FL-FHA- Earnest Money Deposit question

Quick question Working with a buyer who payed 2 earnest deposits. $1500 at contract signing, and $450 at extension.

Well about 2 weeks before our 2nd closing date the lender asked for a "consolidated escrow check" supposedly so the real estate company shows they disbursed the $1950 they were holding and replaced it with a $2000 check.

This is where it gets weird. The $2000 check was a cashiers check but under remitter it has someone elses (Not my buyers) name. When we look at the loan commitment it states that the buyers must specifically come to closing with the 3.5% from their proven assets and it cannot be paid by anyone else, which they are claiming the escrow deposit will do that.

Does this smell funny to anyone else?

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Buying a house in Western NY. Inspection on retaining wall

I am close to buying a house when my second inspection yeilded a "major" unrelated to the house but on the property. The retaining wall is close to failing.

My realtor recommended to ignore it. Instead, I got a repair estimate and it was over $10,000, or more depending on things that may go wrong. Now I'm unsure how to proceed as it isn't directly related to the house. Just hoping to solicit some opinions and maybe validate my concerns.

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X-post from personalfinance about maybe renting my condo to my contractor during repairs.

I've got an investment high-rise condo in a major metropolitan city in the US that I'm renting out going on 10 years now. 8 years left on a 30yr mortgage. The unit needs to be updated badly. A realtor said that I can sell right now and do OK with it or get higher rent, more equity, and better returns on a sale by replacing the 30-year old parquet floor and most of the kitchen. The building is also doing renovations like new elevators, a new A/C system, re-lining the pool, etc. The condo was built in the 1960's and development nearby is expanding. Some of the new condos 3 blocks away are luxe and are renting for 2.5x the rent I can get, so the immediate area is revitalizing. I've never had a hard time placing people here at break-even money, but the HOA fees are going up again and we're about at the point that I will have to pay cash every month to keep renting the place to someone. Sure, there's equity building, but the HOA fees are well above the mortgage now.

The HOA has a cap on how many units can be rented so once the tenant moves out in August, I have only 60 days to do all work and place a new tenant before my spot will be given to someone on the waiting list. That list runs about 4 years long. The management company enforces a 12 month minimum lease.

The contractor/personal friend who did storm damage repairs in my own home will be contracted for the work in the condo. In planning it, he just lost his roommate and suggested moving into my condo and doing the work during his lease.

Pro: I like his work. I live in it every day. He's petitioning to get full custody of his child so I trust his need to keep stains off his record. If it goes to heck, we aren't so close as friends that it would be a terrible loss.

Con: You just don't do this, do you?

My thoughts were to stick with arms-length transactions. He pays rent on time as any tenant would, regardless of projects. I pay for parts and labor as the jobs are started and completed and inspect them myself regardless of the lease.

What else does this community recommend?

Thank you

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[OHIO] – County Auditor assessed value of my house well below what I believe to be market value. Should I contest it?

In the State of Ohio, the county auditor is required to asses property value every six years with a "soft" assesment every three years. I got a letter yesterday for the six year appraisal saying my property value was about 20% less than what I paid for it at the end of 2009.

The Auditor is suggesting that my home has lost value in the past 7 years and is worth less than it was during the era that home sales were so bad that the government was giving no-strings-attached free money to buy a house. Comps in my area over the past year have sold for about 20% more than my purchase price in 2009. So, there's about a 40% difference in what the auditor valued my house at and what I believe it should be at.

Should I care? Should I keep my mouth shut and consider it a blessing that will allow me to pay less in taxes for a few years? Can this have an effect on my mortgage or insurance?

I don't plan on moving/selling any time soon. I'm mid-way through a couple of minor renovations that will probably linger for the next few months, so I assume that would hurt my case if I get it appraised right now and the value gets locked in at the end of next month.

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Walk-Through Only Available once Contingent Offer Accepted? (US – OH)

A house just popped up in my desired area way under market price. The ~5 pictures on the listing make it look move-in ready, but there's a note that a walk-through will only be permitted once a contingent offer is accepted. To me, this seems too good to be true and/or a scam, but I'm quite curious.

I can make an offer contingent on just about anything, right? There's the usual inspection/financing contingencies, but I'd like to include one that lets me walk upon walkthrough without losing a dime.

I have a call scheduled with my realtor this afternoon, but I wanted to check here to see if anyone's ever heard of such an arrangement. Thanks!

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Update: FL – Missed closing date 3 (now 4) times

Link to previous post


So we have now missed it for the 4th time, and underwriting says they want the repairs completed before they close, and obviously no one is willing to do that

Now the home buyer program is upset saying the lender is being ridiculous and that our house doesnt need repairs prior to closing and their lenders they work with have closed on much worse repairs with FHA. We spoke to the Lender and they told us that without ship and the ship repairs they can close without problem but since the Lender sees the escrow for repairs they think there are safety issues.

So where we are at now is buyer is going to go through one of the ship recommended lenders, however they need another 15 days (I assume that means 30). As the seller I am about done with this deal and have no faith it will close, so I asked to raise the sales price to the appraised amount to cover my carrying cost (5k) since assuming that they meet the new closing date, that will mean we were under contract for over 100 days and now I am being accused of "Extortion".

Suggestions? Should I walk away?

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Help with foreclosure auctions: Can someone explain to me what the judgement amount means?

I'm looking at a sheriff's auction site and am not sure what the judgment amount means. Is that the starting bid for the auction? If not, what is the starting bid, and how does one find out?


Looking at the first listing, the judgement amount is $64k, which is the unpaid balance if I am not mistaken. Does that necessarily mean the minimum bid starts at the price where the bank needs to recoup its money?

I'm really confused; I'm completely new to this and I've googled left and right but couldn't find a definitive answer on how the auction process works.

Thanks in advance

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Does a Custom Build Make Sense? (Xpost in r/Homeowners)

I have no idea where to start with these questions so maybe you all can give me a starting point.

Husband and I live in Southern California. Currently renting, will never be home owners at this rate because of insane housing prices.

My mother stands to inherit my grandparents home/property. My parents own their home outright and are more than happy to allow us to have/use/build on the land. (We will figure out exactly how to make that legal, avoid unnecessary gains tax and so all parties are protected).

My question is regarding the cost of building. We have no clue about construction so I'm trying to get even a ball park idea if its even doable. The property is 1.25 acres and essentially free. Landscaping/outdoor finishing could come progressively later (It currently has mature Peppertrees and dirt. 😛 Well grass in the spring time that my 95 year old grandpa mows with his ride on John Deer). The current home my grandparents build themselves in 1961. It has beautiful cedar planking through the living room, but has major issues with electrical, possibly foundation, roof, etc. So we are imagining a total rebuild.

We would want somewhere around a 2,000+ sq/ft home. I have seen a $200 per square foot estimate. Is that accurate for the current market in Southern California?? That would put us around $400,000? The range I see on Zillow for the neighborhood is between $500,000-$1,000,000 for the fully redone house across the street. So after a complete rebuild we could be looking at a property close to $1,000,000 if we ever were to resell?

Is that number even ballpark correct? Am I missing something huge? Help! I have no idea what I'm doing! Haha.

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How can I find potential sellers before they do a shitty remodel and then list the house? I want to buy un-remodeled one…


I'm in an area where the real estate market is pretty hot, and a lot of people in older funky homes are finally cashing in on their houses (or dying or whatever). Problem is, a huge percentage of them coming on the market have a super basic ugly soulless "our realtor told us we could get $100k more with crown molding and grey walls and bargain basement granite countertops" remodel.

One, I don't want to live in that, two, I love funky old houses and would save some of the details when I did my own GOOD partial remodel, and three I don't want to pay a premium for some shitty work I don't want anyway.

How do I find those sellers in the time between "hmm I should sell my house" and "ok time for a remodel" and just be like: SELL ME YOUR HOUSE, YO.

Or maybe find the people who WOULD sell their house but haven't had the thought.

Any suggestions?

I am of course continuing to look on the MLS and on Craigslist, and have a "real estate wanted" post up on Craigslist. But how else do I save a poor sweet house from a shitty remodel so I can live in it?


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First time Buyer Help

Hey Reddit, I'm purchasing a new home and I'm actually looking for any help or suggestions on what to look for. I haven't decided whether to work with a realtor directly, a big company, what to pay attention to when picking who to work with. Is there anything that you've personally experienced? This process is pretty frightening.

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