm not sure which way will save me more money.
Any suggestion?
What is the list price?
The listing price is $749k, Looking to get a 500k mortgage
I would put it towards the closing costs then.
Can you explain the benefits?
Post: Repair Credit, deduct from listing price or closing cost?
- Posts 11
- Votes 1
Can you explain the benefits?
Post: Repair Credit, deduct from listing price or closing cost?
- Posts 11
- Votes 1
Originally posted by @Shaun Weekes:
Originally posted by @Ken Ch:
My seller is offering us 12k Repair Credit. The agent asked if we want to deduct it from the listing price or just get it as a credit towards the closing cost.
I'm not sure which way will save me more money.
Any suggestion?
What is the list price?
The listing price is $749k, Looking to get a 500k mortgage
Post: Repair Credit, deduct from listing price or closing cost?
- Posts 11
- Votes 1
My seller is offering us 12k Repair Credit. The agent asked if we want to deduct it from the listing price or just get it as a credit towards the closing cost.
I'm not sure which way will save me more money.
Any suggestion?