Hi there. A PTT is usually assessed by the Hoa they can use it for whatever the choose and you don't have a say in it. If another home in the association has it, chances are your home will as well but you won't find out until u sit down at the close of escrow or have a good agent that can sniff that stuff out for you. It's a private tax and is on top of any hoas you might pay. This fee does not expire and runs in perpetuity with the sale of the home. It can be as high as 1.75% of the purchase price and you will see no added benefit from it. to see if you will have to pay it request that your agent pull the CC&Rs for the tract you are thinking of purchasing your home in.
If you need further help let me know. I will be glad to help out
I dont know of a "law" that will make you do the work or not do the work. If you knew the work was needed and didnt disclose it, you could be held liable whether you were selling it as is or not.
If you didnt know then it is your choice whether you want to sell your home or not. Say you dont want to fix it or creditthe buyer and the buyer backs out, you now need to disclose this information to any future buyer which will reduce teh amount of potential buyers, or you will have to fix it anyway in order for any other buyer to get a loan.
So it depends on how much you want to sell. You can offer to split teh estimate but the fair thing is to do teh work whther you want to hear that or not.
Keep in mind that your contract is with the buyer. You need to go by the terms of that contract. You could accept another offer as a backup offer to the first offer. You need to make this clear to the second offer that they are a backup offer and that you are waiting for a response on the first offer. Should the bank reject the first offer and no counter offers are made, then the second offer is ready to be submitted to the bank. This could save you some time during this process by having another offer ready to go.
Be honest and open with all involved so that each party knows exactly where they stand. Do not play one against the other though. Good luck.... more
The loan modification or request for one should NOT have affected your credit score by 200pts. I think you have a case to fight the credit bureaus on that one.
On the surface loan modifications sound great, new low low rate, but yes, they do tack on penalties, late fees & any missed payments to the back end of your loan & they DO NOT reduce or permanently write down your principle balance.
If all the banks were just re-writing loans for people, no one would need to do a short sale or walk away & let it go to foreclosure. The fact is the banks do not care about you, only their bottom line, they don't want to "help" homeowners stay in their homes. They do what's best for them, low temporary rate & you keep your high loan balance.
I know you're stuck between a rock & a hard place. Still doing a short sale is better for your credit & your ability to take advantage of this down market & purchase again in just 12mos. You can't do that if it goes to foreclosure.
The short sale alone (with no missed payments) affects credit by 30-100pts, what gets it up to that higher end is whether the person is on time or late with other bills like car or credit card payments.
It's all the missed mortg. payments that starts to ding your credit more. Ultimately an actual foreclosure will hurt you the most.
One of the mortg. lenders I work with can fund a new FHA loan to a person who just a had a short sale without missing a payment, or within 12mos of any missed mortg. payments. I can't provide you with proof of client's credit scores here on Trulia, but I'm sure he'd give me some examples I can share with you Off of Trulia.
I have clients right now, we just closed escrow on their short sale and we're immediately looking for another home, my lender did a "rapid rescore" to their credit & their scores are in the 700's.
I hope you will contact me, I would like to see my lender and his team at least help you with a re-score, again that loan modification should NOT have damaged your credit by 200 points., that is not right.
As far as the HOA, they're probably not doing anything about it because they have no money, there are probably many owners in your neighborhood that are being assessed for non-payment. You could talk to an attorney about it, but I think it would be very costly to get the HOA to step up to the plate to fix it.
When you go to short sell your unit, the bank will take this issue into account when finding a value for your property, it will likely be better for you to let the new owner deal with the HOA. Yes, that sounds harsh, but if you're going to sell & NOT make any profit from the sale, why would you hire an attorney & fight the HOA, what would you get out of it?... nothing.
You could also contact the HOA & ask who their attorney is, see if you can get their phone number / fax or email, you can tell him/her what's going on & that the HOA is not being cooperative. This may save you the $$ from hiring your own attorney.
Feel free to call or email me if you have anymore questions.
Hi Michael, please let me know if you are asking to find a price reduction on a current listing that has happened or will be happening? I have a wonderful single level ocean view home in North San Clemente (93673) that could work for you.... more