happyscooter
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Post by happyscooter on May 12, 2011 7:11:31 GMT -5
Well, we didn't close on the VA loan. The agent said '10th', then he came back and said 'or somewhere around there.' DB is supposed to be looking at our contract to see if we signed 90 or 120 day contract. Me, I would have that info and the actual date etched in my mind. Anyway, thought you would like to know as we all come on here and ask 'any update from ___________?'
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happyscooter
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Post by happyscooter on May 13, 2011 7:01:36 GMT -5
180 day contract.
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Wisconsin Beth
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Post by Wisconsin Beth on May 13, 2011 10:09:45 GMT -5
180 days? holy carp.
Is the VA offer dead now? I'd get your family friends or whatever they are into the agents office and get their offer in and accepted.
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swamp
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Post by swamp on May 13, 2011 10:13:50 GMT -5
I'm a lawyer, I do real estate, and I find that the VA sucks, takes forever to close, and has bizarre requirements.
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973beachbum
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Post by 973beachbum on May 13, 2011 10:17:36 GMT -5
180 days?!?! Was the RE agent nuts??? I am so sorry! I can't believe whoever was advising your family allowed that date to be put in there. Years ago I was moving for my company. I had a conventional loan but needed a 90 day time from contract till close and the seller was pretty pissed. I can't imagine if I had asked for 6 months.
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hoops902
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Post by hoops902 on May 13, 2011 10:23:28 GMT -5
Well, we didn't close on the VA loan. The agent said '10th', then he came back and said 'or somewhere around there.' DB is supposed to be looking at our contract to see if we signed 90 or 120 day contract. Me, I would have that info and the actual date etched in my mind. Anyway, thought you would like to know as we all come on here and ask 'any update from ___________?' Ok lets make this clear. The 180 day contract you're talking about...is that with the potential VA buyer? Or your listing agreement with your agent? I get the feeling you mean with your agent, but that everyone is taking it as being with the VA buyer.
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Wisconsin Beth
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Post by Wisconsin Beth on May 13, 2011 10:47:04 GMT -5
Well, we didn't close on the VA loan. The agent said '10th', then he came back and said 'or somewhere around there.' DB is supposed to be looking at our contract to see if we signed 90 or 120 day contract. Me, I would have that info and the actual date etched in my mind. Anyway, thought you would like to know as we all come on here and ask 'any update from ___________?' Ok lets make this clear. The 180 day contract you're talking about...is that with the potential VA buyer? Or your listing agreement with your agent? I get the feeling you mean with your agent, but that everyone is taking it as being with the VA buyer. I assumed it was with the agent.
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hoops902
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Post by hoops902 on May 13, 2011 10:55:12 GMT -5
"I assumed it was with the agent. "
I'm assuming that too. But as written in the OP it sounds more like the buyer. and clearly beachbum assumed it was a buyer timeline too.
"I'd get your family friends or whatever they are into the agents office and get their offer in and accepted. "
Unless things have changed, happyscooter is trying to go around the agent in the family friend deal to try to cut the agent out of the commission.
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973beachbum
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Post by 973beachbum on May 13, 2011 10:57:29 GMT -5
Hoops that would make more sense. I just assumed after reading the OP that it was the contract with the buyer that was 120 days. I hope it is only with the agent.
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happyscooter
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Post by happyscooter on May 13, 2011 13:15:09 GMT -5
Agent 180 days. Hoops, no I am not trying to cut the agent out of his commission. I am saying that the VA loan that we have a contract on keeps going on and on and on. His agent keeps asking for things. Things that weren't in the original agreement. And if we had a 90 day list agreement that would be up next week. I have said repeatedly that I have no problem giving the agent something for his time/gas/effort. No it wouldn't be commission since he didn't sell the house. It's still listed. It's being shown and if I had any idea that someone else wanted to make an offer through ANY agent I would tell VA guy, you've got 24 hours to get your funding together. I am not sure if the buyers agent is trying to give him time to get a down payment together so he doesn't have to go VA, that could be why she keeps asking for things. We are talking about $4500 for a down payment. Yes, that's all. The house is $45000.
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happyscooter
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Post by happyscooter on May 13, 2011 13:18:37 GMT -5
Again, my big concern other than spending $$ each month is when is the insurance company going to cancel the homeowners insurance. To my knowledge you cannot insure an empty property. That's why rental houses are hard to insure. It will be 1 year in July. I am surprised the company has worked with us this long. And we have had some horrible storms here in the past month. Homes totally destroyed. I would hate to think that everything that my parents worked so hard for to come crashing down by a huge tree or fire and the insurance company said 'no payout'.
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hoops902
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Post by hoops902 on May 13, 2011 15:05:17 GMT -5
"Agent 180 days. Hoops, no I am not trying to cut the agent out of his commission. I am saying that the VA loan that we have a contract on keeps going on and on and on. His agent keeps asking for things"
You're trying to cut him out the family friend offer you received. Someone advised you to grab hold of that offer and rush it to his office. I was pointing out that you don't plan on taking that offer through the agent (therefore no rush to run it into his office if the 180 days of his listing agreement isn't up yet).
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happyscooter
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Post by happyscooter on May 15, 2011 7:49:29 GMT -5
Our agent is now asking for the heirs (siblings and myself) and our spouses SS #. For inheritance purposes.
I was given an inheritance 5 years ago by a family member that was more $$$ than this will be and no one asked my personal info. Just sent me a check. And definitely didn't ask for DH's SS#.
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swamp
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Post by swamp on May 15, 2011 8:10:14 GMT -5
Our agent is now asking for the heirs (siblings and myself) and our spouses SS #. For inheritance purposes. I was given an inheritance 5 years ago by a family member that was more $$$ than this will be and no one asked my personal info. Just sent me a check. And definitely didn't ask for DH's SS#. They have to do a 1099.
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happyscooter
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Post by happyscooter on May 15, 2011 8:11:22 GMT -5
Is that something recent?
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swamp
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Post by swamp on May 15, 2011 8:12:26 GMT -5
No, it has do be done everytime there is a RP sale that is not a primary residence.
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happyscooter
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Post by happyscooter on May 15, 2011 8:13:23 GMT -5
RP sale?
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happyscooter
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Post by happyscooter on May 15, 2011 8:14:32 GMT -5
Again, I only ask because the inheritance 5 years ago was more $$$, nothing was asked of me or DH. A check was issued in my name and mailed to my address.
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swamp
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Post by swamp on May 15, 2011 8:16:03 GMT -5
RP= real property.
There were no tax consequences to your inheritence $ 5 years ago, the sale of real estate is a taxable event.
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endofera
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Post by endofera on May 15, 2011 8:19:59 GMT -5
I can see asking for happyscooter's and her sibling's SS#'s because of the 1099 but why the spouses?
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happyscooter
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Post by happyscooter on May 15, 2011 8:22:06 GMT -5
The money came from the sale of property of a family member. Money in the bank and stock were split differently and I received none of that. But yes, the inheritance 5 years ago came from the sale of a house and 2 acres. Will was probated and took 8 months. 2 co-executors so I believe everything was done to the letter of the law.
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happyscooter
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Post by happyscooter on May 15, 2011 8:22:59 GMT -5
endofera, I am in NC. Community property state. Perhaps?
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swamp
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Post by swamp on May 15, 2011 8:25:38 GMT -5
But in the inheritence situation, the money passed through the estate, it wasn't a direct sale from the owners, hence, no 1099.
I don't see a reason for the spouses' SSN's. My office issues the 1099 to the person, not the persoand their spouse. I guess some places do it differently. ,
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happyscooter
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Post by happyscooter on May 15, 2011 8:33:14 GMT -5
OK, good information for the future. There is a reason I am a member of this board. ;D
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Deleted
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Post by Deleted on May 15, 2011 8:56:58 GMT -5
We have used VA loans to buy both of our houses, and we closed within 30 days. The VA didn't require either seller to make any repairs. Maybe we just chose really well both times?
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2kids10horses
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Post by 2kids10horses on May 15, 2011 10:29:09 GMT -5
Scooter,
You keep saying the buyer's agent keeps asking for more things.
I doubt that. The buyer's agent wants the sale to go thru just as much as you do. It's either the VA or the closing attorney that needs more documentation.
Just what are these "new" things?
Just as other have said, get YOUR agent to write up "back up" offers for the VA contract. I bet if you bring your relatives/neighbors or whoever to your agent and tell him/her they intend on writing a CASH offer, he/she would lower the commission to get it done.
You CAN get insurance on a vacant property. It is more expensive. It would be similiar to a "builder's risk" or commercial type of policy.
Again, your agent doesn't need the SSN numbers, but the closing attorney or title company does. How is the house title being held now? Is it still in the estate, or has title passed to you and the sibs? If title is still in the estate, they need the EIN number of the estate. If in yours and sibs names, they need your SSN's.
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happyscooter
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Post by happyscooter on May 15, 2011 14:12:06 GMT -5
First the contract said 'fix floor at cabinet (I thought it was the actual cabinet), fix the hole in the wood porch, tighten existing handrail in front, add handrail in back. Did those things. Put in a whole new porch, new plywood and bracing underneath, post and painted. Next week, termite treatment. Our agent said 'no evidence of termites', our agent had an inspector come out and look. So our agent said 'there will be no treatment.' Next week, water evaluation. 'Water flow or chemicals or what'? No answer. Homeowners insurance has been coming to 'The Estate of Jane Doe.' We pay it monthly as we have thought this would have been over by now. Probate closed in November (I think). Sibling questioned the other sibling since he was executor. Executor said 'probate is closed' we all have to make the decisions and sign the forms/contract.
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happyscooter
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Post by happyscooter on May 15, 2011 14:15:23 GMT -5
I can only hope my children will be rational when it comes to my death and DH's death. If they sit and cry over a Pyrex casserole dish, I swear I will come back and haunt them.
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2kids10horses
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Post by 2kids10horses on May 15, 2011 15:22:08 GMT -5
scooter,
Pardon me for not being able to read your mind, but your post of the fixes is somewhat confusing.
There are often several series of inspection that are required. There is a typical home inspection, looking for physical faults and safety issues. That was the porch and stuff.
Here in the South, termites are a problem. Even if there is no evidence of termites, some mortgage companies will require proof of treatment. There are two kinds of houses: Those that have termites, and those that WILL have termites. Getting a house treated for termites (whether they have them or not) is just a cost of doing business, if you want it to sell.
I can't figure out what you mean when you said something about a water test. If the house is on a well, yes, the water quality must be tested. They also might make you do something about the well, like install a concrete collar around it. Again, MANY mortgage companies require this. Not just VA. If not on a well, they might be suspicious of the main water supply line. If a house is older, and it sounds like this one is, the main water supply line might be clogged or clogging up. So, AGAIN, it is not unusual for the Seller to have to replace it.
Even a CASH buyer, unless they have specified that they are buying AS-IS, would run inspections, determine if there are faults that will cost money, and revise their offer downward to reflect the cost of repair.
Put yourself in the Buyer's shoes. Would you want to buy a house with a lot of unexpected repairs?
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Post by Deleted on May 15, 2011 16:54:57 GMT -5
Echoing something of what 2kids10hourses posted:
Here in Alabama I have never heard of buying or selling a house without what is called a "termite bond." There are many variations, but the most basic type assures that the house has been treated to prevent termites and is annually inspected for infestation. If an infestation is found, then the house is retreated as part of the annual premium. Part of closing is the termite infestation report, which is provided by the termite bond provider.
We don't have water tests, but the septic tank must be pumped out and the system inspected as part of closing. The seller bears this cost.
Those two items (termite and water test) sound fairly normal although they may be specific to the region.
People do buy houses "as-is," but unless there is a serious reduction in price, they usually aren't very smart. I read that trying to sell something "as-is" is a signal to buyers that there are major problems and to beware.
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