I would check w/ your county assessor's office to determine the tax liability. I'm not quite grasping the setup you have, but it sounds like some sort of leasehold estate. My guess is that the county would reassess to include the improvements and land in the same parcel and new owner of both would be responsible. Check w/ the county assessor's office.... more
Sharon, since you are not supposed to earn money from a short sale transaction (it usually states this in the short sale approval) .. . The bank is the one that should be owed the deposit, however, keeping a buyer's earnest deposit can be tricky....they must agree to cancel escrow and forfeit their deposit... If they will not sign this cancelation then you can run into problems.... It may be best to move on to a new buyer if the bank is not asking for their money... so far I have not had a bank request the buyers deposit...but it could happen....
Have your realtor ask your escrow officer what to do... Or on a brighter note, is the investor/buyer almost ready? Perhaps the bank will give another extension...sometimes they will do this especially if the buyer is willing to pay a per dium fee for their tardyness....(money for each day they are late closing usually about $100 a day)... Make sure that if you go this route that the buyer is ready to perform and that he/she understands the timeline.
Also, if this does not work out and you move on to another buyer make sure your agent checks the buyers bank statements for funds to close and/or approval letter from a direct lender... In a short sale a buyer must be educated on the process. Make sure your agent lets the buyer agent know how the process works and that they and their buyer understand completely. Comunication is key to a succesful short sale. good luck!... more
It sounds to me like this misrepresentation would allow you to back out of the contract without penalty. Good for you for doing your due diligence. Best advice would be to ask an attorney.
IF the building code in your area required that a room have a window in order for it to be considered a bedroom, (out here it doesn't - but it does require a closet), then the house was falsely advertised as a 3 BR house. I would pay a visit to your local board of Realtors and ask to speak with the chair of their Ethics Committee. It may be that the building code has some wiggle room.... more
oh wow I dont know. That sounds really shady. Im assuming she already had it listed with the bank. If it goes to trustee sale and you buy it there, there is no commission. The bank prolly just bought it back and she is re listing the property. I dont see how you can claim damages since trustee sales are listed in public papers and the court house.
Im not sure of her fiduciary responsibilities to you either. Clearly she was protecting herself and not acting in the best of her client. But that would be their lawsuit not yours. If you really wanted to know about the trustee sale why didnt you just do what the rest of the people on the world would do and call the courthouse. If the bank bought it back just call the bank and make an offer. Up to the bank if they pay her or not. The court will show who bought it. Call them directly. You are acting like something bad happend to you. And it did, the agent is slime. But what are your damages? You dont have any. Call whoever bought it most likely the bank, the court will tell you and how much they paid. And make an offer. You should have been at the trustee sale and the only person you can blame at that is staring at you in the mirror.
The best way is to get some referrals and find an agent to represent you as a buyer. . The agent will find out about your needs and wants and make appointments for you to see the houses that might fit your criteria. .
By the way, just saw that you are looking in Encino, CA. My father-in-law lives there. I can get some referrals for you if you like.
Prices did not decline in 2007. They actually increased overall in Malibu in 2007. The bulk of the increase was due to many high end sales on the beach. The number of sales decreased but not the prices. I have been selling here for 18 years if I can help you.... more
These folks here are Realtors, not attorneys. Your question will have to be directed to an attorney. Especially since there is no "one size fits all" answer to your specific situation. The attorney will want your full story, and she / he will need to see the documents in question.
If you are the transferee, and you have an owners title of policy, your title insurer may be able to advise you, If you don't like the title insurance company answer, you don't have to stop there, but you should probably start with the title company.
I will venture out far enough to opine that a "transfer of title" does not necessarily extinguish all debts and liens against a property;, a good title policy should reduce many of those risks.... more
Scott, A good rule of thumb is to never purchase a house if you cannot afford the payments on your salary alone. It's great that you have 2 roommates now, but what if they decide to get their own place? disagreement? You are taking the right steps to ask before you react. Next step is for you to speak to a mortgage lender, get pre-approved based on your own income and stay within your budget.
A good mortgage lender will not let you do an ARM loan nor an interest only. Interest only loans are for people that are expecting to cash in on something big in the near future.. are you? may be expecting a hefty inheritance? or other?... more