Real Estate Issues

(Yorick/18651) Another thought if you're making that transition is that the opp...

Yorick@rss.iscabbs.com — Wed, 01 Feb 2012 16:36:00 -0600

Another thought if you're making that transition is that the opportunities for
improving the house significantly are much higher on a SFH than a townhouse.

(Rick Jenkins/18650) I live in an expensive area. Our current home is a townhome and ...

Rick Jenkins@rss.iscabbs.com — Tue, 31 Jan 2012 13:00:00 -0600


I live in an expensive area. Our current home is a townhome and we're
interested in getting a SFH that's a bit bigger. In our area something like
what we're looking for is in the 350-400K range. 300-350K if it's a bank owned
property, sometimes.

(Endric/18649) RJ, I think this is going to depend on what 250,000 is buying y...

Endric@rss.iscabbs.com — Tue, 31 Jan 2012 10:15:00 -0600

RJ,  I think this is going to depend on what 250,000 is buying you in your
market.  If 250-300k is the going price for an average starter or second home
in your market it's going to be a big difference than if that's more like a
3000-4000 SF nicer house.  Quite honestly, I have a hard time imagining your
value decrease is that low unless you've made some improvements to your house
or put on an addition.

That said, I'd suggest you might want to take the time to find something
dramaticaly better, not just a standard upgrade.  I've found a number of people
in my area taking a loss on thier house because they found a bank owned
property that was listed at 50% of market value.

(Knightshade/18648) RJ,

Knightshade@rss.iscabbs.com — Mon, 30 Jan 2012 02:16:00 -0600

RJ,



You could do a very complex analysis where you looked at values in your area
for houses similar to yours over the last 5-10 years (and tried to project that
forward) and did a similiar analysis for houses in the target area/size/type
you want to buy, and make a complex comparison that way.

It'd be a lot of work and include some guessing.

Or, you can consider that generally more expensive housing has generally
dropped a larger % in value, and that mortgage rates are MASSIVELY,
historically, low right now, and just go ahead and make the move... which
would be my suggestion, assuming you genuinely need/want/can afford the larger
more expensive home.


The other thing you might consider if you have some extra $, and don't really
_need_ a bigger place, would be to re-fi your current 4.5% note into a 15 year
mortgage, which would likely knock at least 1% off your rate, plus get it paid
off a good bit quicker of course.

(The After Party/18647) Miami

The After Party@rss.iscabbs.com — Sun, 29 Jan 2012 14:51:00 -0600

Miami

  Some day, we'd like to move to/near Miami.
  I look for jobs there as does my wife (getting relocated rocks).
  What are some good locations to consider?
  Our criteria: ~30-60 min from the ocean, ~60 min from the airport (MIA),
  good schools, safe, (probably shouldn't apply, but just in case): not
  in the boonies (wife requires city-ish life. suburbs are fine, but
  can't live away from it all).

(Ozzy/18646) You've got to think, the market is still down, especially for hi...

Ozzy@rss.iscabbs.com — Sun, 29 Jan 2012 11:40:00 -0600

You've got to think, the market is still down, especially for higher value
properties. If you can afford to "cut your losses" ie, sell for less than you
paid, you'll be able get some of that back by also buying more house than you
could have gotten at 7-years-ago values.

The real question then, if you can afford to take a loss on your current house
is are you "OK" with taking a loss on the old house. The crux is that if you
wait for the market to come back up on your house, it'll also come back up on
the house you end up buying.

(Rick Jenkins/18645) I know there isn't one right answer to this question. I'm just t...

Rick Jenkins@rss.iscabbs.com — Sun, 29 Jan 2012 10:58:00 -0600


I know there isn't one right answer to this question. I'm just trying to get
some feedback.

We bought a house seven years ago for $280,000. The house would probably sell
now for between $250-275,000.

Good news is, we've been good about paying our mortgage and even throwing some
extra at the principle and refinancing twice, getting our original 6.75% note
down to 4.5%.

So we owe about $225,000 in it. IN GENERAL, if we are interested and can farily
comfortably afford getting a larger house in the $350,000 range right now, is
it "a good idea" to sell now for less than we paid for it? Or should we wait
til the market goes back up? Yes, I know we'd be able to afford less house if
the market goes back up but is the increase in equity going to make up for
that? Or will it to a certain point?

Assume we'd be able to put 20% down on a 30 year loan if we bought a new place.

(Marigolds/18644) There has also been a problem of RTO renters losing all of their...

Marigolds@rss.iscabbs.com — Fri, 30 Dec 2011 04:16:00 -0600

There has also been a problem of RTO renters losing all of their credits if the
property goes into default. Since the renters lein in the form of the credits
is inferior to the bank's lein in the form of the mortgage on the property, the
renter loses everything.

(Kyoti/18643) Don't know about Craigslist, but read a report on RTO options re...

Kyoti@rss.iscabbs.com — Tue, 27 Dec 2011 12:57:00 -0600

Don't know about Craigslist, but read a report on RTO options recently. WHile
very few of the RTO renters end up purchasing, a lot of landlords really like
the option because they tend to get a better type of renter and the renters
tend to take better care of the property as they have that option of owning in
their minds. There was a great profile piece on a RTO renter and the landlord
that was renting to them a few months ago. The landlord was a small company who
specialized in RTO setups. They bought distressed and foreclosed properties,
put a bit into fixing them up and then found a good renter. The renter that was
profiled was a family who had hit hard times, had job losses, lost their house,
etc and ended up in this RTO situation. The house looked quite nice and the
family was obviously doing right by the landlord and their own interests.
But yes, the RTO of renters actually turning into owners of that property is
very low.

(John Public/18642) RTO isn't a scam in general, but those listings you find on crai...

John Public@rss.iscabbs.com — Tue, 27 Dec 2011 12:23:00 -0600

RTO isn't a scam in general, but those listings you find on craiglists
probably fall somewhere between outright scams to awful deals.  RTO should not
be viewed as a mere convenience; the renter pays dearly for it. It's an
option, really. The renter buys the option with an up-front fee and by paying
premiums in addition to rent. The benefit of an RTO for you, the renter, is
that *if* you decide to buy, the premiums you'd been paying during the option
period are credited to the sale price of the house.  It's as if you had been
making payments against the principle all along. The drawbacks are that the
purchase price will be higher than current prices, and if you do *not*
exercise the option, then you lose the fees and premiums.  The terms are all
negotiable, of course.

RTOs have a purpose: Renters who can *almost*, but not quite, afford to buy
now, who are good at saving, and who have their hearts set on a specific
property, can buy the RTO option as a bet on their own success in saving
enough to qualify for the purchase during the option period.

IMHO, I don't see RTOs as being very useful. They kind of person they work for
doesn't exist: a very responsible, very lucky person, who will experience no
financial crisis or change of heart during the option period, who wishes to
buy today, and yet cannot afford to.

The only other kind of buyer I can think of is deployed in the armed forces or
professional/graduate school. They know exactly when and where they wish to
buy, (when their tour is over or they graduate). They wish to pay rent along
with their spouse... but want to keep cash on hand during the option period,
"just in case." Still, why not just rent...

(Snuffy/18641) Don't know about craigslist. RTO options can be legit, but I'd ...

Snuffy@rss.iscabbs.com — Tue, 27 Dec 2011 11:10:00 -0600

Don't know about craigslist.  RTO options can be legit, but I'd think you'd
want the contract to very clearly specify who is responsible for what
maintenance and to spell out, in detail, how payments are to be applied as
"ownership credits" towards your eventual ownership, allocation towards real
estate taxes / levies, "interest"(?), etc etc etc.
Would also suggest a lawyer specializing in real estate review any contract
("your lawyer" not "seller's laywer") before you commit to anything.

(Mama K/18640) Question.....I'm perusing craigslist for a place to live. I'm s...

Mama K@rss.iscabbs.com — Tue, 27 Dec 2011 11:06:00 -0600

Question.....I'm perusing craigslist for a place to live.  I'm seeing a lot of
"rent to own" offers for homes.  Are any of these legit, or are they all scams?

(Heartburn/18639) Can anyone recommend one of the for sale by owner websites/servi...

Heartburn@rss.iscabbs.com — Fri, 25 Nov 2011 09:19:00 -0600

Can anyone recommend one of the for sale by owner websites/services over the
others?  Owners.com seemed great until I found they can't list on the MLS in my
area (Iowa City, IA).  Thank you.

(Darphbobo/18638) Thanks a ton I will look into that right now. Becuase I checked ...

Darphbobo@rss.iscabbs.com — Tue, 27 Sep 2011 09:56:00 -0500

Thanks a ton I will look into that right now. Becuase I checked the H1 document
that they are "basing" and it states XYZ amount from cash PDQ amount for Escrow
pre payment and it is the right number.

I will look into the Dept of banking

(Tempestas/18637) Darph> 1. You don't need a lawyer right now. Whatever state you ...

Tempestas@rss.iscabbs.com — Wed, 21 Sep 2011 10:17:00 -0500

Darph> 1. You don't need a lawyer right now. Whatever state you live in has a
Dept of Banking. They help you for free. I thought I suggested you use this as
your first defense before, but I might not have.

2. Don't waste your time on the phone with your lender anymore. I know I
suggested this to you before. I'm sensing your frustration, and I hope you
realize why I suggested this earlier (its to avoid frustration).

Its impossible to get any of these problems fixed on the phone. If its not
fixed on your second call, its because the problem can't be fixed over the
phone. Most problems can't be fixed on the phone. You can't ever get to the
right person and its a waste of effort to even attempt finding the right
person. The right person likely doesn't exist... Its like trying to find Santa.
Lots of fat dudes in suits, but none of them can magically deliver (!)

Use the FREE and CHEAP tools to fight this battle, first.
Certified mail is 5$
(state) Dept of Banking is there to protect you, and is FREE
If they can't fix it, they'll suggest you find a lawyer or they'll refer you
back to your closing attorney.

I wouldn't dive into a 200$+ attorney bill without using FREE help, first.
Its your choice of course. I think you're crazy to run to your attorney with
this before using the consumer protection you pay for already (with your tax
$'s)

(Tempestas/18636) It'd be nice if all lenders permitted that. Its my preference, b...

Tempestas@rss.iscabbs.com — Wed, 21 Sep 2011 09:43:00 -0500

It'd be nice if all lenders permitted that. Its my preference, but my lender
doesn't allow it, I suspect many lenders don't allow the direct-pays.

If the lender isn't paying the bill, they earn the hassle of auditing every
mortgage every year to see the insurance and tax is paid... Or the lender risks
losing their house to a casualty loss or losing thousands to the taxman. Right,
wrong, or indifferent, the lender can't afford those losses if they're only
getting a couple points of interest. If I didn't pay my tax for a year, that
would eat up more than half of the mortgage interest I paid in that year.
That's a lot of profit for a lender to lose (and granted, it is their risk to
take). I just wouldn't want to be in the position of the lender, and if I could
prevent that- or nip it in the bud, by forcing escrow, I would do it too.

(Darphbobo/18635) After talking to the bank I closed the loand with it was a USDA ...

Darphbobo@rss.iscabbs.com — Wed, 21 Sep 2011 09:44:00 -0500

After talking to the bank I closed the loand with it was a USDA loan. I
wenverover the data with them and what they sent the bank that is overseeing
the note screwed up. I am going to be calling them back today but the last time
I talked to them they were like "It's your fault" I hung up so this is gonna be
AWESOME.

Thanks ISCA I needed the validation

Next step find a lawyer willing to go after them.

(Snuffy/18634) or, don't escrow.

Snuffy@rss.iscabbs.com — Tue, 20 Sep 2011 05:44:00 -0500

or, don't escrow.
pay the house insurance and property tax directly yourself.

(Two Minute Hate/18633) Any time you have a debt you are begging to be scrwed over. Pay ...

Two Minute Hate@rss.iscabbs.com — Tue, 20 Sep 2011 05:09:00 -0500


 Any time you have a debt you are begging to be scrwed over. Pay off your house

(Tempestas/18632) I had a similar escrow issue. My lender ultimately fixed it, pai...

Tempestas@rss.iscabbs.com — Mon, 19 Sep 2011 11:14:00 -0500

I had a similar escrow issue. My lender ultimately fixed it, paid late fees for
the past-due taxes, and I spent about an hour on the problem.

I do my due diligence, and I give my lender 2 phonecalls to fix the problem.
Generally, companies can't fix problems on the phone. If its not fixed by the
second call, chances are it won't be fixed by the 20th call. So I like sending
certified letters and opening formal complaints. I usually do this within 30
days of discovering a problem.

I deleted my personal stuff, but this is the last letter I used :



This is a "qualified written request" under Section 6 of the Real Estate
Settlement Procedures Act (RESPA).

(LENDER) informed us that we're $x past due for escrow balance. I was told
(LENDER) misapplied my monthly payments. Please review enclosed documentation
that states my $(monthly payment) is to be allocated as follows :
$a for pricipal
$b for interest
$c for taxes


I've requested a written explanation of the escrow balance shortfall. My lender
has refused to provide any explanation, nor have they fixed the problem of
misapplied payments.

I understand that under Section 6 of RESPA you are required to acknowledge my
request within 20 business days and must try to resolve the issue within 60
business days. I'd like to resolve this sooner as I believe this will benefit
all involved.


Respectfully Submitted,

Me

CC: STATE DEPARTMENT OF BANKING <-- make sure this is big n' bold


send certified mail to the correspondence address of your lender and regular
snail mail to your state dept of banking
Also, you should note that I didn't describe where the money was sent when it
was wrong. It doesn't matter where it went or where it was applied to. Just so
long as everything is restored to your A/B/C contracted agreement.

(Egregious/18631) Did you have your own lawyer at closing? If so, call them.

Egregious@rss.iscabbs.com — Mon, 19 Sep 2011 11:06:00 -0500


Did you have your own lawyer at closing?  If so, call them.

If not, call the closing attorney, assuming they aren't working for
the bank.  Ask him what the usual condition is in these cases.

(Egregious/18630) Was your loan agreement resold, or is it the same one at closing...

Egregious@rss.iscabbs.com — Mon, 19 Sep 2011 11:06:00 -0500


Was your loan agreement resold, or is it the same one at closing?

Were they applying it against _interest_?  That's douchey.  At least
apply it against principal so you would have done a paydown.

How are they saying it's your fault?  I've done 4 closings and never
had to worry about how the bank was applying my payments.  And the
scrow is for _their_ benefit.

(Smoke Eater/18629) How is it your fault? They screwed up. Call them back and say ...

Smoke Eater@rss.iscabbs.com — Mon, 19 Sep 2011 11:04:00 -0500

How is it your fault?  They screwed up.  Call them back and say "dudes, do we
really need to bring attorneys into this?"  If they bust your balls, call a
lawyer.

(Darphbobo/18628) did that they say it is my fault. Insurance company is sending t...

Darphbobo@rss.iscabbs.com — Mon, 19 Sep 2011 10:59:00 -0500

did that they say it is my fault. Insurance company is sending the data over
and verified that they sent them the correct info. Also my PMI info isn't
showing... me feels i am being screwed... Thanks Egregious :)

(Egregious/18627) First step would be to call them and say "dudes."

Egregious@rss.iscabbs.com — Mon, 19 Sep 2011 10:55:00 -0500

First step would be to call them and say "dudes."

(Darphbobo/18626) This may need to go into the Law and Legal but I figured I would...

Darphbobo@rss.iscabbs.com — Mon, 19 Sep 2011 10:47:00 -0500

This may need to go into the Law and Legal but I figured I would start here.

I got a notice that my escrow is going to be short. When my Insurance and Tax
information was sent to the bank before we closed and was advised that it would
be locked and only change if they increased. After reviewing the accounts it
appears they have not been putting the amount that was stated needed in my
escrow but applying it to my interest instead.

What if any action do I have since all my paperwork was sent to them and they
didn't setup the payments correct?

(Mama K/18625) I'm perusing craigslist, looking for a new place to live. I kee...

Mama K@rss.iscabbs.com — Tue, 28 Jun 2011 14:34:00 -0500

I'm perusing craigslist, looking for a new place to live.  I keep seeing ads
for rent to own.  Are there any legit rent to own sites for homes?

(Kyoti/18624) Thanks, guys! That explains what we saw :)

Kyoti@rss.iscabbs.com — Sun, 10 Apr 2011 07:05:00 -0500

Thanks, guys! That explains what we saw :)

(Tempestas/18623) Kyoti> I have several clients that accept Sec8 funds for rent, a...

Tempestas@rss.iscabbs.com — Sun, 10 Apr 2011 06:10:00 -0500

Kyoti> I have several clients that accept Sec8 funds for rent, all of them are
for 3-family dwellings or smaller. Some of the housing units are owner-occupied
multi=familys, too.

I'm in CT... The Sec8 does run a bit different here. Often after the Sec8
funding, the tenants still have to pay another couple hundred bucks out of
their pocket for rent. But at least the Sec8 secures the larger portion of the
rent for the landlord.

The high-rise and clustered housing units that take Sec8 in my area aren't
gov't owned. There might be some exceptions, but for the most part, they're
owned by REITs or even yet- some are still individually owned (looking at one
across the street from my office right now, Psycho Sy owns that building,
there's probably 20 units in the building, and I know its a Sec8 property from
some of my customers).

The way it works for a landlord... They apply to the Sec8 program, get
inspected and ordered to make certain improvements, etc. If they successfully
complete, they can then advertise they're accepting Sec8 tenants.

I think the Sec8's end up being clustered because low income folks are going to
live near public transit... So for CT, that means in the cities. If you own a
high-rise in a city and you want to guarantee receiving a portion of your
rental income, it'd behoove you to secure Sec8 approval for your building. Low
income folks can get away with skunking you on the rent, just so long as the
Sec8 income is enough to keep the building from failing inspection.

(Heartburn/18622) I think both are correct, in a way. A renter may have applied f...

Heartburn@rss.iscabbs.com — Sat, 09 Apr 2011 21:30:00 -0500

I think both are correct, in a way.  A renter may have applied for the Section
8 voucher, but the govt. will not let them use it to rent just any property. 
It has to meet certain standards, and I think there's a separate section 8
inspection/paperwork/approval (other than normal rental permit).  Also, I think
in some cities you see groups of section 8 housing because the city decided to
purchase the properties and use them for low income housing.  In that regard,
they're not really different from any other owner who chooses to take section 8
vouchers/credits/whatever.

(Kyoti/18621) SO we're watching Real Estate Intervention on Hulu, by the way, ...

Kyoti@rss.iscabbs.com — Sat, 09 Apr 2011 10:37:00 -0500

SO we're watching Real Estate Intervention on Hulu, by the way, great show.
ANyways, there's a couple in one episode that are keeping the house and are
going to rent out "to a Section 8 renter." Mr Kyoti thought that the housing
unit itself had to be an approved Section 8 property, and based this on the
fact that you can look at areas and see the Section 8 properties as a
percentage of the housing. I thought that there were Section 8 "groups" of
housing, like an apartment community, but that the Section 8 applied to the
renter was portable and they could take it to any property and apply it there.
Anyone know how that works? Just curious based on this show...

(Lochner/18620) It means it's enforceable against later buyers who didn't necess...

Lochner@rss.iscabbs.com — Fri, 08 Apr 2011 18:01:00 -0500


It means it's enforceable against later buyers who didn't necessarily agree to
the covenant.  It doesn't matter if the builder is out of business.

The covenant burdens both estates, it can be enforced by whomever is the
benefitting estate.  If you're both subject to it, you can both enforce it
against each other.

(Heartburn/18619) I don't know about my neighbor, but I bought my half from the pa...

Heartburn@rss.iscabbs.com — Fri, 08 Apr 2011 17:47:00 -0500

I don't know about my neighbor, but I bought my half from the party already
living there.  This building was built in the 1980's, so I don't think my
neighbor was the original owner, either.

If the covenant 'runs with the land', what does that mean?  The builder is out
of business, so I'm unclear who is the party that has an interest in enforcing
the covenant.

(Lochner/18618) "Does anyone know if a duplex covenant is enforceable after the ...

Lochner@rss.iscabbs.com — Fri, 08 Apr 2011 11:44:00 -0500


"Does anyone know if a duplex covenant is enforceable after the original
construction company has gone out of business?  I own 1/2 of a duplex with a
covenant, written by XYZ construction company.  I think my neighbor has
violated it, by XYZ is no longer in business.  I know I can consult an
attorney, but has anyone been through this?"

  Did you and the neighbor both buy your halves from the construction
  company?  If so, my gut instinct is that the covenant runs with the
  land and is enforceable, you both have privity with the builder.

"aren't the covenants recorded at the county clerk's office?"

  County Recorder's office, and yes, they should be recorded somewhere.
  Recordation gives constructive notice, which is an element necessary
  for a covenant to run with the land.

(Snuffy/18617) aren't the covenants recorded at the county clerk's office?

Snuffy@rss.iscabbs.com — Fri, 08 Apr 2011 11:20:00 -0500

aren't the covenants recorded at the county clerk's office?
not sure what that does regarding enforcability, though.

(Heartburn/18616) I realize we're getting into legal particulars here, which is wh...

Heartburn@rss.iscabbs.com — Fri, 08 Apr 2011 10:06:00 -0500

I realize we're getting into legal particulars here, which is why we're
checking with our attorney.  I was just hoping this was a common thing and
someone had dealt with it before.

(Heartburn/18615) Not true in this situation. This is just a duplex in which each...

Heartburn@rss.iscabbs.com — Fri, 08 Apr 2011 10:02:00 -0500

Not true in this situation.  This is just a duplex in which each party owns one
side.  There is no association, no association fees, holding company, etc.  I
purchased the property directly from the prior owner/resident, and there was a
covenant document which was included in the paperwork.  I don't think I had to
sign it, it was more of a notice.  It was never extremely clear if this
document had any real teeth, and I admit I am now wishing I had checked that
out before hand.  I am aware of how condos work, which is exactly why this
situation is unclear to me - who is the enforcing body for such a covenant? 
Is it even really a covenant, etc.

(Egregious/18614) That sounds just like a condo association agreement. In that sce...

Egregious@rss.iscabbs.com — Fri, 08 Apr 2011 08:59:00 -0500


That sounds just like a condo association agreement. In that scenario,
the condio association owns the building, and the condo-owners have
partial ownership of the whole, as well as their own contents.

It doesn't matter who built the condo.  There is a "holding company"
and the owners of the units own that company.

(Heartburn/18613) Does anyone know if a duplex covenant is enforceable after the o...

Heartburn@rss.iscabbs.com — Thu, 07 Apr 2011 12:23:00 -0500

Does anyone know if a duplex covenant is enforceable after the original
construction company has gone out of business?  I own 1/2 of a duplex with a
covenant, written by XYZ construction company.  I think my neighbor has
violated it, by XYZ is no longer in business.  I know I can consult an
attorney, but has anyone been through this?

(Darphbobo/18612) I just purchased a home and during it they did an FHA inspection...

Darphbobo@rss.iscabbs.com — Mon, 21 Feb 2011 08:22:00 -0600

I just purchased a home and during it they did an FHA inspection and they had
to add gutters and a few minor fixes. They will more than happily give you the
time needed to get the fixes done they just have to be done before closing.

The reason for it is becuase the FHA is a secured loan type and the only way
the gov't will secure is if it has completed certain requirements.

(Keogk/18611) anyone ever sell a house to a buyer who was getting a FHA loan a...

Keogk@rss.iscabbs.com — Fri, 18 Feb 2011 07:23:00 -0600

anyone ever sell a house to a buyer who was getting a FHA loan and have to
paint?
I just had the FHA appraiser come thru yesterday and he said that my south
facing windows and 1 ceiling would be an issue because of some peeling paint.
But he said he just puts in a report no recomendations. So does the bank just
say you need to paint XYZ before or do I have to get it done then have another
inspection? FHA process has already added an extra month to the sale so
hopefully I will not need a whole new inspection

(WORF/18610) Sounds like it would fall under a latent defect or one of the ot...

WORF@rss.iscabbs.com — Tue, 18 Jan 2011 10:36:00 -0600


Sounds like it would fall under a latent defect or one of the other required
disclosures (check local law).

Seller could be on the hook for most all of the costs.

(Marigolds/18609) Because of the recent sale, tehre is a good chance she could get...

Marigolds@rss.iscabbs.com — Mon, 17 Jan 2011 17:12:00 -0600

Because of the recent sale, tehre is a good chance she could get at least the
sale price. But she will still be out all of the closing fees, loan
origination, etc.
I'm wondering if this coulod be criminal if the realtors knew, since they would
be collecting commissions by the sale that they would not collect with an
eminent domain taking.

(Lochner/18608) I've done two eminant domain cases.

Lochner@rss.iscabbs.com — Mon, 17 Jan 2011 15:06:00 -0600


I've done two eminant domain cases.

There's basically a commission established to determine the fair market value
of the propery, and this "commission" is normally a few local yokels who pick a
value.  If you don't like it, you can file an exception to the award and have a
trial de novo on damages in a circuit court and have a jury determine the fair
market value.

The recent sale price might be a relevant datum, depending on the
circumstances.  The "fair market value" is ordinarily defined as the price the
property would fetch if sold on the open market by a person who is willing but
not compelled to sell it, and to a buyer who is willing but not compelled to
buy it.

If the seller here was forced to sell for some reason, that sale price might
not count.  And in any case, there'd be multiple sale prices you'd look at.
Find comprable property, calculate a PPSF, make various adjustments, multiply
by the size of the subject property, and get a FMV.

It gets murkier where there's a partial or temporary taking but that's
basically how it works for a full taking, it sounds like this is.

(Snuffy/18607) Probably time for her to consult a real estate attorney, though.

Snuffy@rss.iscabbs.com — Mon, 17 Jan 2011 14:34:00 -0600

Probably time for her to consult a real estate attorney, though.

(Snuffy/18606) would the very recent "sale" establish a new value for the emine...

Snuffy@rss.iscabbs.com — Mon, 17 Jan 2011 14:31:00 -0600

would the very recent "sale" establish a new value for the eminent domain
condemnation price?

(John Public/18605) Who knows, maybe the city will offer a better price than she pai...

John Public@rss.iscabbs.com — Mon, 17 Jan 2011 14:30:00 -0600

Who knows, maybe the city will offer a better price than she paid.  Or, maybe
she paid an extraordinarily low price because of the impending demolition; if
she could successfully fight the demolition, she could end up with a flippable
a house.

(Lunenburg/18604) No idea on that question (re: eminent domain payment).

Lunenburg@rss.iscabbs.com — Mon, 17 Jan 2011 14:31:00 -0600

No idea on that question (re: eminent domain payment).

(Knightshade/18603) Any chance the payment from the city will be higher than what th...

Knightshade@rss.iscabbs.com — Mon, 17 Jan 2011 14:30:00 -0600

Any chance the payment from the city will be higher than what they bought for?

(Steppenwolf/18602) That's guaranteed mis- or fraudulent nonrepresentation.

Steppenwolf@rss.iscabbs.com — Mon, 17 Jan 2011 14:27:00 -0600

That's guaranteed mis- or fraudulent nonrepresentation.

Which is good for getting the contract revoked... but I don't know if any
moving expenses or anything would get returned.

(Lochner/18601) I seriously doubt there's any criminal negligence there.

Lochner@rss.iscabbs.com — Mon, 17 Jan 2011 14:21:00 -0600


I seriously doubt there's any criminal negligence there.

But there's something.  Fraud, I suppose.

(Lunenburg/18600) So a friend of mine moved to Portland, found a house, and put an...

Lunenburg@rss.iscabbs.com — Mon, 17 Jan 2011 14:18:00 -0600

So a friend of mine moved to Portland, found a house, and put an offer on it.

Her closing was delayed something like 60-90 days due to paperwork issues, bank
stuff, etc.

She finally got the house closed and picked up the keys a few days ago.

This weekend, her new neighbor came over and said "Oh, hey, did you know that
the city is going to knock down the houses on this block to expand the park?"

There's bound to be some criminal negligence that neither realtor, the title
insurance company, or anyone informed her that this house was being siezed by
eminent domain, right?

(* Technically Vancouver, Washington, not Portland)

(Susannah/18599) Yeah, I am the buyer, on this one. The landscape question was...

Susannah@rss.iscabbs.com — Wed, 22 Dec 2010 17:21:00 -0600

Yeah, I am the buyer, *on this one.*  The landscape question was about my
mother's house, which we are selling.

The seller's widow wants out.  Per the 2 real estate lawyers we talked to
today, she is bound by the contract.  I can force the sale if I decide to do
it.  We hope to not have to do that.

If we do, she could have to pay my appraisal fee, the commission to both
agents, the survey fee, and the underwriting costs from my lender.  There was
no earnest money paid, so that is not an issue. The total approaches $12-15K.

We hope that she will realize soon enough that she may not want to remain in
the house and go through with the sale.

If not, if I get my money back ($500) I'm happy.  She would still have to pay
for the survey.  The rest I do not know about.  Her realtor was quoted as
saying she "thought we could work something out."

As for is it worth it......

I have a sick, elderly mother who needs my care.  I need her out here, but her
coming out here hinges on a house purchase, and the longer it takes, the more
time she has to fall and break a bone or cause worse damage.  The more time she
has to not eat right, and not be on the right meds because the MD there will
not change her meds.  The more time a LOT can go wrong for her.  I am sorry the
widow is a widow now.  I really am, but as someone on here pointed out last
night, my concern is my family.  Her concern is her family.  I need to look out
for my mother.  Do I want to be the bitch that kicks her out?  Absolutely not.
But, I also cannot afford right now to walk away from $500 and cough up another
$500 for another appraisal on another home and don't want to take the time to
go back through 3 weeks of underwriting, surveys, and crap.  So, we are all
kinda stuck here.  It sucks.

(Snuffy/18598) My apologies, I was seeing the landscaping questions on the sell...

Snuffy@rss.iscabbs.com — Wed, 22 Dec 2010 13:24:00 -0600

My apologies, I was seeing the landscaping questions on the selling property
and misread the "am buying" reference below.

(Knightshade/18597) She IS the buyer-

Knightshade@rss.iscabbs.com — Wed, 22 Dec 2010 13:18:00 -0600

She IS the buyer-


Dec 13, 2010 22:07 from Susannah
I am in the middle of buying a house.

(Smoke Eater/18596) Oh! My bad...I thought she was the buyer.

Smoke Eater@rss.iscabbs.com — Wed, 22 Dec 2010 02:52:00 -0600

Oh!  My bad...I thought she was the buyer.

Ok, as the seller, she *can* keep the earnest money if a buyer walks away from
the sale, and she still might be able to do so.

I still say that pursuing anything beyond that will come with a social cost
that might not be worth it.

(Snuffy/18595) SE: Susannah _has_ the earnest money (as Seller, see #18574). ...

Snuffy@rss.iscabbs.com — Wed, 22 Dec 2010 02:17:00 -0600

SE:  Susannah _has_ the earnest money (as Seller, see #18574).  The Buyer (or,
Buyer's widow) is doing the walking-away.

Susannah:  Interesting link.  Maybe the question is, though Buyer's estate is
still bound by the contract (to purchase the home), what is the penalty in
Texas for breach of that contract?  Forfeiture of earnest money deposit plus
perhaps damages for foregone opportunities?  You may need to consult with a
real estate attorney, for advice at least and certainly if you intend to force
a sale.

(Smoke Eater/18592) You very well might be bound by the contract...

Smoke Eater@rss.iscabbs.com — Wed, 22 Dec 2010 00:41:00 -0600

You very well might be bound by the contract...

But if the now *widow* decides to walk away, as long as she returns your
earnest money, is it really worth it to pursue?

(Susannah/18591) These guys - http://www.texasrealestate.com/web/1/11/more/Georg...

Susannah@rss.iscabbs.com — Wed, 22 Dec 2010 00:30:00 -0600

These guys -  http://www.texasrealestate.com/web/1/11/more/George061509.cfm -
seem to think we are both bound by the contract.

(Smoke Eater/18590) I would agree with Snuffy...if she intends to cancel the contrac...

Smoke Eater@rss.iscabbs.com — Tue, 21 Dec 2010 23:12:00 -0600

I would agree with Snuffy...if she intends to cancel the contract, concentrate
only on getting your earnest money deposit back and let it go.

(Snuffy/18589) Walking away usually means forfeiture of the deposit.

Snuffy@rss.iscabbs.com — Tue, 21 Dec 2010 19:42:00 -0600

Walking away usually means forfeiture of the deposit.
Whether you can make a claim for the missed / foregone sales opportunities
while you had the house off the market ... unless you have another offer that
you turned down that might be hard to defend.
And, if her husband is dead, she might be pretty judgement-proof (modulo
life insurance settlements).  Plus the tacky factor, which is not in your
favor.  (Doesn't mean you should be left high-and-dry, but walking away because
the wage-earner died in a car accident is different from other possible
less-life-changing reasons for walking away from a contract.)

Good luck.  It's a tough place to be, for both sides.
But anything besides the earnest money deposit may be a struggle to gain.

(WORF/18588) No, there is no loophole for death unless there is a specific pr...

WORF@rss.iscabbs.com — Tue, 21 Dec 2010 19:03:00 -0600


No, there is no loophole for death unless there is a specific provision in
state law.

Barring any language to the contraty, the contract should still be valid.

(Susannah/18587) So, they took him off life support today. Friends reported Mond...

Susannah@rss.iscabbs.com — Tue, 21 Dec 2010 17:45:00 -0600

So, they took him off life support today.  Friends reported Monday she was
canceling the sale to me, but she never notified her listing agent.  My realtor
says there are monetary consequences for backing out of the contract.  Is there
a loophole for a death?  I don't remember it being covered in the contract.

(Susannah/18585) She did get power of attorney today. We had to move the close d...

Susannah@rss.iscabbs.com — Tue, 14 Dec 2010 18:01:00 -0600

She did get power of attorney today.  We had to move the close date out 2
weeks, but that's doable.  His co-workers (sheriff's deputies) are going to
move them.  My lender is trying to figure out how this would change what I need
to bring to closing if we do close after Dec. 31.  Hopefully all the paperwork
will come back before the close date, and we can go ahead early.

(Snuffy/18584) if his wife (or someone else) has power of attorney, would resol...

Snuffy@rss.iscabbs.com — Tue, 14 Dec 2010 07:31:00 -0600

if his wife (or someone else) has power of attorney, would resolve that.
but yeah, sounds like that could be a problem.

(Susannah/18583) I am in the middle of buying a house. The contract is with the ...

Susannah@rss.iscabbs.com — Mon, 13 Dec 2010 22:07:00 -0600

I am in the middle of buying a house.  The contract is with the husband of a
married couple.  Through the wonder of Facebook, I have just learned that the
husband was in an auto accident this morning and is in critical condition.

How could this affect the sale?  Could it still go through at all?  I don't
know how the deed reads at this point.

(Susannah/18582) Snuffy> Yeah, I left the 2 weeks off for nervous breakdown off ...

Susannah@rss.iscabbs.com — Mon, 29 Nov 2010 18:32:00 -0600

Snuffy>  Yeah, I left the 2 weeks off for nervous breakdown off what I posted.
I would like the have the extra month in there too, but I'd like to have the
$900 in rent too.  I'll talk to the property manager tomorrow.  The lender, who
is business buddies with the property manager, didn't seem to think it would be
 an issue, so we'll see.  As he pointed out, I've never been late on the rent,
so I'm a "good renter."

(Snuffy/18581) as tight as that schedule seems, having an extra 30 days on your...

Snuffy@rss.iscabbs.com — Mon, 29 Nov 2010 02:52:00 -0600

as tight as that schedule seems, having an extra 30 days on your end might not
be a bad idea, anyways.  Flexibility may be worth that month's rent (it's what
I'd do, and have done).

(KalTorak/18580) "My question is, where in there do I give notice to my property ...

KalTorak@rss.iscabbs.com — Sun, 28 Nov 2010 21:06:00 -0600

"My question is, where in there do I give notice to my property manager and
how do I word it so that I protect myself in case the purchase falls through
at the last moment?"

Unless the property manager's completely incompetent on behalf of the
landlord, you probably can't (nor should you be able to.)

As I see it, you've got two options:

1) Give notice on the planned closing day minus 30 days, minimize the rent
you pay, and assume the risk that something goes wrong in closing on the
house.

2) Give notice the moment the house closes, pay an extra 30 days' rent, and
be covered in case the house closes later than you expect.

(Susannah/18579) Last Monday, I signed a contract on a house. Here is my schedul...

Susannah@rss.iscabbs.com — Sun, 28 Nov 2010 19:12:00 -0600

Last Monday, I signed a contract on a house.  Here is my schedule through the
first week of January:

Now - Dec 20 - Packing
Dec 20 - Close on house and take occupancy
Dec 21-24 - Move to new house
Dec 25 - Drive 500 miles to my mother's house
Dec 26-Jan 1 - Pack my mother's house contents into storage
Jan 2 - Move my mother to the new house
Jan 6 - Return to work
Jan 7 - Huge obligation at work that cannot be missed

My question is, where in there do I give notice to my property manager and how
do I word it so that I protect myself in case the purchase falls through at the
last moment?

I am on a 6-month lease that started Nov 1.  It has a provision in it for a
30-day's notice without penalty if I find a house to purchase, which I have,
obviously.  I have verbally discussed this (and the whole what-if situation)
with the property manager, and once I give notice, the house is considered
"showable" to prospective renters.  I don't like that, but also I don't see the
point in her listing it and showing it if something happens and I end up not
moving until March or later.

(Susannah/18578) Nectarine> Exactly. We have trees no one will really be intere...

Susannah@rss.iscabbs.com — Sun, 28 Nov 2010 09:26:00 -0600

Nectarine>  Exactly.  We have trees no one will really be interested in because
we have obscure stuff.  And I don't want them going to waste because I didn't
take them with us.

However, since I posted, plans have changed somewhat.  I have a contract on a
house I am purchasing.  We close Dec. 20.  I will spend Christmas moving
myself, then going to my mother's and packing her up with the essentials and
whatever of the bulbs I can squeeze in around the cats and dogs in the
backseat.  All of her furniture and large items will go into storage and I will
go back in March and bring it all back in a van.

I think the bulbs will surbvive if I take a large enough chunk of dirt.  The
trees will have to wait for May air layers. I'll have to negotiate them as part
of a contract if there is one by then.

I did speak to the realtor for the house I'm selling.  He didn't see a problem
with any of this.  He was more concerned about utilities remaining on and the
grass being cut in the spring.

(Susannah/18577) Tempestas - The established trees are simply too large to bring,...

Susannah@rss.iscabbs.com — Sun, 28 Nov 2010 09:18:00 -0600

Tempestas - The established trees are simply too large to bring, since my
family has been on the property for almost 70 years, and it's been planted in
bulbs, fruit trees, and flowering trees the whole time.  So, anything that old
can't be transplanted.  The rootball is simply too large, much less the part
about the cost being prohibitive to move them 500 miles.

What I am talking about is digging up bulbs from around one of the trees and a
few beds around the yard, the smaller shoots coming up around the giant azalea,
removing about half of the vinca majora (not the dainty little potted
periwinkle you get a Home Depot, this stuff spreads), and taking multiple air
layers on several trees.  Then there is a small cedar I want.  So, yeah, I'd
leave holes, but planned to fill them.

The air layers are part of the issue.  They are put on in May and taken off in
September, and if I go to the trouble of doing them, they damn well are being
harvested on Labor Day and brought back with me, sale or no sale.

(Nectarine/18576) Or it might be like my sister's house- she only took a few of he...

Nectarine@rss.iscabbs.com — Sun, 28 Nov 2010 00:36:00 -0600

Or it might be like my sister's house- she only took a few of her many, many,
plants and bulbs, wished she would have taken more...drove by the house a year
later and everything was redone to grass.

(Tempestas/18575) Its expected that from the date you enter a contract to the clos...

Tempestas@rss.iscabbs.com — Tue, 23 Nov 2010 20:52:00 -0600

Its expected that from the date you enter a contract to the closing that you're
not going to materially change the property, so yeah, you'd want something
written in the contract if for some odd reason you plan to tear out landscaping
in the magical 3-8 week phase between contract and closing.

I don't see any reason to mention tearing out landscaping (because it might not
happen) to your realtor prior to serious negotiations with a potential buyer.
Its extra information that causes confusion or annoyance. You don't need that.

If it does come to pass that no offers and no talks with potential buyers, but
you do make some significant progress in tearing out the landscaping- you'll
want to inform your realtor before she says "Oh yeah, great house, you can't
miss it... Its the one with 3 HUGE rhodedrun bushes out front. They're a
antique variety, about 30yrs in age, very well established..." you get the idea
how that can make your agent look if they're gone w/ out her knowledge.

In between now and the time you/your agent first makes contact with a serious
buyer, do whatever the heck you want. As a decent human being, you know who
your buyer is, and you won't make any material changes once you begin your
negotiation process (good faith). Yeah, the buyers have plenty opportunity for
inspection period, but they personally may not visit your property between
those two points in time... And you really don't want to end up not closing
because you got cheap and pulled a bed o' bulbs.

Lastly, you'd be surprised how cheap landscaping is... You're likely not
tearing out any more than a couple grand in stuff. I wouldn't bother any agent
with that. Buy grass seed, fill in and level out anything you're tearing up.

(Susannah/18574) I have a house for sale. It will probably take months to sell. ...

Susannah@rss.iscabbs.com — Tue, 23 Nov 2010 20:49:00 -0600

I have a house for sale.  It will probably take months to sell.  It's not in
great shape.

Would issues arise if I remove a lot of the small trees or bulbs (like an
entire bed of bulbs, not a handful).  There is no contract at the moment, but
do I need to notify the realtor that certain specific plants will be gone in
the coming several months?  Could I write it into a future contract as an
exclusion that a list of plants are not part of the sale and will be removed?

(Zelie St Pierre/18573) On our county assessor's website, you can pull up the comparable...

Zelie St Pierre@rss.iscabbs.com — Mon, 22 Nov 2010 08:00:00 -0600

On our county assessor's website, you can pull up the comparables to your house
with a few mouse clicks.  I don't know if that's widely available, but it's
another avenue to pursue.

(Fire Goddess/18572) I'd be upfront with them and say you don't plan on hiring them w...

Fire Goddess@rss.iscabbs.com — Sat, 20 Nov 2010 15:04:00 -0600

I'd be upfront with them and say you don't plan on hiring them when asking them
to do the CMA, though. It saves you a hard sell and tells the agent that
they're not going to get anything out of doing the CMA but more practice.
(which for some agents is payment enough that they're glad to accept.)

(Tempestas/18571) Not for nothing... But you don't have to contract or engage with...

Tempestas@rss.iscabbs.com — Sat, 20 Nov 2010 09:40:00 -0600

Not for nothing... But you don't have to contract or engage with a real estate
agent to have them pull market comparable report. Call one or two different
brokers (if you have two brokers in town/area?) and get the reports. Doesn't
cost anything but time, so I don't see why you wouldn't pull the information
before you and potential buyer start putting $ into appraisers ? Just a
thought!

(Steppenwolf/18570) Okay, thanks a lot; that really helps.

Steppenwolf@rss.iscabbs.com — Fri, 19 Nov 2010 12:50:00 -0600

Okay, thanks a lot; that really helps.

(WORF/18569) Nope, there are actual appraisers. Those are the same folks that...

WORF@rss.iscabbs.com — Fri, 19 Nov 2010 12:45:00 -0600


Nope, there are actual appraisers. Those are the same folks that you would hire
(or the bank would hire) if you were applying for a loan and needed to know the
value of a property.

A bank will only issue a loan based on the appraised value of a property. It
could care less aboue the sale price.

If you get two professional appraisers to value the property, both estimates
should come in very close. If you then average those as you suggest, you're
likely to have a pretty unbiased sale price that is fair value for the property
based on current market conditions.

(Steppenwolf/18568) That's my feeling as well. DO you get real estate agents to do i...

Steppenwolf@rss.iscabbs.com — Fri, 19 Nov 2010 12:40:00 -0600

That's my feeling as well. DO you get real estate agents to do it, or are there
separate appraisers out there?

(WORF/18567) Two separate appraisals is likely to give you a fairly direct as...

WORF@rss.iscabbs.com — Fri, 19 Nov 2010 12:33:00 -0600


Two separate appraisals is likely to give you a fairly direct assessment of the
price.

(Steppenwolf/18566) We may move. A friend has called "dibs" on our house if we move...

Steppenwolf@rss.iscabbs.com — Fri, 19 Nov 2010 11:50:00 -0600

We may move.  A friend has called "dibs" on our house if we move. I'd like to
avoid haggling for haggling's sake with them, so what would be the fairest way
to settle on a price? I was vaguely thinking of having us each hire an
appraiser and take the average. We live in a sparsely populated area, so trying
to find market comparables ourselves may be tricky.  Thoughts?

(KalTorak/18565) I did read Freakonomics before selling my house.

KalTorak@rss.iscabbs.com — Tue, 16 Nov 2010 12:34:00 -0600

I did read Freakonomics before selling my house.
Didn't quite have the intestinal fortitude to follow through with it, but
I did have an idea how to align my and my agent's incentives:

Decide on a price at which the house sells itself, and offer zero commission at
that price.  Then ramp the commission fast (something like agent gets 15% of
every dollar past that floor, maybe more).  The idea's that I want the agent to
care a lot about extracting every last dollar, and I want the possibility to
exist that if the agent gets me a price better than I expect, they get a bigger
commission check than the 5% or 6% structure provides [that's the carrot.]

The other piece is I don't care how the total commission pot gets split between
my agent and the buyer's agent - I make a total pot of commission money
available based on the sale price, and it's my agent's job to decide how to
split it.

That's how one might align incentives in that situation.
I didn't do it.  I expect that, if the carrot for a higher-priced sale is big
enough, one can get one's agent to accept that structure.  As for me, I want my
agent chasing those last marginal dollars as hard as I am.

(Tempestas/18564) Ask the title company to produce documentation from the town cle...

Tempestas@rss.iscabbs.com — Mon, 15 Nov 2010 23:56:00 -0600

Ask the title company to produce documentation from the town clerk that states
you must give up your only original PofA to be filed with the deed. They'll
likely ignore your phonecall or email or they'll give a flip answer.

Then you can make it real easy for your title company. Town clerk's email
address is probably on the town website, you likely have the email addy for the
title company. Email the clerk yourself and CC the title company when you get
an answer from the clerk.

When I got my initial financing for my house I had to use my mother to
cosign... I couldn't document all of my income quickly/easily enough to satisfy
the bank's requirements. The bank had a malfunction with about 1/3 of my
income, so I asked her if I could use her PofA (not that I need to, kinda the
point of having a PofA, but anyways)... I've held full PofA on her for 3 years.
Never had anyone demand to keep my original for anything.

No one from any loan or title company demanded to retain my original.
They did request copies of the PofA.
No copy of her PofA is recorded with my deed, either.
I'm in CT... It might matter?

(Smoke Eater/18563) We just went through a refinance on my house.

Smoke Eater@rss.iscabbs.com — Mon, 15 Nov 2010 23:40:00 -0600

We just went through a refinance on my house.

I'm in the Army Reserve, called up and deployed to Afghanistan, so I gave the
wife a power of attorney to handle some specific things, to include a
refinance.

The title company demanded to keep the original to file with the deed, and when
I made a formal complaint to them, they insisted they had to under the law.
I'm deployed over here and can't easily replace it.

Are they bullshitting or not?  VA if it matters.

(Heartburn/18562) It isn't so much that I don't want to work with agents. I actua...

Heartburn@rss.iscabbs.com — Mon, 15 Nov 2010 09:37:00 -0600

It isn't so much that I don't want to work with agents.  I actually do, as I
think FSBO takes much more of my time and is riskier.  I just wondered how
people go about countering these concerns.  Obviously you can interview agents,
etc., but as a buyer that has not worked out for me.  The best agents didn't
have time to sit for an interview, or didn't feel they had to.  At least, that
was my perception based on the agents that declined an interview.  So, I was
hoping that there might be other ways to identify good agents, such as
membership in a particular organization that had higher ethical standards, or
ratings on a particular web site like Angie's list, etc.  I realize I am, to a
certain extent, giving myself suggestions, but I was curious what other people
have done and had success with.

Thanks for all the advice.

(Guardian Angel/18561) TAP - one could easily argue that those are the exceptions to th...

Guardian Angel@rss.iscabbs.com — Sun, 14 Nov 2010 13:01:00 -0600

TAP - one could easily argue that those are the exceptions to the rule. The
Realtors are more willing to work harder/longer to sell their own homes than
those of their customers.

Which, IMO, says a lot about your average realtor.

(The After Party/18560) Fire Goddess

The After Party@rss.iscabbs.com — Sun, 14 Nov 2010 00:09:00 -0600

Fire Goddess

  Um, it was stated (i have no idea if true) that agents sell their homes
  for more and they are on the MLS longer. So your generalization about
  a house being on the MLS longer means lower price is probably correct
  for the majority, but not a hard fast rule.
  The reason I suggested it was to offer an alternative to heartburn who
  didn't want to deal with agents. If heartburn can't trust the agent to
  get a good price (because 1.5% of a small difference in price isn't
  worth the effort), then I'd assume they want to do the legwork them
  selves to get the house sold at the price they find acceptable.
  I've bought and sold 3,4 homes, always using an agent, becaue I
  don't want to do any of the legwork.

(Fire Goddess/18559) The problem with For Sale By Owner/Flat fee listings is that oth...

Fire Goddess@rss.iscabbs.com — Sat, 13 Nov 2010 21:02:00 -0600

The problem with For Sale By Owner/Flat fee listings is that other agents will
not show those homes, all other things being equal. You only have a certain
amount of time to show on a given day. If you hve a list of 15 and only have
time for 10, agents tend to remove those with the lowest commision split (6%
listings instead of 7% in this market) flat fee listings (sicne they do not pay
out to the showing agent), etc. To sell your home, yu need to get people in the
door.

What I've seen is that these flat fee listings that DO sell are sold for less
than if they were repped by a traditional agent, because buyers typically only
look at these listings to save money. So they automatically deduct the
commision from the sale price of the home when they make an offer. The
homeowner also loses in that situation because they aren't being repped
and might lose out on inspection issues, etc. They can get strong armed into
agreeing with things.

Another aspect to this is that the house will sit on the MLS longer, and the
longer it sits, the less the home ultimately sells for. It's grown stale.

(Fire Goddess/18558) Heartburn--> There may be exceptions, but typically that scenari...

Fire Goddess@rss.iscabbs.com — Sat, 13 Nov 2010 20:59:00 -0600

Heartburn--> There may be exceptions, but typically that scenario is correct.
(Some brokerages give you a bigger split with the more volume you produce. Some
agents also work as 100% agents who don't split with their broker instead they
pay a monthly fee to the brokerage (I've seen bills of a couple thousand for
this.)

(The After Party/18557) Heartburn

The After Party@rss.iscabbs.com — Fri, 12 Nov 2010 14:47:00 -0600

Heartburn

  For Sale By Owner?
  There are places you can pay to get your house into the MLS for a flat
  fee ($1000 comes to mind, but I'm not 100% sure). Eliminate the realtor
  if you don't trust them.

(Heartburn/18556) I'm reading a book called 'Freakonomics' right now which makes s...

Heartburn@rss.iscabbs.com — Fri, 12 Nov 2010 13:30:00 -0600

I'm reading a book called 'Freakonomics' right now which makes some interesting
claims about realtors/realty.  Curious if anyone (realtors?) might want to
comment on these:

1 - While commission on a sale is 6%, that's split by the buying/selling agent,
and they each typically give half of that 3% to their broker.  So, each agent
gets only 1.5%.

  The book brings that up to show that your realtor really has no incentive to
get you a good price.  200K vs 210K for them is only $150 (1.5% of the 10K
difference).  So, they have _much_ more incentive to sell homes faster than to
sell homes for a good price.  The book is obviously suggesting that you have to
really ride your agent if you're selling.

2 - The book's author was able to look at a large pool of data and saw that, on
average, realtors keep their _own_ homes on the market longer, and sell them
for higher prices, than comparable homes of their clients.

I've bought two homes, but never sold yet.  I am scared to death to sell
because of information like this (which I've heard from other sources).

How do you make sure that you can trust your agent?  I never had to worry while
because the only purpose the realtor(s) served was to show the homes.  None of
their advice, etc. was ever worth squat.  I hired an attorney for anything
important and did my own 'comparable' checks.

(WORF/18555) Realtor commission works based on who "shows" the house.

WORF@rss.iscabbs.com — Thu, 11 Nov 2010 20:00:00 -0600


Realtor commission works based on who "shows" the house.

If the agent shows you the house and you later buy it, she gets to claim
commission.

My advice is to interview agents (preferrably by referrals) and find a realtor
that you are happy with reprsenting you.

(Susannah/18554) Buyer's Agreement with Realtor> What are the advantages to me, ...

Susannah@rss.iscabbs.com — Thu, 11 Nov 2010 18:55:00 -0600

Buyer's Agreement with Realtor>  What are the advantages to me, as a buyer, to
sign one of these with a realtor?

I was working with a realtor, to find a rent house, a year ago.  I ended up in
a property she is actually the property manager for.  I had previously used her
in an aborted home purchase search, and went back for the rental search.  Now,
I am back in a home purchase search again, and had about 50 MLS numbers to
check.  When I asked for assistance in narrowing the field, the first realtor
decided she "does not know my search area well enough," and recommened I use a
realtor closer to where I want to purchase.

Her agency, though, has a really good search tool on their website, and I have
remained signed up with them for new/updated listings.

I talked to a new realtor today, and told her I have a list of MLS numbers
already.  She asked was I working with a realtor, and I said no, because I have
not officially been working with the new one in over a year now, in that
capacity.  She then asked where'd I get the numbers, and I explained the
situation.  I also explained that apparently the first realtor did not want to
assist in narrowing my list of (too many) homes, and that's when she made the
suggestion to use another realtor.

Now, the new one wants me to sign a buyer's agreement saying I am only working
with her for my house search.  We already have an agreement with a realtor in
my home town to sell my mother's house (500 miles away) and it locks us into
that agent for a year.  I do not want to get into a similar situation with a
realtor here, in case things go south with this one.  She said today that it
takes about 6 showings with feedback from me, and then she can find "the" house
for me.  While I'm not  inclined to look at 30-40 houses either, I don't want
such a narrow field as 6, and I don't want to be tied to her and not be able to
get out of it.

(Darphbobo/18553) Thanks Tempestas!!!!

Darphbobo@rss.iscabbs.com — Thu, 11 Nov 2010 09:49:00 -0600

Thanks Tempestas!!!!

Basically what has happened is my realtor and the other realtor who owns the
house *classy and looked down upon in my state* Have been in a grudge match
every step of the way. But it all worked out last night and this morning I
drove by the house watching the new gutter system being put on.

We close monday and the Tenants need to be vacated by tomorrow... that's the
only hurdle we have left.

(Tempestas/18552) Your closing attorney should be in contact with the seller attor...

Tempestas@rss.iscabbs.com — Wed, 10 Nov 2010 16:44:00 -0600

Your closing attorney should be in contact with the seller attorney on the
gutter issue. You shouldn't do anything. That's why you're paying for
representation.
(Once you enter into the contract and hire an attorney, you really shouldn't be
working directly with seller, helps you avoid he-said-she-said bullshit)

(Darphbobo/18551) So I am less than a week from close. The bank is requiring Some ...

Darphbobo@rss.iscabbs.com — Wed, 10 Nov 2010 14:19:00 -0600

So I am less than a week from close. The bank is requiring Some gutters are
attached correctly before we proceed. The house is still occupied by the
renters and the home owner is not exactly easy to get ahold of... I am wonder
what if anything I can do at this point other than wait.

(Swinia/18550) Aren't most agents local though?

Swinia@rss.iscabbs.com — Tue, 09 Nov 2010 08:00:00 -0600


Aren't most agents local though?
Excluding or including foreclosures and other similar sales?
You may want to add New Orleans to your search.
Also, many condos will show up as cheapest Price but may have ass fees that
rival mortgage payments.

(Lochner/18549) Get an agent and tell your agent what you want.

Lochner@rss.iscabbs.com — Tue, 09 Nov 2010 07:22:00 -0600


Get an agent and tell your agent what you want.

(Yorick/18546) I would like to buy a livable legal residence inside the United ...

Yorick@rss.iscabbs.com — Mon, 08 Nov 2010 23:11:00 -0600

I would like to buy a livable legal residence inside the United States for the
minimum price.  Hypothetically, assuming I was willing to live _anywhere_, how
would I go about doing that?  For example, let's say the cheapest listed legal
residence in the country was a shotgun shack in some tiny town in Mississippi
for $2,500 dollars.  How would I go about finding that?  I've looked at
Zillow and some of the national sites, but the majority of the extremely
low priced homes seem to be obvious typos.

Obviously, there are conditions beyond "cheapest" but every real estate
site and search that I've seen assumes that you want to search by
location->features, but I was looking to search by price->features->location.

I understand the MLS indexes are mostly local, but perhaps there's some
index of price-by-zipcode or something I can leverage?

(Steppenwolf/18545) Does this have to be a mobile property? Otherwise, I don't entir...

Steppenwolf@rss.iscabbs.com — Mon, 08 Nov 2010 20:24:00 -0600

Does this have to be a mobile property? Otherwise, I don't entirely understand
what you're asking.

(Yorick/18544) I don't think there's a way to get a definitive answer on this, ...

Yorick@rss.iscabbs.com — Mon, 08 Nov 2010 17:20:00 -0600

I don't think there's a way to get a definitive answer on this, but I was
wondering how someone would go about it:

Let's say I wanted to purchase a property which would qualify as a legal
residence anywhere within the United States.  Or let's say I wanted to do
the same thing, but exclude manufactured housing or require particular
amenities.  And I wanted to do this as cheaply as possible.

(Steppenwolf/18543) Interesting, KS, thanks.

Steppenwolf@rss.iscabbs.com — Wed, 03 Nov 2010 13:49:00 -0500

Interesting, KS, thanks.

I also might not that people had been taking properties using ED ever since the
50's, as a matter of fact. It just matters here because "blight" was used to
referred to... how shall we say... white people.

(That is, taking it and selling it to developers.)

(Knightshade/18542) Yup, it's legal.

Knightshade@rss.iscabbs.com — Wed, 03 Nov 2010 13:36:00 -0500

Yup, it's legal.


Note that it matters here that they are taking industrial/commercial
property... Like many states after Kelo California passed additional
protections to block some ED takings, but in CAs case it only protects
owner-occupied residence.

(Steppenwolf/18541) Well, only "illegal" if you pretend _Kelo v. City of New London_...

Steppenwolf@rss.iscabbs.com — Wed, 03 Nov 2010 13:29:00 -0500

Well, only "illegal" if you pretend _Kelo v. City of New London_ didn't exist.

(MIKEY/18540) It's not unfair, it's illegal. ED isn't a means to confiscate p...

MIKEY@rss.iscabbs.com — Wed, 03 Nov 2010 13:22:00 -0500

It's not unfair, it's illegal.  ED isn't a means to confiscate property from a
private individual and sell it to a private enterprise.

(Lochner/18539) I understand. What is the problem?

Lochner@rss.iscabbs.com — Wed, 03 Nov 2010 06:57:00 -0500


I understand.  What is the problem?

The unfairness is that the government is taking the land -at all- only to hand
it over to a private enterprise.

That this happens to take place during a down economy is a function of lousy
timing and is not fair or unfair, it just is what it is.

(WORF/18538) This is a sale to a private company.

WORF@rss.iscabbs.com — Tue, 02 Nov 2010 14:25:00 -0500


This is a sale to a private company.

FoodsCo (a retail grocery chain) wants to buy the property.

FoodsCo does not want to pay the asking price.

The city of Oakland is moving to ED to force the property owner to sell to
FoodsCo. FoodsCo wants to use ED to get the property at a lower than asking
price.

Note that FoodsCo is a private company that is for profit.

(Lochner/18537) No, the government doesn't actually pay for it, the land redevel...

Lochner@rss.iscabbs.com — Tue, 02 Nov 2010 12:59:00 -0500


No, the government doesn't actually pay for it, the land redevelopment
authority company that will ultimately be responsible for developing the
property and answering to the government if they fuck it up will pay the cost.

Unless it's like a road widening or something, or a temporary construction
easement.  Then the gub'mint just pays it.

(The After Party/18536) Lochner

The After Party@rss.iscabbs.com — Tue, 02 Nov 2010 10:42:00 -0500

Lochner

  Does the gov, in this case, go sell the property to the company and make
  a profit? that would be wrong.

(Lochner/18535) When the economy is high, the government pays the higher price.

Lochner@rss.iscabbs.com — Tue, 02 Nov 2010 10:36:00 -0500


When the economy is high, the government pays the higher price.
When it's low, they pay the lower price.

That's all there is to it. It's not fair/unfair or right/wrong, it's just
shitty luck that the property happens to be needed now.

(The After Party/18534) Lochner

The After Party@rss.iscabbs.com — Tue, 02 Nov 2010 10:34:00 -0500

Lochner

  I think WORF is saying, the time of teh sale is the problem.
  If someone can afford to wait, they will, in hopes of selling for more
  later (and still recoup their costs for holding on to the property longer).
  If the gov forces them to sell when the economy is in the shitter, thus
  fetching a lower price, that isn't right.

(Susannah/18533) Thanks for all the info, though it basically proved pointless. ...

Susannah@rss.iscabbs.com — Tue, 26 Oct 2010 18:41:00 -0500

Thanks for all the info, though it basically proved pointless.  They came out
today from MS DOT, and basically, they need maybe, if you stretch it, 100
square feet on the far corner of the property.  The 3.5 acres plus the house is
appraised at 75K for taxes, so we're talking more than pocket change for what
they need.

(Lochner/18532) "Oakland moved to the ED process not because the seller was not ...

Lochner@rss.iscabbs.com — Tue, 26 Oct 2010 11:01:00 -0500


"Oakland moved to the ED process not because the seller was not willing to
sell, but because FoodsCo wasn't willing to pay the asking price."

  Right, and this is common.  Sometimes the seller's asking price is
unreasonable.  Sometimes it's reasonable but the buyer thinks it can do better
through a commissioner's hearing.

"The point of contention is solely the price to be paid."

  Correct.  If it continues, there will be a trial over the value of the land
and everybody will introduce evidence and a jury will fix the figure.

"Or, to put it in terms of a private home. Say you paid $500k for a home 2
years ago. Today similar homes are selling for $250k and the city wants your
land for a project so it comes in and says "FMV is $250k so we're paying that
an taking your land.""

  That's correct.  The FMV is measured as of the date of the taking, which is
usually the date that the condemning authority pays the bond into the court.
It doesn't matter how much the home cost two years ago.  That's not when the
condemnation is taking place.  If you bought the home 2 years ago and you paid
$100k for it, the condemning authority wouldn't be at liberty to insist on
paying only that amount, either.  It's a market valuation.  The risk of price
flucuation is capitalized into the FMV.  It's shitty for them that the markte
is down so condemnations are cheap.

(WORF/18531) Oakland moved to the ED process not because the seller was not w...

WORF@rss.iscabbs.com — Tue, 26 Oct 2010 10:46:00 -0500


Oakland moved to the ED process not because the seller was not willing to sell,
but because FoodsCo wasn't willing to pay the asking price.

The point of contention is solely the price to be paid.

Or, to put it in terms of a private home. Say you paid $500k for a home 2 years
ago. Today similar homes are selling for $250k and the city wants your land for
a project so it comes in and says "FMV is $250k so we're paying that an taking
your land."

(Lochner/18530) It doesn't matter if a "sane" person would sell.

Lochner@rss.iscabbs.com — Tue, 26 Oct 2010 10:33:00 -0500


It doesn't matter if a "sane" person would sell.

The FMV is the price the property would fetch on the open market between a
seller who is willing to sell, but not compelled to sell, to a buyer who is
willing to buy, but not compelled to buy.  An free and fair arms-length
transaction AS OF THE TIME OF THE TAKING.

Doesn't matter that the market is down.

(WORF/18529) Of course agreeing on FMV is a whole nother ball of wax.

WORF@rss.iscabbs.com — Tue, 26 Oct 2010 10:27:00 -0500


Of course agreeing on FMV is a whole nother ball of wax.

There is an ED case in Oakland right now that is centering on just that issue.

The city wants to take a sqaure block of property and turn it over to a
FoodsCo.

The property owner was in negotiations to sell to the company prior to the ED,
but there was a disagreement on price.

The point of contention with the ED taking is that the govt is appraising at
today's depress market value rather than what it was (or what it is expected to
be in another 1-2 years after the economy rebounds).

The property owner is arguing that no sane person would sell at today's prices
because there would be a loss. They would hold it and then sell after the
recovery finishes.

(Lochner/18528) If you're talking about eminent domain, the general rule is that...

Lochner@rss.iscabbs.com — Tue, 26 Oct 2010 08:08:00 -0500


If you're talking about eminent domain, the general rule is that the state pay
the fair market value of the land.  For a partial taking, the rule of thumb is
that you take the FMV of the land prior to the taking, and the FMV of the land
after the taking, and the difference between the two is what the state pays.

In practice, it works out to a value per square foot calulation multiplied by
the number of square feet taken.  The value of any improvements on the land is
capitalized into the fair market value.  Governments can take some, or all, of
the property.

(Guardian Angel/18527) I think the answer is "It Depends on the project".

Guardian Angel@rss.iscabbs.com — Mon, 25 Oct 2010 22:30:00 -0500

I think the answer is "It Depends on the project".

(Susannah/18526) If land with a house is purchased by a state agency for a road p...

Susannah@rss.iscabbs.com — Mon, 25 Oct 2010 19:52:00 -0500

If land with a house is purchased by a state agency for a road project, does
the fair market price reflect the land only, or the house also?  Do they "take
what they need" from a smallish (4-acre) property, or do they take all of it?
The property is currently up for sale, regardless of the state road project, if
that matters.

(Heartburn/18525) If I have a rental property, which I used to live in, under a 30...

Heartburn@rss.iscabbs.com — Wed, 20 Oct 2010 11:26:00 -0500

If I have a rental property, which I used to live in, under a 30-yr fixed rate
residential mortgage, how is refinancing affected?  The property is held by me,
but was held in an LLC within the last six months.  I know the secondary market
rule says banks can't sell such a loan.  So, I'm calling bigger banks who give
better rates for loans that they hold themselves.  Local banks are not
competitive for loans they keep.  However, what I don't understand is how much
of a rate hike I should expect because this property is not my primary
residence, and / or is a rental.  Is there a rule of thumb?  Nationwide offered
4.875, but I wasn't clear if the difference (4.25 was going rate) was a
standard markup for rentals, or what.  Credit is not an issue.

(Sparkles/18524) Faldgan - I would look into this further before you commit. You...

Sparkles@rss.iscabbs.com — Sat, 09 Oct 2010 12:37:00 -0500

Faldgan - I would look into this further before you commit.  You shouldn't have
to buy his new farm ground first.  You should be able to buy his farm ground
with cash, and he has like 180 days to use the money from your purchase to buy
the other farm.  Land exchange doesn't mean that two people just swap land, it
means that the person getting the tax benefit "exchanges" an investment
property for another investment property.

(Faldgan/18523) So I'm looking at buying some farm ground.

Faldgan@rss.iscabbs.com — Sat, 09 Oct 2010 11:39:00 -0500

So I'm looking at buying some farm ground.
The seller wants to do a tax-deffered 1031 exchange.

Has anyone else done this?  The whole thing seems hokey to me; I make offers on
both the property I want and the property he wants, the title to the property
he wants is transferred to his name and the property I want is transferred to
my name.
Thoughts?

(Darphbobo/18522) Thanks for all the help. We are going with the house. The realto...

Darphbobo@rss.iscabbs.com — Tue, 28 Sep 2010 09:48:00 -0500

Thanks for all the help. We are going with the house. The realtor is apparently
has a god complex in this town we are buying in. They have like 80 percent of
the listings. And spending an afternoon in the local greasy spoon i found out
everything about the house and the realtor. With that ammo i was able to get
everything going.

Thanks for all the input.

(The After Party/18521) Inspections

The After Party@rss.iscabbs.com — Mon, 27 Sep 2010 22:20:00 -0500

Inspections

  We had the AC guy out here because the A/C couldn't keep the house cool.
  He pointed out that the inspector is not certified by anyone to know
  anything about anything. They might know a little about everything,
  but they are mostly there to point out things to justify their jobs.

  While I'm not saying not to get it, I'm just saying, he had a point..

(Falafel/18520) Lenders rarely require home inspections, but it is very common (...

Falafel@rss.iscabbs.com — Wed, 22 Sep 2010 22:00:00 -0500

Lenders rarely require home inspections, but it is very common (in fact, I've
never heard of a mortgage that didn't require one) for a lender to require an
appraisal be done of the house, which includes a home appraiser coming to the
house, measuring it, and looking it over.

(Lochner/18519) We'll need temp housing for a family of 6 and a dog. We're ok w...

Lochner@rss.iscabbs.com — Wed, 22 Sep 2010 21:10:00 -0500


We'll need temp housing for a family of 6 and a dog.  We're ok with cramming us
all into a tiny-ass apartment for a fe wmonths.  We'll probably need the place
from Nov through April.

(Tempestas/18518) You didn't mention if you're a family or not or where you are in...

Tempestas@rss.iscabbs.com — Wed, 22 Sep 2010 17:11:00 -0500

You didn't mention if you're a family or not or where you are in the building
stage or how long you need the housing... Many municipalities, you need to have
your well installed/tested before you can pour a foundation- Are you at this
stage yet?

You can rent trailers; I'd suggest this because you do really want to be as
closeby your construction project as possible. If you got the well in, you're
in good shape. You can always drive to a local campground and make a deal with
them to take your wastewater. I was 45min from where my house is, so getting
out here was a PITA and I missed catching a lot of retardo bullshit from
contractors. It made more work for me (and them) when they failed to work wise
or thorough. If there's a next time around, I'd borrow a mobile home from one
of my friends, make my life easier :)

I built my house in 2009. Closed on the land 9/10/9, did a buttload of land
improvements, finally poured a foundation, and the house was delivered mid-
november... moved into the house 12/24/9. I stayed in my apartment until I got
evicted. I timed my eviction pretty decent, I only went 9 days with no place to
stay. I knew I could drag out the eviction to 60 days to get the house DONE
before I'd be out on my arse. If you're renting- might want to learn what your
local eviction laws are. You can pay the landlord later after you're settled.
Just don't dick around and delay on the project. Keep the contractors moving.

(The Great Godzilla/18517) Squat in an abandoned foreclosed home.

The Great Godzilla@rss.iscabbs.com — Wed, 22 Sep 2010 16:51:00 -0500


Squat in an abandoned foreclosed home.

(Copper Lethe/18516) Yurt!

Copper Lethe@rss.iscabbs.com — Wed, 22 Sep 2010 14:30:00 -0500


Yurt!

(Lochner/18515) We need temporary housing while we're building our new home.

Lochner@rss.iscabbs.com — Wed, 22 Sep 2010 14:07:00 -0500


We need temporary housing while we're building our new home.
Any ideas?  We're trying to go cheap.

(Smoke Eater/18514) Well, duh!

Smoke Eater@rss.iscabbs.com — Wed, 22 Sep 2010 11:24:00 -0500

Well, duh!

(KalTorak/18513) Screw whether the lender requires an inspection. _I_ require an...

KalTorak@rss.iscabbs.com — Wed, 22 Sep 2010 11:22:00 -0500

Screw whether the lender requires an inspection.  _I_ require an inspection.

(Smoke Eater/18512) I bought a brand new townhouse in 1998, and the lender required ...

Smoke Eater@rss.iscabbs.com — Wed, 22 Sep 2010 03:12:00 -0500

I bought a brand new townhouse in 1998, and the lender required an inspection.

(Susannah/18511) Maybe it was my lender then. I was approved 2 years ago, but on...

Susannah@rss.iscabbs.com — Tue, 21 Sep 2010 20:17:00 -0500

Maybe it was my lender then.  I was approved 2 years ago, but only found one
house I liked enough to put in an offer on.  Unfortunately, other circumstances
intervened right before the inspection.  The inspection never happened, and the
sale fell through.  However, I don't know that I'd feel comfortable in a house
that was not inspected before I bought it.

(Copper Lethe/18510) A home inspection is almost never required, unless your lender r...

Copper Lethe@rss.iscabbs.com — Tue, 21 Sep 2010 20:08:00 -0500


A home inspection is almost never required, unless your lender requires it,
which usually isn't the case.  Even our FHA loan didn't require it.

(Susannah/18509) I'm in the process of looking for my first home to purchase. I ...

Susannah@rss.iscabbs.com — Tue, 21 Sep 2010 19:57:00 -0500

I'm in the process of looking for my first home to purchase.  I was under the
impression that an inspection was not something you "liked" the idea of or
"didn't like" the idea of, it was something that was required, period.  Am I
missing something, or does it vary by state or lender?

(WORF/18508) Not wanting a home and/or termite inspection is a MASSIVE MASSIV...

WORF@rss.iscabbs.com — Tue, 21 Sep 2010 19:28:00 -0500


Not wanting a home and/or termite inspection is a MASSIVE MASSIVE MASSIVE red
flag.

Any seller who wants to deny you those options is trying to scam you.

(Fire Goddess/18507) FHA loans aren't always a favorite, because they are a little mo...

Fire Goddess@rss.iscabbs.com — Tue, 21 Sep 2010 19:26:00 -0500

FHA loans aren't always a favorite, because they are a little more strict abotu
repairs/etc.

(WORF/18506) Agreed. If someone came back with that I would walk FAST.

WORF@rss.iscabbs.com — Tue, 21 Sep 2010 19:13:00 -0500


Agreed. If someone came back with that I would walk FAST.

Sounds like the house is a money pit waiting to happen that they're just trying
to unload on some sucker. Whatever you're paying, it's too much.

(Copper Lethe/18505) The seller's realtor doesn't like the idea of a home inspection ...

Copper Lethe@rss.iscabbs.com — Tue, 21 Sep 2010 18:59:00 -0500


The seller's realtor doesn't like the idea of a home inspection or termite
inspection?

Find a different house.  Seriously.

Not to mention the financing, she should care less about that.

(Darphbobo/18504) I am in the process of purchasing my first home. Loan is approve...

Darphbobo@rss.iscabbs.com — Tue, 21 Sep 2010 18:36:00 -0500

I am in the process of purchasing my first home. Loan is approved, everything
is pre-approved and it's pending the Realtor agreeing to payment.

The house has been on the market for 500 days and all sorts of other things. I
offered a reasonable offer based on what my realtor said. Now she came back
asking for another 24 hours to "talk to her hubby" "and we don't like the idea
of a house inspection" "or a termite inspection" Oh and we don't like the idea
that it is an FHA loan.

My question is what if any recourse do i have against this human whom under
further review all of the homes that they are selling are all over 450 days on
the market....

(Marigolds/18503) I could think of one goofy potential exception. In Florida, and ...

Marigolds@rss.iscabbs.com — Fri, 13 Aug 2010 10:45:00 -0500

I could think of one goofy potential exception. In Florida, and possibly other
states, it is possible for the renter to make the escrow payments, paying not
only the mortgage but also property taxes and any association fees, in order to
prevent eviction by the bank or the housing association. (The housing
association can evict tenants in Florida if the association fees are not paid
by the landlord.)
Now, this does have the slight variation of Jason uses the rent money to pay
off John's mortgage, rather than John uses the rent money to pay off John's
mortgage.
Meanwhile, the tenant is also liable for full rent to the landlord. Seems like
that situation could create a lien against the property for the tenant, but i"m
not quite sure as this is a pretty new law.

(Copper Lethe/18502) Why would there be any question about who owns the house? Jason...

Copper Lethe@rss.iscabbs.com — Fri, 13 Aug 2010 08:15:00 -0500


Why would there be any question about who owns the house?  Jason is just
renting a room, John owns the house.

(Swinia/18501) Replace "rents" with "leases". Also, the answer is John.

Swinia@rss.iscabbs.com — Fri, 13 Aug 2010 07:34:00 -0500


Replace "rents" with "leases".  Also, the answer is John.

(Picard Maneuver/18500) Situation:

Picard Maneuver@rss.iscabbs.com — Fri, 13 Aug 2010 02:53:00 -0500

Situation:
John buys a house and rents a room to Jason, using the rent money to pay his
own mortgage.  When the house (mortgage) has been paid off, who owns the house?

(Billyjoejimbob/18499) TAP> If the choice is between either doing nothing, and choosin...

Billyjoejimbob@rss.iscabbs.com — Fri, 02 Jul 2010 14:07:00 -0500

TAP>  If the choice is between either doing nothing, and choosing at least the
30 year 4.875% refinance, in my opinion you'd be silly to not at least
refinance to the 4.875% unless you're going to be moving in the next year or
so.  The savings on lesser interest payments by 0.875% equates to $2500+ per
year for quite awhile.  Unless you think interest rates are going to go
lower..... and in that case, wait :)

Choosing the 15 year mortgage would save you an additional $1000+ per year in
interest for quite awhile over and above the $2500+ you'd already be saving by
refinancing into the new 30 year mortgage, but the extra $500+ per month
payment may be painful, especially if a job situation changes etc...

(Egregious/18498) If you don't want to "lose" the two years you've already paid, c...

Egregious@rss.iscabbs.com — Wed, 30 Jun 2010 15:34:00 -0500

If you don't want to "lose" the two years you've already paid, compare the
new 30-year loan against what you would pay if you paid it off over 28 years.

Also compare the cost of getting a 30-year and paying it off over 15 years;
3/8 of a percentage point seems a good premium for getting the 15-year option.