Builders frequently submit one plan to the city for approval even though there are variants in the plan from model to model. It's very possible that the plan submitted to the city either had unfinished space on the main level or something like that. I would simply ask the builder why it's different and have them substantiate the difference to you.... more
Whomever is on the deed, owns the rights to the property. That same person(s) may or may not be obligated to the loan against the property. Sounds like your situation is tricky, as family matters can be. Consult a Real Estate attorney.... more
Doing this just reminded me of something: the condos at Alquire Parkway are in litigation and so the sellers may only request cash offers only. Again, if you get more serious in the home buying process and you don't have a Realtor yet, consider asking me to research it for you.... more
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I've been in the Factory Built Housing Industry for 3 decades. I'm presently active as a Manufactured/Modular Home Dealer and Developer, General & Manufactured Home Contractor, Real Estate Broker, property manager and Investor.
I am also an expert witness, a former Industry expert with the California State Contractors License Board. I've also sat on many committees for rewriting the tests given to individuals wishing to qualify for the C-47 manufactured housing contractors license as well as a consultant and troubleshooter for several Attorney's General, District Attorneys offices and some local TV and Radio media consumer advocate programs.
I see a lot of upside potential for Factory Built "Senior Communities" if done properly. Would you be developing a rent/lease community or Resident owned Community i.e. Planned Unit Development (PUD)? Please feel free to contact me in confidence at firstname.lastname@example.org or my cell at 760 815-6977.
There is an abundance of information I would be happy to share with you but not on a publicly open forum.
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I'm a bit confused....how can you be a co-borrower but not on the loan? Or did you mean you're a co-owner on title, but not on the loan.
If your parents want to give up their rights to the property -- usually this can be accomplished via quit claim deed. But that doesn't relieve them from their obligations to pay off the loan to the bank as long as the loan is in their name.
If you say that the property may be sold for more than the balance of the loan, and if neither you nor your parents want to keep the property, then go ahead and sell it on the open market.
But if you want to keep it, get yourself preapproved for a loan, and buy out your parents, assuming that the new purchase price and loan are enough to payoff your parents' loan. That may be the simplest thing to do.... more
Thank you to all of the answers. I'll talk to the recorder office to get more information. Would adding my sister to the title through refinancing help me bypass paying the transfer tax? We both were supposed to be on the title when we first bought the house but the real estate agent told us that it'll delay the buying process and I may not be able to get the house.