 What is better? My husband and I are looking at homes within the 150-160 thousand range.? |
| we were quoted online to afford a mortgage up to 250,000 so this is well below that. Well my question is--should we buy a cheaper home that is 80,000 in a town 20 minutes away from where we really ... |
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 I am purchaing a home through a remax agent. She has charged me $250 for compliance fees? What are these char? |
I am purchaing a home through a remax agent. She has charged me $250 for compliance fees? What are these charges? Is it costomary.
Any Advice will be very helpful
Thanks in A... |
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 What would be a good name for a new apartment complex? |
Serious answers only please. I'm purchasing a complex and need a good name for it. Best answer gets 10 points.
Additional Details
It is in Phoenix, Arizona.... |
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 Good Real Estate Deal or no deal? |
| I just bought a property for $15k. The Tax assessment for its current condition is $63k. Six months ago a house on the same street sold for $68k. It needs some interior paint, floors refinished, and ... |
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 Mortgage??? |
| we are looking to get a mortgage, my husband is self employed and on a good income which is provable, i work part time so don't get alot so i know my wages wont be included. where is the best ... |
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 Is it okay to use credit cards to buy real estate? |
| I currently have good credit I would love to learn how to make more money.I contacted the real estate instition abouty finding a mentor to show me how to make money the cost 4 the mentor is $3775. ... |
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 Landlord question? |
| Due to financial hardship, I am having to sell a rental property I have in CA. The tenants did sign a year lease agreement in May. I am trying to work with them in every way possible. They have been ... |
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 When you have a yearly lease is there a way out from under neath it,if you decide you want to leave? |
Additional Details
say your boyfriend left and your unable bec of income coming in,can you break ... |
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 I have mice getting into my refrigerater? |
| It is so disqusting we keep the spot clean we always take the trash out vacumm daily ,keep our food in large plastic tugs we live in the city in row homes and we cant keep them out we tried poison, ... |
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 Does a landlord have the right to walk into your home?..whether you are home or not.? |
| I was in my sons room and saw my landlord drive by. I then heard a knock on the door.( like 2 seconds later) I knew it was him but I couldn't get to the door in time. As I was (finally) walking ... |
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 Who is to blame for UK housing market decline? |
| I would say home owners being greedy, wanting unrealistically high and unsustainable prices, estate agents encouraging silly prices to get bigger commissions, banks being greedy knowingly lending ... |
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 How do I get a package if I live in an apartment? |
If I was to order something online to have sent here, would it just be left by the door if I live in an apartment complex? Ive never ordered anything while living in an apartment before.
-T... |
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 Can I buy a house? I am 24 creit score 700 and make 24k a year? |
But I am in school and have about 20,000 in student loans. I also owe 6000 for my car.
Can I buy a house?... |
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 Is my credit score too bad to buy a home??? |
| I am a 25 year old single male. I am looking to buy a new home next year and I recently checked my credit score to get an idea of what I would be looking at. My credit score was significantly lower ... |
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hakrjak | I think I was scammed into signing a bogus real estate contract - Help!? |
Yesterday a guy showed up to look at my "For Sale By Owner" and instantly told me he was very interested and wanted to buy it. He put a real estate contract in front of me with a full priced offer, and told me it was a standard deal. I breezed through the contract and signed it -- happy I had sold the house. Then he started asking me for all sorts of docs a conventional REI deal wouldn't need, and I read the fine print... It turns out the contract he used was NOT a standard contract at all, but was instead a SUBJECT TO real estate deal. I don't want to sell the property Subject To, and I feel like this buyer was deceitful by not disclosing this stuff up front. How can I get out of the contract? I am in colorado.
Additional Details
It's "Subject to Existing Financing" |
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shiprepairwoman
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don't comply with his requirements if it is something you need to do like repairing things.
Subject to things are normal in real estate I have never dealt with a single one not subject to something like inspections or getting a loan. Many people need to sell the old house before buying the new one which can hold up your sale for months.
Next time you will know to read things before signing them, there are no standard contracts. |
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Pengy
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Read the fine print, and the whole contract before signing, so legally you are responsible. Take it as a lesson learned |
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jonas_grant
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Next time $500 up front for an attorney won't seem so bad, huh? |
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98765
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Subject to is also in a standard real estate contract you can use from the board of realtors. No big deal. what is it subject to? And how long does he have? A month? Ten days? What/ The realtor standard contract is ten days. Private contracts are often two weeks and a month. Often the ten day contracts get extended because buyers can't get the info fast enough. Just go to the real estate board and ask them what they think of this contract. You probably should have used a realtor. Nobody really "saves" money selling something the requires a legal expert. One screw up and then every person decides they won't do that 'next time".. I am not a realtor, I'm and investor and I use realtors all the time.... |
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DrIG
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Some jurisdictions allow a certain number of days after a contract is signed for either party to opt out. Check quickly if Colorado has this provision, how many days you have, the method of notification and if it applies to real estate.
Good luck and act quickly.
PS Next time have a lawyer and read carefully before you sign. A lawyer may find another out for you. Make certain that you obtain the services of a lawyer who specializes in real estate. Your local bank should be able to recommend some lawyers. |
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soldit4them
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Well it may not be as bad as you think. It could mean a lot of things. Was it subject to: him selling his home, getting a loan or finding another buyer be for the settlement date? What ever the case is, on a subject to, normally you can still show and sell your home to someone else if the buyer don't come through. Did he give you any money or a settlement date? You can hire an agent to do all the paper work for you, this is called a transaction broker. They charge about 1% of the home selling price but it is worth the money. Give the contract to the realtor and he/she will work it out for you. |
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bigoilman
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Sounds like a typical "subject to" deal that Real Estate Investors use all the time. If he didn't explain that your existing financing would be remaining in place, I agree that he was deceitful.
However, if you're getting FULL PRICE, does it really matter?
I have to disagree with "Teran Realtor". Lease Options, Wraps, Rent-to-Own, and other creative real estate techniques can be very effective solutions. I specialize in Rent-to-Owns where the seller's underlying financing remains in place until my tenant/buyer can refinance into their own name (usually 3 years). In the meantime, we take over the Payment, Interest, Taxes and Insurance payments as well as all repairs and upkeep. We also provide the documentation necessary to keep the mortgage from negatively affecting the Seller's "debt-to-income" statement.
They agree to this in exchange for a FULL PRICE offer and quick debt relief.
The benefits for all concerned:
Seller: Quick debt relief, no landlord hassles, no repairs, Full Price (equity protection).
Buyer: Able to purchase a home they otherwise wouldn't qualify to purchase, tax benefits.
Investor: Usually a small profit up front, a small monthly "spread" on the PITI vs. Rent, and a larger profit when the property is refinanced and sold.
It's really a win/win/win if it suits your needs. If you are in no rush to sell and want to wait for a "traditional" sale, read the contract you signed carefully and see what time frame is set in it and what "outs" you may have. |
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MissV
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Find out if the 3 day rule of cancelling contracts applies to this transaction. And you weren't scammed. You were stupid. |
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foreclosures101
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that's what happen when you do FSBO ..
with a realtor you have protection with FSBO nope..
bet you thought you can be smarter than an agent and save some money off the bat, guess you were wrong |
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Laughing with you not at you
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Get yourself a good lawyer and see how they can help you. |
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Monika Wilson
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I think you heard enough about you should have and should not have.
Your contract says contingent to buyer able to obtain financing?, qualify for the mortgage?
You can find this in a standard Real Estate Contract as well. Acutally most Real Estate Contracts have a clause like this in them. Important is that there is a time frame which states how long the buyer has to apply for a mortgage and from there a time frame until when the buyer has to deliver an Apporval Letter from the Lender to you and the Title Company.
My advise would be, try to find a Realtor locally who will do you a favor and read and explain the contract you signed to you and may be offer him a transaction fee to help you thru the closing procedure, follow up on the deadlines, coordinates Title Company and Lender as well as inspections) or you might want to see a Real Estate Attorney who can handle the whole closing for you. |
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Etta P
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You should never sign a legally binding document, like a real estate contract, without reading it very carefully. I have been in the mortgage industry many years and i would most likely take it to our attorney prior to accepting a offer.
If it sounds to goo to be true, it probably is, sorry |
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teran_realtor
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Do contact a real estate attorney now. They will know if you have an "out" or not. You also need to find out what disclosures you are obligated to give - you don't want the friendly buyer to sue you.
Find a way to get out of it! Don't ever sell a house "subject to", or contract-for-deed, or lease purchase or rent to own!
BTW - These are NOT the same as doing an owner carry. |
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bv1972
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I don't know how old this post is but I'm going to say something anyways. First of all, read what you are signing. I don't care if an investor, realtor, or attorney gives you something to sign and tells you its ok to sign it. If you don't understand it, have it explained to you. Second, never take advice from a salesman especially a real estate agent. Most real estate agents are complete idiots and have no clue about anything other than a traditional sale. All they are interested in is their commission not your well being no matter what they tell you. Most of then will tell you they are looking out for your best interested but that a load of crap. If that was true, there would not have been a house sold in the USA between 2000 and 2007.
Subject to existing financing is nothing new but not well known. Its actually making a comeback as of 2010 and 2011. In many cases, its the best thing to do. In other cases its not. The biggest issue you need to know is that the existing financing will stay in place in your name while the deed will be in the buyers name. So if the buyer doesn't pay the mortgage payment to you, you are still responsible for the mortgage. If you don't like that, a subject to transaction is not for you. If you like the idea of someone else paying your mortgage and you like the idea of making some money out of the deal then it may be for you.
I've done subject to transactions myself. Recently I sold to a property to a family that had a foreclosure a couple of years ago during the real estate crash. They are good people that just got caught up in a bad situation. They were securely employed and had a down payment but couldn't get a bank loan. I'm happy and they're happy because they got to buy a home at a reasonable price with easy terms. |
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