By Inman News Feed
REThink Real Estate Tara-Nicholle Nelson Inman News Q: The buyer of our home took us right up to one week before the closing date and backed out, stating he found another home he liked better. We had complied with all of his requests, including a quick closing date and home inspection, and he was preapproved for a loan. We purchased another home quickly due to his demands. We even packed up our whole home and had done minor repairs he demanded be done. Now we are told we are not entitled to the earnest money. Why? --Jan, Utah A: Well, Jan, you appear to have had your good faith taken advantage of by someone who knew your side was dozing a bit at the wheel. Clearly, I don't know all of the facts of your case, but there are some common misconceptions about deposit refunds and contingency periods that seem to have been present in your situation. So, virtually every real estate contract in every state has some sort of due diligence time period in which the buyer is able to back out and recoup his deposit for a certain number of days...
By South Philly Review
Philadelphia Weekly's video guide to buying a home for the first time.
The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is pulled from data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account. Variations in price also occur because of negotiating factors, closing costs, and timing of closing....
By Inman News Feed
Rent it Right Janet Portman Inman News Q: One unit in our fourplex has a bedbug problem. The landlord hired an exterminator, who found a bug in two other units, so he recommends treating the entire building. We're going to have to take time off from work to prepare our apartment, then spend a night in a motel. We didn't cause this problem. Shouldn't the landlord reimburse us for the time off work, in addition to our lodging costs? --Natalie B. A: Whether you can fairly (and legally) expect the landlord to cover your expenses depends on whether your state has addressed this situation. Unfortunately, very few have, though that is changing as the bedbugs are once again starting to bite. Maine has brand-new legislation that sensibly tackles this problem (Maine Rev. Stat. Ann. Section 6021-A). The legislation was crafted by a bipartisan group of interested landlords and tenants, and embraced by the governor. Under the law, landlords may not rent infested units; if a unit or adjacent unit is being treated for an infestation, the landlord must disclose this to prospective tenants; and if a tenant or prospective tenant asks,...
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