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There are three deminions to this issue, and all will require an attorny.
Take action as soon as possible.
Your brothers plan will create greater hardship if allowed to result in eventual foreclosure.... more
Whoa. Red flags are waving all over on this. Can't get financing, but he is going to pay you? Quit claim and no legal ownership anymore? Even a Contract for Deed has risks; especially if he defaults. There might also be issues with implied tenancy and getting him out, if you decide to sell the home to someone else later. Call a real estate, and possibly an estate, attorney before doing, or signing, anything.... more
Always consult an attorney and an accountant when dealing with complicated estate and financial issues. There are several considerations, one is the imputed tax rate for the loan. The IRS has guidelines for this. Another are the consequences for not being current and going into default. These are just a few. We use attorneys to draw up every contract for deed. It is protection for the buyer and the seller. There are several experienced ones in the area and it is well-worth their fee, in my opinion.... more
Because the Government in all it's wisdom does not want you to be homeless, in case you get yourself in trouble. They are allowing you to keep the first $250,000 of equity in your primary residence. If you live in the Great Falls, MT area, the average list price is below that. As long as you make your current monthly morgage payments and are not in trouble with your lender, know one can place a lien on your house and try and take it away, but you must have a Homestead in place. That means on file at your local County Court House. Contact your Attorney for legal advise, I am not an Attorney and I do not profess to know all the legal ramifications of the Homestead Act. Please contact an Attorney for a more legal answer. A Title Company can also help you with filling a Homestead Deed on your property.... more
To know what to price a home at in todays market a good Realtor should do a Market Analysis of the property and surrounding properties which have been on the market in the last 6 to 12 month period. You have to compare Features to Features and Updates to Original decor. We have lots of tools to help come up with a solid price and a time period it might sell in. A good Agent knows the tools of the trade and can give you the advise you are looking for. I can walk into a home and tell you what you need to do to prepare it for the market and help with a marketing plan to give it the exposure it needs to sell.... more
Commissions are always NEGOTIABLE!!! There is a standard we all would like to get, but truth is, it is what you and the Real Estate Broker decided. What the Realtor will List it for and what the Seller will sell it for have to meet.... more
I would start by asking what year and size is the mobile home? Also, does it have a permenant, financeable foundation?
The other thing to understand would be that it is very hard to purchase land over 40 acres in size. Someone like NW Farm Credit Services may finance, but it would take quite a bit of a down payment I'm sure. I guess what I am saying it, the harder something is to finance, the less it is usually worth...... more
Obviously, the best answer is to contact a Real Estate Attorney to be sure that you do not have liability. There are a few good ones in the Great Falls area. Be sure that you contact one in the state that the property is in as Real Estate laws can vary from state to state.
Having worked in the mortgage industry, I can tell you that if your name is not on the deed, if you did not sign any of the loan documents, if your name is not on those 1098's at the end of the year, you likely do not have an obligation to that mortgage. Whoever signed their name to that loan is responsible. If you were Quit Claimed on to the Deed at closing or sometime after closing that gives you an ownership interest in the home. You can certainly give up that interest if you so choose but I believe both parties would have to sign the Quit Claim, again, consult an attorney or a local title company for guidance on those issues.
I am sure you have your own reasons for giving up an ownership interest in a home but remember, once you give up your interest, you may have no grounds to go back and collect a portion of the profit should the home ever be sold. Please consult with an attorney before making this decision so that you know all of your alternatives and the outcome of any alternative that you may choose.
Please feel free to call me if you need any further information. Have a great day!