Housing market


Thank god I already have a home. I'm terrified where home prices will go as we extend our amortization terms
 
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If you don't mind me asking, what is there that you need to fix that the seller/investor didn't do or did just crappy?

I'll go through a list. But the people we saw working on the house the days prior to closing, it was clear they were not skilled labor. I can only assume that the rest of the labors were not skilled either.

1. Refinished the wood floors, but didn't clean when they put the protective coat over it. So we have weird textures from left over dust and paint underneath this coat.

2. Half of our basement is finished divided by the wall. They put laminate flooring down as this will a mud room as the garage is on the same level. They put the wall dividing the finished and unfinished part of the basement on top of the laminate flooring. So if we need to replace this flooring, that wall has to go. Also there is some paint on the flooring too.

3. There is new plumbing in parts of the house around the kitchen and bathroom, however, what they did was not good or wrong. Some faucets had hot and cold reversed. They hooked the hot water to the dishwasher when only the cold needs to. The area where they put the washer and dryer hookups was also not good. Primarily the drain for the washer also drained in to the same pipe as the kitchen sink/dishwasher. That pipe was too small for the washing machine, sink, and dishwasher. While this is something my wife could have done, we decided to hire it out to get it fixed right away; we had moved in the previous day and was able to get a plumber out there the next day. We paid $1,600 for them to fix the plumbing issues described above, solder a copper pipe that was leaking (something my wife didn't have the tools for), and install a utility sink next to the washer that includes a pump (washer and dryer are in basement below the main drain pipe). Most of the cost came from the utility sink.

4. We found out quickly that the bathroom tub and toilet were reused from the house. So we replaced the toilet ourselves. The tub was just painted over and is already peeling. So we want to replace the tub with a new one. Also the grout in the shower/tub is coming out in some areas. We didn't like the tile and paint color in the bathroom to begin with, so we had plans to redo it. This just reinforces the crappy work. Also, I'm pretty sure the fan in the bathroom is too small for the space.

5. We have a new septic for our house. Apparently for our septic, we need to have a service agreement with a company to come and inspect it twice a year and let the city know who we use. Got this letter from the city on Friday asking for our service agreement. Monday, we call the company who installed the septic. Long story short, the septic was never turned on. Our tank is lower than our leech field, and thus requires a pump to do that. Nothing in the control box was turned on. So the company who installed it came out to got everything working, but we had to pay $230 to get the tanked pumped to a level that would be acceptable for it to work properly. The seller of the house hasn't paid the company who installed the septic, and with the seller rushing to close on the property was not following up on his work (he was fairly absent). So there is currently a lien on the house, in which we have $20,000 in a hold back to cover the cost of the lien for the seller and the septic company to work it out in 60 days. So I assume that the work to finish the install of the septic never occurred because drama behind the scenes.

6. We have a cheap garage opener. When we were doing one of our multiple final walkthroughs we saw the people installing it. The opener doesn't work right in that it looses its memory and does this thing where it will close, and then open back right away. The manual says that its a program error and to unplug it and plug it back in. Additionally, one of the bolts used to hold the opener in the ceiling has come out, so it probably was not in a stud.
7. We have this open staircase that goes from the main level (we have a single level house that goes in to a hill. So from the front it looks like a two level, but from the back only a single) to the basement. The craftsmanship of this is poor. The spindles are not solidly in place, the stain is inconsistent, and the wood work has splits in it when it should be a single piece. There is a wooden board that is stained that takes up the space between the floor joists. The city made them extend this a little to allow for more head room, so rather than use a single piece of wood, they just added to what they needed.

8. They installed a water line for the refrigerator, but it was the wrong kind of hose. Luckily, when I bought the refrigerator, I purchased a hose.

9. A lot of the interior doors are new, but they are shimmed correctly as the doors stick in certain places around the frame.

10. The kitchen cabinet doors and drawers were never leveled.

11. They installed a fence outside. The posts are already wobble in certain areas. Its only 4 weeks old. They should have used concrete for the posts, but they didn't, just dug a hole and added dirt. The latch they used for the door doesn't latch properly. It's good enough for now to keep our dog in, but will need to be replaced at some point.

That's what I can think of right now. Again, we made the decision to follow through with this house, but we were on the desperate side and got taken advantage of because of our situation. Also, the seller pissed off everyone he worked with. He had two lenders who were ready to foreclose on him, the septic guy is suing him for the money owed, he told his agent that she sucked at her job and reinforces why he should never use female agents (we saw this text with our own eyes).
 
I'm sorry dude. That sucks. There are home flippers who really care about doing good work and love giving somebody a finished product and there are pieces of work like that guy. Sorry you had to go through that.
 
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I'm sorry dude. That sucks. There are home flippers who really care about doing good work and love giving somebody a finished product and there are pieces of work like that guy. Sorry you had to go through that.

Thanks, appreciate it. And I know there are people out there who do a good job, we just happened to get a fraud. It didn't happen at first, but as we waited on closing, the warning signs began to come out. The question we always had was do we walk away and go back in to the fight to get another house, or just stay the course. We always concluded it was better to stay the course because we had a house.

One thing I didn't mention was that when we offered on the house, it was still under construction, but it was towards the end. Basically final installs of stuff and the adding of the basement wall.
 
Thanks, appreciate it. And I know there are people out there who do a good job, we just happened to get a fraud. It didn't happen at first, but as we waited on closing, the warning signs began to come out. The question we always had was do we walk away and go back in to the fight to get another house, or just stay the course. We always concluded it was better to stay the course because we had a house.

One thing I didn't mention was that when we offered on the house, it was still under construction, but it was towards the end. Basically final installs of stuff and the adding of the basement wall.
Sounds like you got a guy who likes to flip low end houses flipping a house that is much nicer than his norm. The 50-100k flips are usually bare bones and no issues are addressed except for maybe covering over to avoid a buyer noticing something.
 
Sounds like you got a guy who likes to flip low end houses flipping a house that is much nicer than his norm. The 50-100k flips are usually bare bones and no issues are addressed except for maybe covering over to avoid a buyer noticing something.

So with talking to our new neighbors, the house has had a history. While I don't smell it, my wife does, but she can smell smoke and cat urine residue. So its a typical flipper house.

But he did do some major construction. The family room and kitchen used to be separated by a wall, he took that down and vaulted the ceiling. Additionally, me moved the bath tub from the right side wall to the back wall, allowing for a second closet to be created in the master bedroom.

But to your point of doing something over his head, I would say yes. His agent told us how the seller always talked about being at his country club. He was rarely at the job sight and checking on the work being done.
 
I'm sorry dude. That sucks. There are home flippers who really care about doing good work and love giving somebody a finished product and there are pieces of work like that guy. Sorry you had to go through that.

True. We had a home flipper take on a few on my street

Did a great job and brought some homes back up to speed. Really helped the values and the neighborhood
 
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So with talking to our new neighbors, the house has had a history. While I don't smell it, my wife does, but she can smell smoke and cat urine residue. So its a typical flipper house.

But he did do some major construction. The family room and kitchen used to be separated by a wall, he took that down and vaulted the ceiling. Additionally, me moved the bath tub from the right side wall to the back wall, allowing for a second closet to be created in the master bedroom.

But to your point of doing something over his head, I would say yes. His agent told us how the seller always talked about being at his country club. He was rarely at the job sight and checking on the work being done.

I sure hope he checked to make sure it wasn't a bearing wall before removing it. From the sound of your earlier post, it wouldn't surprise me.
 
I sure hope he checked to make sure it wasn't a bearing wall before removing it. From the sound of your earlier post, it wouldn't surprise me.

The city inspected it, so I would assume it’s ok. The ceiling is vaulted to the roof as there isn’t a floor above.

This reminds me. The area where the city made him cut holes in the ceiling to inspect the work, when they painted it, they either used a different brand of paint or a different white because you can see the difference in color.
 
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I'll go through a list. But the people we saw working on the house the days prior to closing, it was clear they were not skilled labor. I can only assume that the rest of the labors were not skilled either.

1. Refinished the wood floors, but didn't clean when they put the protective coat over it. So we have weird textures from left over dust and paint underneath this coat.

2. Half of our basement is finished divided by the wall. They put laminate flooring down as this will a mud room as the garage is on the same level. They put the wall dividing the finished and unfinished part of the basement on top of the laminate flooring. So if we need to replace this flooring, that wall has to go. Also there is some paint on the flooring too.

3. There is new plumbing in parts of the house around the kitchen and bathroom, however, what they did was not good or wrong. Some faucets had hot and cold reversed. They hooked the hot water to the dishwasher when only the cold needs to. The area where they put the washer and dryer hookups was also not good. Primarily the drain for the washer also drained in to the same pipe as the kitchen sink/dishwasher. That pipe was too small for the washing machine, sink, and dishwasher. While this is something my wife could have done, we decided to hire it out to get it fixed right away; we had moved in the previous day and was able to get a plumber out there the next day. We paid $1,600 for them to fix the plumbing issues described above, solder a copper pipe that was leaking (something my wife didn't have the tools for), and install a utility sink next to the washer that includes a pump (washer and dryer are in basement below the main drain pipe). Most of the cost came from the utility sink.

4. We found out quickly that the bathroom tub and toilet were reused from the house. So we replaced the toilet ourselves. The tub was just painted over and is already peeling. So we want to replace the tub with a new one. Also the grout in the shower/tub is coming out in some areas. We didn't like the tile and paint color in the bathroom to begin with, so we had plans to redo it. This just reinforces the crappy work. Also, I'm pretty sure the fan in the bathroom is too small for the space.

5. We have a new septic for our house. Apparently for our septic, we need to have a service agreement with a company to come and inspect it twice a year and let the city know who we use. Got this letter from the city on Friday asking for our service agreement. Monday, we call the company who installed the septic. Long story short, the septic was never turned on. Our tank is lower than our leech field, and thus requires a pump to do that. Nothing in the control box was turned on. So the company who installed it came out to got everything working, but we had to pay $230 to get the tanked pumped to a level that would be acceptable for it to work properly. The seller of the house hasn't paid the company who installed the septic, and with the seller rushing to close on the property was not following up on his work (he was fairly absent). So there is currently a lien on the house, in which we have $20,000 in a hold back to cover the cost of the lien for the seller and the septic company to work it out in 60 days. So I assume that the work to finish the install of the septic never occurred because drama behind the scenes.

6. We have a cheap garage opener. When we were doing one of our multiple final walkthroughs we saw the people installing it. The opener doesn't work right in that it looses its memory and does this thing where it will close, and then open back right away. The manual says that its a program error and to unplug it and plug it back in. Additionally, one of the bolts used to hold the opener in the ceiling has come out, so it probably was not in a stud.
7. We have this open staircase that goes from the main level (we have a single level house that goes in to a hill. So from the front it looks like a two level, but from the back only a single) to the basement. The craftsmanship of this is poor. The spindles are not solidly in place, the stain is inconsistent, and the wood work has splits in it when it should be a single piece. There is a wooden board that is stained that takes up the space between the floor joists. The city made them extend this a little to allow for more head room, so rather than use a single piece of wood, they just added to what they needed.

8. They installed a water line for the refrigerator, but it was the wrong kind of hose. Luckily, when I bought the refrigerator, I purchased a hose.

9. A lot of the interior doors are new, but they are shimmed correctly as the doors stick in certain places around the frame.

10. The kitchen cabinet doors and drawers were never leveled.

11. They installed a fence outside. The posts are already wobble in certain areas. Its only 4 weeks old. They should have used concrete for the posts, but they didn't, just dug a hole and added dirt. The latch they used for the door doesn't latch properly. It's good enough for now to keep our dog in, but will need to be replaced at some point.

That's what I can think of right now. Again, we made the decision to follow through with this house, but we were on the desperate side and got taken advantage of because of our situation. Also, the seller pissed off everyone he worked with. He had two lenders who were ready to foreclose on him, the septic guy is suing him for the money owed, he told his agent that she sucked at her job and reinforces why he should never use female agents (we saw this text with our own eyes).

Wow, that sounds awful. Sorry you're going through that.

If it makes you feel better, here's a horror story from a friend of mine: They bought a place a few years ago. It was a 70s era home, but in good shape. They had a few repairs on inspection, but nothing major. Fast forward 2 months after closing, they notice a brown spot on the basement ceiling where some renovations had been done. They monitor it, and it keeps growing, to the point water starts to drip from the ceiling. This spot is directly below the upstairs bathroom/toilet. So, they decide to investigate more. They open up the ceiling drywall and a bunch of water comes splashing down as well as a metal COOKIE SHEET. That's right, the previous owners had a leaky toilet. Rather than actually fix the toilet, they sealed a cookie sheet into the new drywall so that it wouldn't show until the cookie sheet overflowed. It was a little bitty drip that took 2 months to fill up a cookie sheet, but once it did, it ruined the ceiling drywall.

They considered suing the previous owner because he obviously hid a problem he knew about. However, it was like $1500 to fix the toilet and the ceiling. So, one of those cases where you just bite the bullet and move on with your life.

TDLR; some people are a-holes.
 
Wow, that sounds awful. Sorry you're going through that.

If it makes you feel better, here's a horror story from a friend of mine: They bought a place a few years ago. It was a 70s era home, but in good shape. They had a few repairs on inspection, but nothing major. Fast forward 2 months after closing, they notice a brown spot on the basement ceiling where some renovations had been done. They monitor it, and it keeps growing, to the point water starts to drip from the ceiling. This spot is directly below the upstairs bathroom/toilet. So, they decide to investigate more. They open up the ceiling drywall and a bunch of water comes splashing down as well as a metal COOKIE SHEET. That's right, the previous owners had a leaky toilet. Rather than actually fix the toilet, they sealed a cookie sheet into the new drywall so that it wouldn't show until the cookie sheet overflowed. It was a little bitty drip that took 2 months to fill up a cookie sheet, but once it did, it ruined the ceiling drywall.

They considered suing the previous owner because he obviously hid a problem he knew about. However, it was like $1500 to fix the toilet and the ceiling. So, one of those cases where you just bite the bullet and move on with your life.

TDLR; some people are a-holes.

To add to amend my list regarding number 4. We replaced the toilet because we were getting a scent of sewage/or that dirty bathroom smell. When we took the old one out, the wax seal and been broken or not installed correctly.
 
Wow, that sounds awful. Sorry you're going through that.

If it makes you feel better, here's a horror story from a friend of mine: They bought a place a few years ago. It was a 70s era home, but in good shape. They had a few repairs on inspection, but nothing major. Fast forward 2 months after closing, they notice a brown spot on the basement ceiling where some renovations had been done. They monitor it, and it keeps growing, to the point water starts to drip from the ceiling. This spot is directly below the upstairs bathroom/toilet. So, they decide to investigate more. They open up the ceiling drywall and a bunch of water comes splashing down as well as a metal COOKIE SHEET. That's right, the previous owners had a leaky toilet. Rather than actually fix the toilet, they sealed a cookie sheet into the new drywall so that it wouldn't show until the cookie sheet overflowed. It was a little bitty drip that took 2 months to fill up a cookie sheet, but once it did, it ruined the ceiling drywall.

They considered suing the previous owner because he obviously hid a problem he knew about. However, it was like $1500 to fix the toilet and the ceiling. So, one of those cases where you just bite the bullet and move on with your life.

TDLR; some people are a-holes.

That would make me mad enough to go through the hassle of making the seller deal with small claims court.
 
The “can’t get a house in a hot school district by the time school starts so we’ll wait until next year” real estate market phenomenon is REAL in CBus.
 
That would make me mad enough to go through the hassle of making the seller deal with small claims court.

Samesies. I understand that I wouldn't save any money probably (just paying an attorney vs a plumber) but I'd have done it just on the principal of "that motha ****** needs to pay"
 
Samesies. I understand that I wouldn't save any money probably (just paying an attorney vs a plumber) but I'd have done it just on the principal of "that motha ****** needs to pay"

That's kind of the problem with our legal system, you have to force responsibility on to people by suing them. In order to do that, you need to hire a lawyer. Which a lot of the times, people just figure to deal with the original issue themselves and move on with their lives.
 
Thanks, appreciate it. And I know there are people out there who do a good job, we just happened to get a fraud. It didn't happen at first, but as we waited on closing, the warning signs began to come out. The question we always had was do we walk away and go back in to the fight to get another house, or just stay the course. We always concluded it was better to stay the course because we had a house.

One thing I didn't mention was that when we offered on the house, it was still under construction, but it was towards the end. Basically final installs of stuff and the adding of the basement wall.

Ah, that makes sense. I was wondering how you missed those things when you did the inspection and walkthrough.
 
Ah, that makes sense. I was wondering how you missed those things when you did the inspection and walkthrough.

Yeah, that was an important detail. That's why when we originally saw the place, we were told the wood floors had a final coat left among other things that you would normally do for final touches.
 
Samesies. I understand that I wouldn't save any money probably (just paying an attorney vs a plumber) but I'd have done it just on the principal of "that motha ****** needs to pay"

The beauty of small claims court, at least in Iowa, is that you don’t need an attorney. In my limited experience, if one party hires an attorney, it’s a significant advantage. But in this case, forcing them to spend the time/$ on legal fees almost feels like a win.
 
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I throw the BS flag on his response. He would've had years of mandatory continuing education classes to learn about real estate law changes.

Since the offer has already been accepted, remind him that he legally misrepresented the facts (not to mention violated realtor code of ethics) thus coercing you into accepting the offer. You might have legal grounds to get out of the current accepted offer, but IMO would be way more of a mess/headache to do that. Especially if you're happy with the $$ you're getting for the home. If all else, maybe he'll discount your realtor fees.
Agree.....I'd put some pressure on the realtor on reducing commission as you likely didn't get max value....their error not yours...that's why you pay a realtor, to know their stuff!
 

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