Looking for advice on reading disclosures (SF)

Hopefully fthb. I'm trying to buy in SF and unfortunately it's see the house on Saturday, get a disclosure on Monday, make a bid on Wednesday. So I'm getting a painful crash course in reading disclosures. In a 200-page document I'm lucky if I understand 5 pages, but I suspect I really only need to understand 10. Any tips for how to quickly read through a disclosure to pick out the critical parts? [CA]

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Is this a good deal? Rent to own opportunity.

I currently rent a house from my Dad. The rent is $560/month. He recently told me that he needs to sell the house because he can no longer afford the mortgage and repairs. I understood and we agreed that my family and I would be out by next spring.

So in the midst of avoiding an anxiety attack, I started looking at houses in the area. My credit is rough, but I'm working on it.

I came across a rent-to-own opportunity. I got in touch with the listing agent. Here's the run-down:

Okay so I got in touch with the agent. Here's a run down of the info she gave me:

  • 849 for rent a month; 150 of that will go to a down payment on the house. Houses around here typically rent for 1k+ a month.

  • we have to be in the house for at least a year before we buy it; we have to buy before the end of the second year

  • this is a doozie: they require a 5% down payment at the time of the signing the lease. This might be around $6,000. This is non-refundable. I don't have that much money right now.

  • the house is "rough," especially the basement. She didn't define this further

  • comes with a mother in law suite, complete with its own living room, kitchen, bathroom.

I asked her about the 5% down and said that was an issue for us. She said that it was common, but it might be possible to lower it and/or work out a payment plan. I set up a viewing for my wife and I tomorrow.

What do y'all think? Good idea or not? What should I be concerned about? Any questions I should be sure to ask?

I'm confident we can afford the rent and that our credit should be in good enough shape in the next two years to purchase it.

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Two-Family in Southern Maine – Break Even Price?

I'm considering a two-family house in Southern Maine. It has two units split over 3000 sqft. The current rent roll is $2700. Property taxes run about $8600/yr. It's in a semi-desirable location. The intention is to eventually make one of the units owner-occupied, but I'd like to avoid losing money before then.

Assuming the property is in good, move-in condition, What would be a fair offer price? Ask is $360k, but I anticipate competition.

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Renting Apartment before closing on House?

So we are closing on our home purchase this thursday, it's going to be VERY difficult to actually move that day, so we were thinking of signing the lease the day before.

everything has been signed and all repairs have been made from the inspection. If the buyer decided not to buy, would we have any recourse in suing the buyer for breaking the lease in the apartment? or would we just be up shit creek?

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Radon concern

We had a radon test done on a prospective home. The average of two tests was 11.9 pci/L. The EPA recommended action level is 4.0 pci/L. Obviously this is quite a bit higher. We are planning on asking the seller to install a mitigation unit through a reputable company(in other words no do it yourself work). Is the radon something that we should be concerned abt after installing a unit?

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Is 2k on housing reasonable?

2k includes property taxes, PMI, insurance, HOA fees in a urban part of major city. This cost would rep 25% of gross income. The HOA (condo maintenance fee) is about 1.2% of value, which I think is fine since if I were to have a house I would put aside that 1%-2% anyway.

The 2k came from zillow calculator with 5% down (see below for down pay details) and I pulled the tax rate straight from city records.

95k income, single in early 30s. and would still be able to hit 20% of gross to savings, and total bills including housing are estimated at ~ 33%.

General life and fun money is about 20% and includes every thing else including but not limited to fun money, groceries, gas, auto maintenance (details below), xmas gifts, and ~3500/yr vacation spending.

The auto maintenance includes everything for my current car, plus enough to allow me to put down 50% in 4-5 years when my car is about 13 yrs old. The target car payment would be 200 per month.

These budgeting values are all based on my actual budget for the last few years, not a "hope to" budget. Now the why:

1-. I need to stay centrally located due to the nature of my career, or risk 1hr+ commutes if/when something changes if I were to look in suburbs.

This leaves me with 3 options in the area: a) 250k condos/townhomes ~1000 sq ft b) 350k 3br/2bath houses in gentrifying areas or c) 500k houses in "affluent" neighborhoods.

Option C is obviously out. I could wait for 20% down payment on 350k house, but I absolutely DONT want a place bigger than what I need.

2-. I originally planned to wait another 2 years to hit 20% downpayment on 250k, but I'm afraid that if I wait that long, the bar will be raised meaning those 250k places will then be 270 or more.

When I look at the appraisal values for last 3 years of this place, it goes: 172k, 240k, 240k

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Getting ready to make an offer

Home is actually near Olympia, WA.

We found a home and we love it. Problem is, I'm nervous to put a low offer in. They have it listed as a 3 bedroom (which is false, it's a 2 bedroom with one kid sleeping in the dining room.) So their price is set at a 3 bedroom price. Also they bought it for 68% of what their asking now only 2 years ago which seems greedy to me seeing as Google maps & the interior shows they haven't done any renovations. Is offering 83% of the asking price going to be insulting?

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Buying a house from a trust/estate. Should I even get my hopes up?

USA PA Back story: Brother 1 is wealthy and paid taxes and maintenance on home while brother 2 became mothers live-in help, so she could stay in the house and ultimately wouldn't have to pay for nursing home expenses. Mom passes and two brothers becomes executors of the estate and heirs.

The house has been vacant for three years. Year two of its vacancy we put an offer on the house and it didn't work out because the brother 1 wanted to place a lien against the house, he felt brother 2 needed incur half of the costs (taxes and maintenance) while he took care of their mom and then since it became vacant. Then brother1 said the house is worth double the price HE originally started with. We backed out thinking this seems a little to shaky and we couldn't convince brother 1 to place the lien against the estate and not the property.

Now here we are a year later… brother 2 had passed away from a heart attack at a young age. He had two daughters in college who are now the heirs to his half of the house. They want to sell immediately because they would like the money. We drove by the house and there is a for sale sign in the yard with a number that is completely faded that you can't entirely read it. We contacted the daughters and asked if they still wanted to sell and for house much. Their attorney representing brother 2 called us and asked if wanted to put in the same offer and that there is still animosity between the two sides. So legally what is the next step for the estate.

Is this something to ever go forward with? I don't know how the law works and if a judge would ever make brother 1 sell or atleast have brother 1 buy brother2s half out. Even if brother 1 thinks the house is worth double the price (which it isn't). Does the judge just let this go on?

I love the house and it just sits vacant…


tl:dr buying house from an estate that has two heirs that don't get along. What are the laws associated with estates and how do they play out in court?

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