All Forum Posts by: Lynn McGeein

@Jeff Daring in the standard contracts we use, specific lender is stated in the contract, so a denial from that lender would likely be all you need to exit with your deposit back unless you did something to sabotage the loan. If the first lender found something that made them deny your loan, then the other pre-approvals may not be valid, either.

@Zak House cat urine/spray will soak through tile, grout, subfloor, slab, wood baseboards, cabinetry, etc. If you’ve ever had to renovate a cat pee house, you’ll never allow cats again. Disgusting. There are cat owners who take precautions, like putting waterproof barriers under litter boxes, keep cats out of closets, etc., but those I’ve met are all owners, not tenants. I’ve found tenants tend to let their small dogs pee/poo inside too. Gross. We do allow a well-trained dog, preferably large, no puppies and no breeds not covered by our insurance (vet records showing breed, age, proof of current vaccination and any required pet license).

@Jon Thomson You didn’t mention what your current mortgage rate was but no sense paying down or paying off a low rate mortgage just to then borrow from the same property at a much higher rate.

If you have your buyer-broker agreement and it was a full-service agreement, read through it and if they didn't perform, then contact your state's real estate board to see if you can still file a complaint, as there may be a time limit. The buyer-broker contract should specify the agent's duties of representing you, especially how they handle your funds, which seems the most serious thing you mentioned. If you did not win a bid, they should have simply returned the cashier's check you provided them or given you a refund if it had already been deposited in their escrow account, unless there was an agreement between you for them to hold it for the next offer. If you did win the bid and then defaulted, then your agent should have provided you with documentation where it specifies who received your earnest money deposit and why you were not entitled to it back, usually with all parties' signatures required.  While each state has different rules for earnest money deposits, they are all very strict about them. There are huge repercussions for real estate agents/brokers who mishandle client funds. If that happened to you, the real estate board should be made aware of it asap. For inspections, walk-through etc., as a listing agent, I've seen several buyers' agents in the last few years not show up for their client's inspection or Walk Through -- very annoying, sometimes giving me short or no notice, very problematic if there's no other arrangement for entry. Some lenders won't share appraisals with anyone but their client -- just had this happen to me, so my buyer can ask me questions, but if the lender won't discuss it with me, then I am very limited in ability to assist.    

@Art Maydan. Looks like if it’s Illinois, the reason they’re probably asking is appears there’s a new law for landlord to disclose radon, provide a pamphlet, tenant has right to test and terminate lease if landlord chooses not to mitigate if high levels found. Some states offer free test kits, maybe check that, and if this is the state where your unit is, sounds like you may have to do it anyway for next tenant.

@Ed O. For us, National banks are about accessing accounts easily, obtain cashiers checks or get cash most cities we’re in. For instance, NFCU didn’t work for us in Vancouver, WA as nearest branch was in Seattle back then. National bank meant easily transferring funds immediately to kids account free even though they’re in different state, knowing the branch in NC can issue us a bank check for next closing after flying in and learning final amount, paying for new car in Pennsylvania after seeing it and negotiating price, bank branch right down the street. Local banks are great for doing business in specific areas. But a large national bank has its perks, too.

@Ed O. If your contractor chose Bank of America for their business account then they should have asked about and discussed timing and fees for different deposit types before choosing, ask their clients to use Zelle, or have a separate payment service like one contractor I use has pocketsuite for estimate, payment and invoices. Larger banks can be a pain, but if you know and work within their policies, they can work well.

@Shawn Blake even if HOA allows STR and/or ADU now, a vote of owners can enact new restrictions that you are then forced to follow. If it's worth it as a long-term rental or there's good appreciation in neighborhood, may be worth the risk of moving forward with back-up plan to sell or long-term rental if HOA restricts ADU or STR in future. Otherwise not worth the risk. Note while HOA may allow ADU, might only for be for family, like in-law suite, no rental, so read docs carefully. We're fine with our HOA's but we have long-term leases and prefer multi-year tenants.

@Colleen F. If the surrounding area has a lot of tear down and rebuild or there’s no inexpensive way to renovate to make it more functional, likely not worth sinking much more money into it if most future buyers will just prefer to tear it down. Would it be too expensive to formulate potential future plan for entire parcel, then determine if that small part of it where house is now can be built now, potentially making the whole thing more valuable if/when time comes to sell, partner with someone or develop yourself?

@Skylar Jennings there are sellers who FSBO at ridiculous "make me move" numbers, fishing for a buyer out there that will pay too much. If not, they're fine keeping it, especially if it's still generating income. The recent crazy with multiple bids and appraisal guarantees has exacerbated the problem. Wanting to sell and needing to sell create different negotiations. If they're just fishing and don't need to sell, likely not worth your effort.