Newsflash: Secondary ethical question about relator

Related to this post: https://www.reddit.com/r/RealEstate/comments/buz97u/fthb_inspection_today_moisture_in_basement/Both my realtor and I got a copy of the inspection report late last night. This morning when I asked for an update on what’s going on, she said she had sent information and photos from the report to the seller’s listing agent. Is that OK? I paid for it, shouldn’t I get to say who sees it? At this point, I feel like she’s working with the seller’s agent, not for me. I realize she is a realtor and probably needs to do things a certain way to not hurt her reputation in the industry, but she’s really starting to annoy me. (She also called a roofer and a foundation contractor — I have no idea who they are, so not chosen by me — to ask them for advice without my permission.)Followup information as I research this: We have not at this point asked for any repairs to be made and in fact, my realtor is not responding to me. She says she’s researching to figure out what repairs we need to ask for. I say this is a flaw strong enough that we don’t want repairs made, we want to cancel the contract. We have now wasted an entire business day with this and we only have Monday left in our inspection contingency.

Read more at https://www.reddit.com/r/RealEstate/comments/bvcc7n/secondary_ethical_question_about_relator/?utm_source=ifttt

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Newsflash: [WA] Realtor listed parking garage + additional storage in listing, now I’m being told to park in the storage shed.

First time buyer who literally just closed today and is about to get my keys. I bought this particular condo because it had things like “Parking garage w/ additional storage space” explicitly listed. However, now that the process is done and I’m about to move in, I’m being told by the HOA that my storage shed is actually my designated parking spot, which is bullshit because if I have to park there, not only am I losing that space for storage (which is what it was going to be used for) but I’ll also have to pay to have someone remove the doors and dispose of them since I absolutely will not be getting in and out of my car every time I want to pull into and out of the spot just to open and close the shed doors.This is really frustrating and upsetting, and I don’t know what to do.

Read more at https://www.reddit.com/r/RealEstate/comments/bvdzr4/wa_realtor_listed_parking_garage_additional/?utm_source=ifttt

New Story Just Out: Major River Flooding, Outbreaks Of Tornadoes: Is This What Climate Change Looks Like?

Yet another interesting headline in the world of health and well-being. Major River Flooding, Outbreaks Of Tornadoes: Is This What Climate Change Looks Like?
This week the central U.S. has flooded and experienced deadly and damaging tornadoes. When it comes to what Americans could see more of due to climate change — the links are present, but complicated.

Read the full story here

Newsflash: Crazy post-closing situation – interested in advice

This is a crazy one.My wife and I are the sellers on a home and the buyers did a walk through an hour before the closing, where they found a few “personal items” that they wanted removed. This included a lawnmower and grill, that I thought they would want. They wanted it all removed, I agreed to pay them $400 from a personal check to avoid having to go there and remove stuff. On top of that, I had a final reading done with the water company. The buyers apparently had not yet set up their own water account, and because of this, the water company shut off the water (note that they delayed the closing for hours due to the personal items which caused this).After I already had my in-laws at the house ready to take the stuff, They agreed to the $400 in lieu of removal plus holding $500 in escrow to be released when the water was turned back on. I thought we were all set. My mortgage was paid, my check was mailed, and all parties got paid other than the $500 in escrow which was fine.Then I get woken up today by my attorney telling me not to deposit any of the checks and that the sellers want to hold the deed and all proceeds in escrow because 1) my in laws apparently took a propane tank when they were at the house thinking they wouldn’t want it anyway and 2) there was water in the basement (we had torrential downpour unlike anything I have ever seen for 2 days straight before that).My question is: do they have any legal standing to tell me not to deposit the checks?? I’ve never heard of this before, the closing is complete, and this should no longer be my problem. My in laws can bring the tank back if they want it, but my main concern is with the water in the basement.Has anyone experienced anything like this?

Read more at https://www.reddit.com/r/RealEstate/comments/bvbm2q/crazy_postclosing_situation_interested_in_advice/?utm_source=ifttt

Newsflash: Getting a foot in the door of real estate

I recently got a college masters degree in civil engineering/construction management, and I would love to get in touch with real estate. What are some ways to start in this business as a side hustle with no money. I am thinking of any kind of services you can offer, to get in touch with investors, home owners, fix and flippers, real estate brokers etc. The goal should be to get to know the market, and get in touch with as many different people as possible, playing in this field.PS: my studies is more on the technical and construction part of the real estate industry, rather than the investing part.

Read more at https://www.reddit.com/r/RealEstate/comments/bv8iuu/getting_a_foot_in_the_door_of_real_estate/?utm_source=ifttt

Newsflash: Q: Rental Property under LLC? or Self?

So I’m very new at this and am considering getting into rental properties. I’ve been trying to do research and I’m seeing a lot of folks saying that you want to set up an LLC to purchase rental properties.​Q: Would LLC rental property profits be considered pass-through income?Q: Is it more difficult to get a mortgage as an LLC?

Read more at https://www.reddit.com/r/RealEstate/comments/bvb0lc/q_rental_property_under_llc_or_self/?utm_source=ifttt

Newsflash: Trying to buy a house with Opendoor (part 2)

I was hoping to make this update short, but it blossomed… TLDR at the endOriginal post here: https://www.reddit.com/r/RealEstate/comments/blzh4y/trying_to_buy_a_house_with_opendoor_part_1/It ended up taking them 5 days to respond to our repair request, 24 hours after the previous due diligence extension expired. They gave us 9ish items that they would repair, left off a few bigger items but we were fine with that.We were told repairs were complete on 5/16, my realtor emailed them back saying that repairs are incomplete on 5/17, apparently they decided NOT to listen to my realtor and repairs were still incomplete as of our original closing date of 5/23 (we reached out to them multiple times between 5/17 and 5/23, don’t get me wrong).They spent most of the day (5/23) arguing with my realtor and I about a double oven that’s clearly not working as expected, even sending me a video of an employee turning on the oven, but not checking inside to see if it’s actually heating. None of the other items that we told them were incomplete on 5/17 had been repaired up to that point. I’ve gone to the property 5+ times now to keep telling them the items are still not fixed. I finally hired a repair technician to look at the oven and give me an estimate. The other items were clearly visible and didn’t need a repair tech.The ovens control panel has signs of electrical arcing, and they bypassed a thermal fuse with a straight wire making it unsafe. There are no available warrantied replacement parts for this oven.We obtained the seller disclosure from the previous sellers (the people who sold the property to Opendoor), and it listed that the oven was not in working condition and needed a new control panel, however on the disclosure to us, they listed that there was no known issues with any appliances. So basically they lied on the disclosure and have known about this issue for 2 to 3 months.There were of course other repair items left untouched or finished per our agreement, and they finally decided to start working on them / completing them on 5/30.We were supposed to close again today on 5/31, however they again low balled me on the oven and refused to accept that their delays have cause my lender to charge me a $480 rate lock fee. My realtor has tried to argue with both Opendoor and my lender regarding the rate lock fees and neither wants to budge.I’m pissed as all hell as we had movers scheduled for this weekend. I’ve also spent countless hours over the past two weeks dealing with this. I’m about ready to walk out of principal.Suggestions for anyone reading that considers closing with Opendoor:Do not schedule movers or expect to close with this company on time. It’s ran by a bunch of people with the mindset of doing everything literally the last minute. They can’t be damned to get anything done on time.Your realtor needs to be up their ass about repair timelines and invoices.If the previous owner of the opendoor property your considering had tried to list the house before, grab the old photos, listing description, and disclosure from the MLS if possible. This will help you verify what changes were done to the property and if there are actually any items that should have been repaired.We should have hired someone earlier to come out and look at the oven, or we should have immediately asked our inspector to come out and verify completed repairs once we figured out they were incomplete on 5/16.Unrelated to the above, we had an insurance hiccup because we found there were two property damage claims in the past 3 years. Both water damage. You can look into this yourself for free by ordering an Aplus report from Verisk. Information can be found here: https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/a-plus-property-verisk/ . I used a bit of social engineering and found out that they were both water claims for relatively stupid things (toilet overflow upstairs and frozen pipes).TLDR: Still not closed, if you have any repairs needed on the property or found out they lied on the seller disclosure, then consider walking away to save yourself a headache. Don’t expect them to be on time for anything, they don’t work weekends.

Read more at https://www.reddit.com/r/RealEstate/comments/bvaqpe/trying_to_buy_a_house_with_opendoor_part_2/?utm_source=ifttt

New Story Just Out: As CBD Oils Become More Popular, The FDA Considers Whether To Set New Rules

Yet another interesting headline in the world of health and well-being. As CBD Oils Become More Popular, The FDA Considers Whether To Set New Rules
The marijuana extract is touted as a way to ease anxiety and inflammation despite limited science, and the industry has grown quickly. Now, the FDA is holding its first public hearing on CBD.

Read the full story here