Real Estate: Trapped in a Real Estate Deal That Will Most Likely Force Us into Homelessness |
- Trapped in a Real Estate Deal That Will Most Likely Force Us into Homelessness
- What do I do with my Land? [LK]
- Condo or House?
- What's the typical split between a broker and their firm?
- Want to buy a lot for aging mother - how? tips?
- Mortgage Calculation - after additional principal
- I found land next to a development, would this description make it seem like I need to join them if I build?
- Question on how to deal with this
- New to real estate
- Considering renting out our old house.. as a first time landlord - what advise do you have?
- Paying for people to find vacant houses?
- First Time Home Buyer advice
- Landlord never asked to renew lease after a year but accepted next months payment, now we are moving so..
- Seattle market + coronavirus?
- Ryan Homes and NVR Mortgage
- Is It Illegal To Trade Property Back and Forth To Avoid Bankruptcy or Having To Liquidate It In Divorce and/or Civil Suit On The Company?
- NYC Tenant Laws
- Alternatives to RightMove?
- What is the best online school to study/prep for the Real Estate Agent exam?
- Cost segregation study
- (DC area) Where did you make sacrifices when buying your home, particularly in location?
- When it comes to cold calling, how do you not mess up the call?
- Buying a home with foundation issues - thoughts?
- Best kind of loan for a $50,000 home?
| Trapped in a Real Estate Deal That Will Most Likely Force Us into Homelessness Posted: 01 Mar 2020 05:32 PM PST My husband and I recently put in an offer on a house in Alabama for $185,000. The seller's realtor shot us a counter offer saying that the seller owed more than that on the house and $207,000 was as low as he could go. We still found that price acceptable and we signed a contract to buy. I endes up googking the seller when his name showed up in the paperwork... and well, he is in prison and his father is handling the sale of his estate. He raped and molested a family friend's daughter repeatedly over the course of 2 years (from the ages of 5 to 7) and when the girl came forward and the police seized his phone, they also found THOUSANDS of photos of child pornography and several videos as well. Commence the heebie jeebies! I wanted to back out of the deal immediately, because ewww but my husband and I decided we would make the best of it. BUT THEN when our realtor did the title search, we found out that the house has a $174,000 lien on it and it is for restitution owed to the victim. We want to be done with this house, there is no possible way they will be able to get that lien removed in the next 2 weeks (they have until the closing date which is March 6th and then 5 business days after to get it off the title or the deal falls through). But we don't want to wait for all that, our lease is up on March 15th and our rental company doesn't do month to month, we need to find a new house and fast but we can't put an offer in until we are released from this current contract. Despite MULTIPLE attempts to send a release of contract form (even one offering for them to keep our $1000 earnest money) the seller, his realtor and his lawyer REFUSE to release us. They claim they were unaware there was a lien on the house (which is untrue), they claim the lien isn't supposed to be on the house at all and they claim they can and will have the lien removed within their alloted time frame. We are being held hostage. From everything I have read, there are multiple channels that have to be gone through to have a lien like this removed and they include but are not limited to negotiating with the victim's family to take a lesser amount than what they are owed in restitution (The seller owes $160,000 on the mortgage, we are purchasing the home for $207,000 and so they are hoping to get the victim's family to take the almost $50,000 the seller would be making in profit as restitution rather than the $174,000 they are owed) and if the family were to agree to that, it would also have to go before a judge. I just don't see that happening within the next 2 weeks. But here we are... Our time line is completely messed up, we have no idea where we are going to live after our lease is up on the 15th and we are basically being held hostage in a contract for a house we no longer want. Does anyone have any suggestions for what we can do to terminate this contract (other than waiting out the time)? The seller, realtor and lawyer are lying that they didn't know about the lien, otherwise they wouldn't have denied our initial offer of $185,000 saying that the seller owed more than that on the house... cause he only owes $160,000 on the house. They purposely lied to get more money out of us to try and have enough to give the victim's family a small payoff of the restitution owed. But how can we prove that? They are ibviously trying to sell this house under false pretenses and didn't disclose the lien... We are afraid what will happen is that we will have to wait out the time period they have to remove the lien and then find ourselves on the 13th of March with no house bc they can't remove it and then our lease ends on the 15th and we have nowhere to go... Edit: Thank you to everyone who took the time out to offer advice and help, my family and I appreciate it. Tomorrow we are meeting with a lawyer to figure out exactly what we should do next and what we can expect in the upcoming weeks. We are also currently looking into living options for when our lease is up on March 15th. [link] [comments] |
| What do I do with my Land? [LK] Posted: 02 Mar 2020 01:53 AM PST Hey there! I live in Sri Lanka and I have a plot of land, about 79 Perches, situated in a Rural area, that's currently being un-used and as we speak, it is turning into a mini jungle. I would like to know your thoughts and profitable ideas on what I could do with this plot of land, as selling it is not on my mind, and at the same time I would like to not leave it as a Bad Debt that is not generating any income. Note: In the past, I have tried to provide the land to Poultry Businesses, that will pay me for taking care of the chickens they provide, on the land I provide. Changed my mind towards it, as the Capital needed to build the infrastructure for the Chicken Farms was absurdly high in comparison to what I had in mind. [link] [comments] |
| Posted: 01 Mar 2020 03:22 PM PST Hello, I'm looking to buy property in Arizona some time within the next 2-3 years. By the end of this year I should have about $40k saved up, by next year I should have roughly $80k-$90k. I was looking for some houses over in Phoenix, AZ and the average price was about $250k-$350k. However, I'm considering on owning a condo instead. I'm only 22 at the moment and I prefer living in communities, like apartment complexes. Is there anything I should be wary about if I'm going to do a down payment and mortgage for a house/condo? I heard the resale value for condos are worse than houses, because no one wants to buy a condo over a house when there are plenty of condos for sale at the moment. [link] [comments] |
| What's the typical split between a broker and their firm? Posted: 02 Mar 2020 08:22 AM PST For instance, if my agent works for Corcoran, and the commission is 3%, how much of that is my individual broker likely to get? Not a top broker, just an average one. market is NYC, but happy to receive general information as well. [link] [comments] |
| Want to buy a lot for aging mother - how? tips? Posted: 02 Mar 2020 08:11 AM PST My mother is getting older and we want to get her to a spot where she is closer to home. My lot really isn't big enough to make an inlaw sweet for her. Plus my husband's eye was twitching a the idea (they get along, but live together maybe not). However, there is a lot near my house that has been abandoned. It's a small lot right down the street from us and I would still be able to help her with yard work. The house isn't savable, it been abandoned for a while. The most recent tenants have been raccoons. Probably a bull down and start over. My question is that I know the previous house owner was a little old lady and didn't put anything in her will about who gets the house to her family so it's in legal limbo as far as I know. I don't know if that's changed over the years. How do I found out who the house/lot would belong to so that I can buy it from them or at least give an offer? Any tips would be appreciated. [link] [comments] |
| Mortgage Calculation - after additional principal Posted: 02 Mar 2020 08:07 AM PST Need help on some math. House - $700,000 Downpayment - 20% ($140,000) 30-year mortgage - $560,000. Assuming fixed APR, et al. For example: Based on above data, if my monthly mortgage is $3,400, how long will it take to pay off my mortgage if after one year (12 payments), I add an additional $400,000 towards the principal? [link] [comments] |
| Posted: 02 Mar 2020 06:55 AM PST I found an 8 Acre lot I really like the location of next to a 10ish year old neighborhood. I would want to build a single family home but I DO NOT want to be a part of the development. This land has been for sale since 2014. The description reads as follows: Property is part of the HW development, and portions of the property have been designated as TOWNHOMES for its future land use. Presently, the land is suitable to build a HOME. Zoning changes would be required for any development other than a home. HW is the 2nd largest dirt moving development in the US. Build your dream HOME or explore the potential opportunities with this property! If I buy the property, would that separate it from the development? [link] [comments] |
| Question on how to deal with this Posted: 02 Mar 2020 09:50 AM PST Wife and I saw a house we liked but thought was overpriced at 345k, our realtor thought the same. She pulls comps and says 315 - 325 is right for the house. We offer 315 because it is exactly what we are looking for and are hoping to negotiate. We hear from the sellers agent saying he will go to 338, but "he needs to net 338" on the sale, very confusing! We ask if that's a counter offer or the lowpoint for the seller and no response, so we walk away. The house sits for a month and drops to 339. We tour it again and put in an Offer at 320. This time we get an actual counter offer at 338. We ask for their comps and they ask for ours, we exchange. Their comps are from up to 5 miles away and sell at an average of 140$ a sq foot, our offer at 320k was 144$ per sq ft. We point this out to the listing agent and she says their comps justify the price. That is the last interaction we have with them. The listing will hit 2 months in a couple days and I guess I want to know if it is worth our time to try again or if these people just are not motivated to sell this house at all. TLDR How much effort do I put into buying a house that a seller doesn't seem interested in selling. [link] [comments] |
| Posted: 02 Mar 2020 09:28 AM PST I'm interested in getting into real estate as an individual rather than as a profession. I'm a finance major about to graduate and figure it would behoove me to have some knowledges real estate. What is a good way to get started? I'm thinking of finding small pieces of abandoned property (taking stuff out of abandoned houses that are going to be demolished) and selling/scrapping that stuff to help build the cash to get property. I hope this makes sense, I've been thinking about how to phrase this for some time but figured I may as well try it and answer any confusion that comes up. Any advise would be greatly appreciated! [link] [comments] |
| Considering renting out our old house.. as a first time landlord - what advise do you have? Posted: 02 Mar 2020 09:09 AM PST We still owe on the mortgage, but it is pretty inexpensive. I think the house would be a perfect rental property and would help offset the cost of our new higher mortgage payment. We haven't even put together a serious renters agreement yet or looked into what licenses/permits are required...I kind of looked online but it wasn't very straight forward, so I'm turning to reddit to get some advise on what to consider and how to plan for renting out a property - any and all advise is very appreciated!! [link] [comments] |
| Paying for people to find vacant houses? Posted: 02 Mar 2020 09:08 AM PST Sorry if this is the wrong group for this but I came across a Craigslist AD for a company paying people to find vacant properties for them? Is this a legit thing? Has anyone done it before or been paid after they buy the property? [link] [comments] |
| Posted: 02 Mar 2020 09:01 AM PST My husband and i found a beautiful home and are going to do a tour Wednesday. We already know we qualify for a mortgage big enough to afford it, but we don't know who to talk to in order to get the best deal on our mortgage. Where do we go to get the best interest rates etc? Neither of us have bought a house before, so we don't know if a broker, real estate agent, or bank etc will give us the most for the least money. Any advice will help, the house is located in Maine. [link] [comments] |
| Posted: 02 Mar 2020 08:27 AM PST Hi there, I live in New Jersey and our year lease was up 2/15. Our landlord never contacted us prior to lease ending, we just handed him the check like we normally do and he said nothing. Something came up and we are trying to move by 3/15. We could've left at the end of our lease and never signed any sort of month to month contract or anything in regards to finding a new tenant, etc. What are our obligations here (if any)? Thanks! [link] [comments] |
| Posted: 01 Mar 2020 04:21 PM PST We've been on the market for a while, but are now hesitating to to put an offer on a home we really like in lieu of waiting to see what happens with markets here (Seattle area seems to have it worst so far in terms of number of cases estimated so far.. upto 1500 potential from NYT and the recent death). We'd definitely be paying well over listing price...but thats been the norm here lately! Went to the a few open houses this weekend and even though they were listed a hot home in Redfin, we didn't see as much foot traffic as we were say even last week or the weeks before since New Years. Anyone else in the Seattle market right now? Thoughts?? [link] [comments] |
| Posted: 02 Mar 2020 07:51 AM PST Hello! My husband and I are extremely interested in a new Ryan Homes neighborhood here in Ohio. We have read negative reviews about Ryan Homes online, however we know it is more common for people to write a negative review online than a positive one, plus they seem to be one of the largest builders in our area. Due to my student loans, we are just going to put the mortgage in my husband's name as he makes sufficient income and has little debt. His credit score is 655....not terrible but not great. Anything that was negative on his report from the past has already been taken care of so we are just playing the waiting game now while his score rises. I had a few questions for those who may be familiar with the Ryan Homes and/or NVR mortgage process that I haven't been able to find in other threads...... Is there a minimum credit score requirement for NVR? (We are going to most likely rate shop, but curious about NVR). We will be FHA most likely. Does NVR have specific lender overlays? What was your DTI that was approved? What amount of money is due up front? We will have 3.5% saved up by the time we approach them. The home we are wanting starts at $189,000 so we are thinking with upgrades we'd like to stay at $200,000 all in. What amount of money is due right away? When is the whole down payment due? Any other advice on the whole process from start to finish is appreciated! [link] [comments] |
| Posted: 02 Mar 2020 07:27 AM PST I know this happens or I have heard about this type of thing happening from friends. In my case property was hidden and it appeared my ex-husband didn't own anything upon him being served a divorce complaint.The property is now in an LLC. Is this illegal? If it can be proven that property was traded back and forth via a quit claim deed then what? What does it mean if you make an LLC for a property management company even though your business has nothing to do with property rental?? I did post this question with more details in r/legaladvice, but I was curious what the real estate perspective is or how often you all see someone actually get caught doing this?? [link] [comments] |
| Posted: 02 Mar 2020 07:27 AM PST NYC passed new tenant laws in late 2019 including requiring the landlord to give tenants residing in their units for at 1-2 years at least 60 days notice if they do not plan to renew the lease or if they plan to raise rent over 5%. Does anyone know if these laws also apply to condos? In my case I am renting right from the owner. [link] [comments] |
| Posted: 02 Mar 2020 07:17 AM PST Edit: UK Market Every single house on rightmove is sold. I've been looking for houses for months and the ones that were sold a month ago are still listed. Every time I try and book a viewing on a house I get told they are sold. Is there an easier way to find accurate info? Rightmove is shit. [link] [comments] |
| What is the best online school to study/prep for the Real Estate Agent exam? Posted: 01 Mar 2020 04:44 PM PST If it matters for my question, I'll be taking the FL exam. When doing my own research into online programs I saw Real Estate Express looked okay from their website, but I had trouble gauging their actual quality once someone buys it. [link] [comments] |
| Posted: 01 Mar 2020 06:17 PM PST So I am thinking about buying a couple of houses for rentals. All next to each other. They are running about 80k each in Texas. In Texas the property taxes are very high. I read a description of a CSC that is can lower the taxes you pay on a property. I know it's not that simple. Can someone EILI5 please? [link] [comments] |
| (DC area) Where did you make sacrifices when buying your home, particularly in location? Posted: 02 Mar 2020 05:25 AM PST We're looking into buying a home and deciding on which areas to live in. Driving stresses me out too much, so we want to live near the Metro. My fiance would strongly prefer to not pay condo fees, and he seems to value having at least a moderate amount of space/spending a lower percentage of our income. We found one community with a decent elementary school that fits that criteria. However, the location kind of stinks? There's nothing you can really walk to, and the nearby places are all on busy roads that are a pain to enter and exit while driving. It's kind of a sprawl hell. It's also just a little run down looking... Not a huge deal, but none of these factors make me excited to move there. Realistically though, we don't really go out all that often though, especially on weeknights. In the city, we'd be paying more (but we could still afford it) for probably a 2-bedroom condo. We don't have kids yet, but we plan to try in a year or two. If the commute is reasonable, how important is location really? Is this something I just need to get over? Thanks in advance. [link] [comments] |
| When it comes to cold calling, how do you not mess up the call? Posted: 02 Mar 2020 08:05 AM PST |
| Buying a home with foundation issues - thoughts? Posted: 01 Mar 2020 01:42 PM PST My wife and I are in the process of buying our first home. We fell in love with a house with lots of charm and our offer was accepted among a few competing offer for the same price. The initial inspection came back with a lot of issues, the most concerning of which was structural, though the seller has agreed to fix all issues at no cost to us. This is a house built in the 1940s and the only issues visible from the inside of the house are slightly sloped kitchen floors. We had an additional inspection by a structural engineer who will be working with the seller's contractor to make the repairs if we move forward. We're set to close at the end of the month but are now feeling apprehensive. Would love some advice from people more seasoned than us about the home buying and selling process. With the issues below, if they are fixed at no expense to us and are approved by our structural engineer, are we good? Or, are we likely to have continuous issues with the foundation? We would potentially be selling this house in 6ish years or so and have no clue if past foundational issues like this would be a deterrent to potential buyers in the future. There are currently temporary support beams; would be replaced with permanent support beams. One support beam is sagging; would be repaired or replaced. Sister joists are not extended to a bearing point; would be fixed. Sill plate in center of crawl space is crushed; would be repaired. Subfloor rot in crawl space would be repaired. Water stain under toilet in crawl space would be repaired. [link] [comments] |
| Best kind of loan for a $50,000 home? Posted: 02 Mar 2020 02:42 AM PST Hello Reddit! I'm 21 years old and recently began looking to invest in real estate. I just came across a posting of a single family 1bed 1bath home in Arizona priced at $52,000 and tenant occupied. While I only have 4,000 in savings this kind of deal didn't seem to far out of my reach. I've talked to mortgage lenders and it seems as if anything under 100k isn't really an option. So my question is what is the right kind of lender to speak to or what would be the best way to go about this? [link] [comments] |
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