 We are currently trying to sell our house, it has been on the market for about 2 months.....? |
| We have showings all the time but just no offers! We have recently lowered the price, we have painted, updated the house although its like new, cleaned carpets, we have really tried everything! S... |
|
 Can a landlord install used appliances when new ones were promised? |
| I signed my lease w/o appliances installed yet. I was told new ones were going in, and still have the advertisement that says "New Appliances". Instead I got old dirty ones that clash with ... |
|
 What happens when you break your lease and don't pay? |
| I am breaking my lease at my apartment complex. I gave a 60 day notice and I am paying the rent until my very last day. But they are also charging me another move out fee of $865.00. What happens if I... |
|
 What would you do if you had 86,000 dollars? |
| I am thinking of buying a house, as in putting about 60,000 down and using the rest for time beings mortgage.... |
|
 Is there a reverse mortgage available for people less than 62 years old? |
| I am a US homeowner. Instead of refinancing, I wanted to explore the possibility of a reverse mortgage.All I have seen so far is that this is only good for homeowners aged 62 or more. Is there a ... |
|
 Does anyone know if it's legal to sell a house with graves under it? |
real estate listing w/ no mention of the graves:
http://www.lowcountryhom... |
|
 I owe the housing assistance money but they wont let me pay.? |
| I am a single mother and needed low pay housing about 6 years ago. I just found out that I owe them money for moving out and not sending them a letter,but they say they can't find me in the ... |
|
 Im viewing a house in the morning they want £92,000? |
| what should i offer ive seen it on the internet it what we want nice area 3 bedrooms central heating garage conservatory nice gardens please help first time buyer with 10,000 ... |
|
 My landlord entered my apartment without proper notice, what can I do? |
| I've noticed that my landlord/apartment staff has been entering my home without notice and I know this is not legal. Under MN law, the tenant privacy states that no one can enter my apartment ... |
|
 I am a landlord, my tenants pay only portions of the rent when they feel like it. I feel like I am harrassing? |
| them but now here it is the 10th of the month and I have only recieved 1/3 this months rent. They said they would pay the rest on 11/6 and Istill havent seen it. They will not answer the phone, and ... |
|
 My landlord has a key, can he come in anytime without permission? |
| I am just curious. My husbands parents purchased the home, and we are renting it from them... we are just paying the mortgage. If we are not home is it legal for him to just go in anytime he wants?<... |
|
 I need help getting someone evicted!!? |
| I have been living in this house/neighborhood for about 2 years now and later on in the year we got new neighbors. The big problem is that these neighbors are so ignorant and rude they drive through ... |
|
 Is it a bad idea to buy a house thats over 30 years old? |
| My husbands job is transfering us to a city 7 hours away from our hometown, and we are looking at homes for sale. But mostly all we can find are homes built in the 70's. Alot of them are fixer ... |
|
 Can i buy anoher house?? |
| I owe one house already which I have rented out for 6 months while ive lived at my g/fs which she rents....now we want to move and buy a house without selling my first house as i like the rental ... |
|
| How can I tell if my landlady's been in my apartment when I'm not there? |
| The property's in CT. I'm renting one half of a duplex, she lives in the other half and owns the property. She is elderly. I work a lot and am often not there. She has several times ... |
|
 Can a roommate sue me after I evict them for failure to pay and marijuana possession?? |
| I recieved a call from my roommates boss that she was fired....I was a little bit concerned. When I called her...no answer, she never came by....close to the 1st....I still did not recieve anything, ... |
|
|  |
mascot96 | My neighbor is selling his home for an extremely low price do I have recourse? |
My neighbor and I both bought our home about 4 years ago. Both of our homes are fairly identical they are the same size both built in 1949 the only major difference is they have a porch and I have a 2 car garage as opposed to their single car garage. When we bought our homes they actually purchased their home for around 196K and we bought ours for 186K. Now my neighbor is selling his home because a buddy of his gave him some great deal on another home. So I just found out that he is asking 119K for his house. Home's in the area have depreciated about 5%-10% over the past couple years but his price seems extremely low. I even checked other homes in my neighborhood that were about the same size and they are asking anywhere from 160K - 170K. So my question is do I have any recourse here? Will his price destroy the value of my home further? |
 |
 
glenn
|
It may cause your value to downturn for a short while unless there is a very good reason (foundation problem- or something).
This lower value won't hurt you unless you need to refinance or sell your house in the near future- but it also may cause your property taxes to go down. I would point out any such sale to the property tax authorities.
I think every individual has a right to sell their belongings for any price they choose and a buyer has the right to buy- so I don't know what recourse you could have. Perhaps it is possible to remove any sale price from the MLS or any public records. In our area the MLS will allow the sale price to go unreported under certain circumstances and our state does not collect that data for public records. |
|
rtfm
 |
I suppose you could always offer to buy the house from him for, say, $130 or $135K. That would give him a nice profit and would still enable you to turn around and sell the house yourself for a higher price.
Other than that, no, I don't think you have any "recourse". You certainly can't legally force anyone to sell their own property at a higher price than they want to ask for it, simply because you believe they have undervalued it. |
|
Pengy
|
You have no recourse he can sell it for whatever he wants. If he decided to sell it to a homeless, or low income person for 35K that is his right as owner. Then again in todays market just because they are asking 160K does not mean they will get it. |
|
Lori S
|
He can sell it for whatever he wants to. It could effect a sales price on your property in that the property comparable values will be effected. If you are not selling your property any time soon-don't worry about it. It will average out over time. |
|
Beverly S
 |
No there is no recourse & yes it will alter your value for a bit- This is part of the problem with the values going down due to foreclosures. What appraisers look for are sold home prices, not what they are listed for- so the homes on the market for 160-170k don't help until they sell. Unless you are ready to move or refi I wouldn't let it worry you too much. Another year or two & values will come back up.
Good luck! |
|
Lois Lane
|
It is his property and you have no say in it. There is absolutely nothing you can do. |
|
bonsai
 |
There is no demand on the housing market, he was lucky, to find a buyer at all. Your house has no guaranteed value. Sorry, you bought, when everybody bought and the prices where high. It's like the stock market. The market is loaded with new houses, and old houses just don't sell. I lost 180,000 on my house in 2 years. |
|
Nobby
 |
Firstly don't worry! The market is what sets the price, and this is not likely to be influenced by the price your neighbour asks for his house. If he asked 200k for his house it would not add anything to the value of your house either, so relax.
What is the market value? Around 4 years ago it was about 190k, now you are saying it is around 170-180k. If you are right, his house will sell overnight as it will be seen as a bargain. If on the other hand the market has fallen further to say 120k, it will take longer to shift, as it will be close to what the buyers in the market (often shortened to 'the market')believes is its true value.
Wait and see what it sells for and how long it takes, and this will give you an idea of it's value.
One final point, when I value a property for a bank, I will normally provide three values; A re-instatement value for insurance, a market value and a forced sale value 10-20% below market value, if the property has to be sold quickly.
It could be your neighbour wants/needs a fast sale, either the 'great deal' on another home or before the bank reposseses his house.... either way it's the market that sets the price not the estate agent or even your neighbour. |
|
Cajun
 |
No. The Market is what will destroy the value of your home. He's just looking for a quick sale and in this slow market that's important. Your house will still appraise higher because of what you do to it/how you keep it up, etc. Hell I could sell my house to my Son for a low price if I want to, and it won't affect my neighbors property values. What will happen is when they do an appraisal and look at comparable properties, his house won't be one of them.
To answer the main question, no you don't have a recourse unfortunately. It's like the houses in California during the dot.com boom. People were selling them for double and triple what they were worth. |
|
golferwhoworks
 |
it is not an arms length transaction and was never listed in the MLS so you will be fine |
|
Paul in San Diego
|
No, you have no recourse. Welcome to the housing market of 2008.
Unless you're going to be selling or refinancing soon, it will not affect the value of your home in the long run. In the short term, it will lower the median and average sales price in your area. This will then be reflected in the market data for your area and may make your neighborhood a statistic that appraisers will use when doing home valuations in your area.
However, keep this in mind: Unless the buyer of that home pays cash for it, an appraisal will be conducted for the purpose of obtaining a mortgage. This appraisal has nothing to do with the purchase price and it will be based on other recent sales of similar homes in your area. So, the lower sales price can be seen as a aberration in the neighborhood for the purposes of future appraisals in your area. And, a good appraiser should assume that, with other houses selling at more reasonable (higher) prices, this must have been some kind of special deal (sale to a friend or relative) that is not the norm. |
|
goz1111
|
Recourse? to sue? to prove that your landlord sole reason for selling the house at a discount in one of the worst markets of all time is to intentionally harm your house value? |
|
mar
|
I want to buy a house and even though I 'm a first time buyer. I was only pre approved for 200k. I 'm frustrated because it seems tha with that money I can only buy a condo in Pacoima. I 'm work as a teacher; however, in now days this doesn't make much of a difference. The janitor who works at my school owns a nice house, and his house it's located in a good area. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
12 | 32 minutes(s) ago
| | | |
12 | 2 hour(s) ago
| | | |
12 | 5 hour(s) ago
| | | |
12 | 9 hour(s) ago
| | | |
13 | 2 day(s) ago
| | | |
11 | 3 day(s) ago
| | | |
11 | 6 day(s) ago
| | | |
11 | 2 week(s) ago
| | | |
11 | 1 month(s) ago
| | | |
11 | 3 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
