 Our house is finished being built, but its not what we were promised. What should/ can we do? |
| We chose our floorplan and lot in a subdivision in knoxville tn. During planning, I stressed the issue that we wanted our home to have steps going up to the front porch. We also made sure the home ... |
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 Loan officer making a deal behind our back? |
| we're currently in the process of getting an FHA mortgage loan with bank of america. for some reason, it's very important we tell our loan officer who our realtor is. my boyfriend thinks ... |
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 I am interested in purchasing a home.....? |
I read that you can assume another persons mortgage loan through a bank. Does anyone know exactly how this works? Is it a good or bad idea to purchase your first home this way?
Additional D... |
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 Washington Mutual for first home loan? |
| I bank with Washington Mutual. Is this where I should go for my first home purchase? Should I give a second look to a broker or alternate lender?... |
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 Why do most apartments not allow pets? |
| It ticks me off cause you have all of these poor animals in the animal shelter that needs a home.I am responsiable. They make the excuse that a dog will tear the apartment up.Whatever.Humans are the ... |
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 Need some quick advice!!? |
| tomorrow my fiance and i are going to look at a house that we possibly might buy (first time buyers) and i need some advice on how to talk down the price- finagle- is that the word? please help!!!!!!!... |
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 Can anybody give me advice as to whether i can rent a house when my name is already on a mortgage? |
| I have decided to leave my partner and really need a place of my own with my daughter any advice would be welcome.... |
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 Would you buy a beautiful big, cheap house knowing that the drive to work is about 1.5hrs? |
| My bf and I went house hunting over the weekend. We checked out a couple of model homes and he really likes this one house inparticular. It's about 2700sf,4 bedrooms (5 optional), and its ... |
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 What upgrades can you do to raise the value of your home? |
My husband and I are wanting to do some upgrades to our house, and I just want to know what kind of upgrades will actually raise the value of your home?
Thank you so much!
Additional D... |
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 How long do you think that this tenant will be a total deadbeat? |
| first month, great pays on time. 2nd month, late, hands me his payroll check(i accepted due to his problems) and cant pay the utilities.. this month, paycheck is torn to pieces(i didnt accept), no ... |
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 Next step after you evict your tenants? |
| Just got done evicting my tenants (FINALLY). What is the next step in terms of actually getting all of the past due rent they owe me and payment for damages done to the property?... |
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 How should i go about looking for houses to rent? |
| I'm looking into renting a home for a year in my college town, San Luis Obispo. Any ideas on where and how I should start off looking?... |
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 Can I qualify for a home loan? |
| I've been working at the same place for a little over a year, making roughly 2500 a month. My wife is graduating this summer with her masters in teaching so we will be making a lot more soon. We ... |
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| Where is there a beautiful small town in north america? |
| I am thinking of moving to america and would like to find a really nice small town, to move near to, also I dont want the weather to be too cold I would like the landscape to be gentle rolling hills ... |
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 I live in a private house is it a legal offense for my landlord to go through my mailbox? |
| Im having issues with my landlord and he has been going through my mailbox and taking important mail and putting the mail back in a week or two ... |
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 Which refinance option is more convenient? (See details)? |
I'm refinancing my home loan. My credit score: 792
At this point I have no equity in the house. I bought it 2 years ago.
Options:
1) 3 year mortgage at 5.875% (... |
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Nidia, Biker Babe | Is 12% interest too high? Owner financed home.. please help!? |
We already moven into a home that is going to be sold to us in a rent to own term. At the begining the agreement was 80,000 with monthly payments.. no interest.. then they told us that price changed to 85,000. Now they telling us they want a 12% interest rate and a monthly payment double the amount we had agreed on.. we gave them a 2,000 dollar deposit ( I have a receipt) but we never put the agreements in writing.. now they took all the paperwork to a lawer and they brought it to us to sign with all the "details on it" and it has on there the "new" terms! What can I do in reference to this! Now we have already done some fixer uppers to the house.. and spent money there also.. we want the house but the new terms are way not what was agreed on in the first place.. is there anything I can do? Can they just change the deal just because they want to? |
 |
 
Ross
|
Oh god...12% is like highway robbery.
In the future, get EVERYTHING IN WRITING! But for now, tell them you wont pay it and you want your deposit back.
Its a shame that you didnt get the original deal in writing. You might have to sue to get your deposit back.
Im not sure why the original deal didnt include interest? I have NEVER heard of a owner financing without interest. Are you sure your not just mistaken? That seems reallly odd to me. |
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cowgirl
 |
Put the brakes on these gold diggers. 12% is way too high.
Tell them you don't appreciate the bait and switch tactic. Both parties must agree in writing; otherwise I'd walk (move).
Get a lawyer if you're serious about staying. 8% is high enough. |
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goz1111
|
go talk to a real estate lawyer, do you already have the terms written down in regard to when you first started? compared to the new changes?
even if only verbal you may have a case based on the fact in reliance of the original terms in verbal you spent monies on improving the house thus improving the equity in the house |
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Ipsydoodle
|
Unfortunately, you now need to go to a lawyer. 12% is not illegal per se, but it is rather high relative to the going rate for a 30 year fixed rate mortgage.
Unless you signed something, no agreement exists, and you can get your $2,000 back and move on if necessary. You may have to sue to get it back, but you can get it back. |
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firstythirsty
 |
They can change the deal, but you don't have to sign it. And if I were you, I wouldn't. That rate is way, way, way too high. |
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Ken
|
For sure don't sign anything. The rate is way too high and they sound like scammers. You better get a lawyer and get out of the whole deal. You will probably have to go to court and you may end up losing what you've put in so far, but don't make it worse by putting in more. |
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Malibu Ken
 |
He's trying to take advantage of you, sorry. I'd run away, fast. Don't sign anything! 12% is a complete rip off, the average interest rate is about 6%.
Assuming you finance the remaining $83K, you'll be paying $853.75/month ($307,350 over the life of the loan), as opposed to $497.63/month at 6% ($179,146 over the life of the loan). My numbers don't include homeowners insurance (about $100/month) or taxes ($100-300/month, depending on where you are). RUN RUN away from this deal.
If you have decent credit, get a conventional loan. If you don't, rent until you do. This is a horrible deal. And if you default on it down the road, he gets everything. At least with a conventional loan you can sell fast and keep the equity if you get in trouble.
Good luck. |
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Barry auh2o
|
That's the problem with owner financing. in the absence of a written agreement, they can do whatever they want. You've been"had"
Remember, their lawyer is THEIR lawyer, he could care less about your interests.
I'd suggest you talk to a Realtor. They are the experts. Even if you don't buy a house from him, he can help you navigate through the "do's and don't of buying a house. ".
Unless thedeal is dead, maybe you could continue to rent until you get financing ellsewhere.
Good luck. |
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P S
|
12% is like double what it shoudl be.
First get the house appraised - make sure it is worth the amount.
Second - You may be out of luck on this as you have no paperwork.
I would be prepared to leave the home - or seek a conventional loan. |
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Chuck Z
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A verbal agreement is just as enforceable in court as is a written contract, ASSUMING both parties are honest. 12% if frickin rediculous! |
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