Ray Peacock

This situation reminds me of my late father, who believed it was better to deed the family cottage to one of the 4 children (which I am one of) rather than deed it to all 4 of us for the very reasons you are describing (with the understanding that it would be "all" of ours). We have a cottage that has great sentimental value as well, and Dad was always worried that if deeded to us in all our names, that could lead to problems later. Our neighbors (they are 3rd generation owners too) all own their cottage as equal shares (they've inherited as siblings) and it is a pain in the neck for them to get anything 'done' too. Something to think about if you own a property and have thought about how it will be passed on.

As to your situation, I'd suggest some legal advice first of all. I suspect the taxman doesn't care who it is in the partnership who is "behind", the tax lien if any would be placed on the property. And they charge hefty interest on delinquent taxes. Find out what your options are. And as was suggested, a market analysis of the value of the property to get a realistic idea of what it would fetch on the market. At any rate, I wish you luck.
Best wishes,
Ray - Fri May 9 2008, 20:41

Hi, sorry for your hassle..if I may, your story is one of the best examples of why a Buyer needs representation in a transaction. The seller subagent should assist you in getting the credit in some way, since the lender may not allow a cash credit at closing. At any rate, your story is a great lesson for all buyers of real property to make sure they have entered into an agency agreement before shopping for any property, be it owned by an individual or a bank (foreclosure). In some states it's automatic, in others you have to designate an agent as your 'buyer agent'. Hang in, there may be a way to still get your carpet credit.. good luck. - Fri May 9 2008, 20:08

This is a very common question sellers have when I meet with them. Not all finished square feet is equal. So far the answers I've seen given here are right on target. I'd add this. If you were building a new home, and asked the contractor how much it would cost per square foot to finish out the basement, they would probably respond 20-25% of the cost of finished above grade sq ft. So, if the question is whether or not to finished below grade level as a way of increasing value, I'd say no. The return would not be that great. But if it was to add functional living space like a family room, rec room, etc., I'd go for it. - Fri May 9 2008, 19:48

Ashley,
Congrats on the graduation and major life passage into life beyond school! Since there is a 70 mile difference between Madison and Waukesha, I'd consider just renting right now until you see how the commute works for you and your fiance. I hope you get 50mpg with your car! Seriously, maybe just rent for a year and see where things are. It buys you some time and doesn't lock you in if the situation changes with regard to work and commute. Yes, I know the dogs are an issue with some landlords, but maybe you can find a seller who is willing to rent for a year--better than no income from their point of view--and not be tied down.. Good luck! - Fri May 9 2008, 19:40

Hi Dave,
You don't mention if you have tipped your hand to the seller that you are interested. And you don't mention whether or not the seller is represented (listed). I will assume the answer to bother is no. So, it seems the question boils down to what you think an Agent gets paid to do. If the answer is pack you up in their car and tote you off to see 30 houses, then certainly you have done that work by yourself. But, if the Buyer Agent is able to save you thousands off the purchase therefore recouping all or part of the BA fee which typically is 3%, why wouldn't you? There are many items in a good Buyer Agent skillset, of which knowing a property's market value is, knowing the market conditions where you are at (locally) and what the seller's "competition" is, just to start with. Then there is the issue of the Offer To Purchase, a legally binding instrument. A Buyer's Agent has the duty to know the language in the Wisconsin WB-11 Offer To Purchase and what it means. Translation? You can sleep at night right up to closing day. Since you are pre-approved and can write a "clean" offer, you are in the driver's seat with regard to negotiating position. There's nothing like having dry powder. On the other hand, if you are smitten with the property and want it at all costs, then you probably don't need an agent but definately write an offer contigent upon attorney review. Good luck! - Fri May 9 2008, 14:39