In northern California title companies handle escrows but their real business is title insurance. They are prohibited from providing legal advice, arranging financing, and activities for which a Department of Real Estate license is required. (unless they have the licenses, provide the appropriate disclosures, and choose to accept the significant extra risk for little extra business)
Buying real estate in San Jose is very competitive. Neither a seller nor their agent will consider your double closing, seller financed offer when they can get a big cash down payment from a well qualified borrower.
Basic home buyer information at http://julianalee.com/buying.htm
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Hi Qlm, peek at the Truila Foreclosure Cleanup Blog for some helpful marketing tips for your foreclosure cleanup business (http://www.trulia.com/blog/foreclosurecleanup/). Also helpful info on pricing and finding contracts below as well. Much success to you!... more
Steve has correctly addressed an important issue (as he often does). If you decide to rent the existing property and attempt to qualify for a new home loan, your lender would first check to determine that you have at least 30% equity in the home to be rented. Without that, you will not be able to qualify with any percent of the gross monthly expected rent. So renting will not get you around the need to qualify with both mortgage payments.
These measures were put in place in recent years to prevent "buy and bail."
Your situation is a tough, but common, one and I wish I could provide advice on what you CAN do as opposed to what you cannot.
Technically, if the original tenants stays beyond the lease term then the broker has the right to collect their commission. How much? I really don't know how much you agreed to pay him upon. But it must be stated in your contract.
Hi Sf - I suggest you contact the Santa Clara Co. District Attorney's office. They have an Elder Fraud Department. The link is:
You can also call them: Adult Protective Services (APS) at 1-800-414-2002 or the San Jose Police Department fraud unit at (408) 277-4521.
You most likely do not need a third party company. You will need three comparative sales for the form that you can download from the county, yourself. If the comparative sales are genuinely less than your home purchase value you are on track. You can pick up comparative sales at www.zillow.com or with any local realtor.
Erica M Nelson
As a realtor and not a legal expert, I would encourage you to consult with an attorney. However, if its just removing your son off the title you can have him transfer his ownership to you by quit claiming the property. He would sign a quit claim deed and you could record it at the county office of the recorder.
I think if you called the county recorder's office they could tell you exactly the best way to handle this. I'm not sure quit claiming is what they would recommend, since there is family involved there may just be an easy what to transfer ownership entirely to you. The county recorder can let you know of the proceedure and costs involved in getting this done.