 Can a single person that makes 33,000 buy a condo or a house? |
| I live in a big metropolitan area and nothing is lower than 200,000 and I pay about $905 in rent and was wondering if there is any way I can buy something where I'm paying around the same, but ... |
|
 What are the rules the landlord to be able to come to the house? |
| My girlfriend is renting a room less than a mile away from me we both live in Mountain House CA (95391) and the house in which she is renting has all the rooms rented out including the studio in the ... |
|
 Is it true when a realtor said that they will sell my house in 30 days or they will give me $1000 cash? |
Has anyone dealed with this type of issue before?
What's the catch?
Additional Details
It state on their ad that "He or She will sell my house in 30 days at the price I ... |
|
 How does a home equity loan work? |
| I want to add onto my home, how do I get the $$ to do so?... |
|
 Is it better to buy a crappy home in a desirable location or a nice home in a less desirable location? |
Additional Details
Sorry, I should clarify: Is it better to buy a SMALLER home in more desirable neighborhood or a BIGGER home in a less desirable neighborhood. Less desirable meaning ... |
|
 Rented property? |
| why is it private landlords or estate agent lettings do not want dss clients my opinion is with people on housing benefit you are guaranteed the rent every week on time unless you have a good job or ... |
|
 Home Buying Negotiations - Help, Please!? |
| Negotiating to purchase a home, need help to know best way to be successful. House on the market for > 7 months, originally 350k, gradually reduced to 315k. Sale due to death of spouse, and seller ... |
|
 Are we Getting a good interest rate? |
My husband & I are 1st time home buyers. The rate we've been quoted is 7.25%-
We have nothing to put down( 100% financing), our credit is good (705), 40 year loan. Is this a good rate?... |
|
 I closed on a home this evening. Can the seller tell us when we can or can not move in? |
| I closed on a home this evening. Both myself and the seller signed the closing paperwork. The seller told us that he does not want our personal belongings to be moved in until he gets his check ... |
|
 Landlords any good advise? |
| I have just became a landlord any advise from exsisting ones about potential problems and how they were ... |
|
 How long does it take to be evicted? |
| My landlord served me with papers to go to court, and i was not able to attend. I want to know how long will it take him to evict me...i have not received any eviction papers yet. How long does it ... |
|
 It took my landlord 7months to fix 2 leaks in my apt, so I stopped paying 4months ago. What should i do? |
| I stopped paying him because he told me that he thought that I was lying about the leaks. I have the money to pay him. But I guess I was not paying him from 4 months prior to him fixing the leaks ... |
|
 How do I sell my house and buy another house at the same time? |
| I own my house but I have a small equity loan against it. I'm ready to move and my house is on the market (been on the market for a month, no bids). I've found a house I want to buy. Is it ... |
|
 Can we prosecute for not disclosing flood plain information? |
| I purchased a 23 acre piece of land a month ago without the help of a real estate agent. We signed the papers and paid the money to a title company where the deed is being prepared. We have since ... |
|
 Its been 2 months since I received the notice of foreclosure.Is it too late to stop foreclosure? |
| I always have this stupid habit of doing things at the last minute.Probably thats what got me in this rut in the first place.... |
|
 Becoming a real estate agent at 18? |
| Can i become a real estate agent at 18? Maybe not as a full time job, but as a side job.LoL..thats all it is now..hehe..i am 15 now but i know alot about houses, financing the market etc..would i get ... |
|
|  |
gloria | If I owner finance my land & they build on it, then default, what happens? |
I hold the title to this land & wish to owner finance it to someone. What if they build on it and then default on the note? Maybe the bank would fold it into the new construction home loan? |
 |
 
Big Sista
|
The bank will forclose on you for the note on the mortgaged land.
I doubt the builder will get a contruction loan to build on such land. Or,
Until paid... there can be no clear title on any house and lawsuits will follow on you. |
|
Sam Fisher
 |
How is the bank involved if you are "owner financing".
If the party you sell the land to defaults on the loan that you are carrying, the property ownership reverts back to you, anything they built would belong to you. Anything that could be hauled off, not permanently attached, they can take with them.
You can then go after them legally for the default on your note.
Hire an attorney to draw up your sales agreement on the property. |
|
Amanda H
|
If you owner-financed a loan the only way I would allow for them to build is if they pay cash. They should not, under any circumstances, get a loan to pay for construction. If they did and they defaulted you would get teh land-- and the lien that would go with it.
A bank can give them a construction loan that would pay you off and give them money to construct all in one. Only allow them to do it this way! |
|
Scotty
 |
Make a stipulation that no building can be done on it until it is paid for........avoid the possible headaches. They might be able to get it rolled into the loan for building the house. The last thing you want is a situation like you describe, them defaulting on the property and then having a home on the land. Consult a real estate lawyer, it shouldn't cost you too much........or just ask some property brokers, they should be able to give you the right answer. |
|
Maryfrances
|
Companies that sell ready-made houses insist you either own the land or get it all financed in one package. A salesman told me that's why--it's too tricky if the buyer defaults on one or both loans.
If you do finance it, put it into the contract that they won't finance anything on the land unless they pay off your loan first. See a lawyer. |
|
Brian G
|
In most, if not all, states, you would own any improvements to the land if the buyer defaulted. If they built a permanent building there, that becomes yours. They would have the right to remove a mobile home or temporary/movable structure.
If they were financing the building of a house on the land, the bank would probably want to pay you off before they financed something they could lose. |
|
MLaw
|
You get the property back, including all the improvements constructed on it to that point. However, if the buyer is planning to get a construction loan, their lender will require that you "subordinate" your mortgage to their construction loan -- meaning the lender will come first & you will stand in the position of a 2d mortgagee. |
|
Skip
 |
That is a great idea to owner finance the house. Now if they build on it and default on your note you can then foreclose. Anything on the lot then becomes yours.
Most lenders once the construction has been completed will pay off the land loan so in all probabilty you will no longer have an interest in the land.
Before the construction start the lender might even ask you to subordiante to a construction loan.
You may chose not to do so, then in all probability the lender will not lend on the construction loan.
If you chose to subordinate to a construction loan you will become a 2nd mortgage subject to your loan being paid off immediately after the construction is completed. You should word a subordinate agreement this way so you will be protected and paid off when the construction is complete.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
|
hawndawg
|
your loan must be paid first before any construction loan if you did the note and mortgage correct with no sub-ordination clause. If you do not know what I am talking about you should not be financing land for buyers. a fool and his money are soon parted.
If your mortgage/ note is second place (junior lien) you must pay off the construction loan to protect your security and then you foreclose and take back the land or else get paid what is owed by whoever bids higher than you. If you do not have the money to do this, you must borrow it on the constructed improvement (if done,) or else on the land. it is complicated and you have not given enough facts. see an attorney QUICK! |
|
capnemo
|
It would be a bit complicated in that matter. I'd say the bank would be interested in doing the whole loan. With you holding title to the land the bank wouldn't have much of a way to repossess the whole thing. They could only repossess the home on the land and that would be difficult. If that did happen, I'd say the bank could have a lien on your land. Talk to whatever bank they will use to finance and see what they say. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 38 minutes(s) ago
| | | |
10 | 49 minutes(s) ago
| | | |
10 | 51 minutes(s) ago
| | | |
10 | 3 hour(s) ago
| | | |
10 | 8 hour(s) ago
| | | |
10 | 1 day(s) ago
| | | |
10 | 5 day(s) ago
| | | |
10 | 6 day(s) ago
| | | |
10 | 2 week(s) ago
| | | |
10 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
