 Do you have to tell the owner of the apartment building if you have someone moving in? |
| I have an efficiency, and my friend who is abroad is coming back next semester is most likely moving in with me. Do I have to tell the owner/landlord that someone is moving in? What if I don't ... |
|
 Can you get help from the job centre to help pay rent? |
| Im going to be living with my boyfriend and his room ... |
|
 Can you pass a housing association house down to your children if your not dead? |
| my mums house is housing trust but was part of the council i live here with my family now but she wants to move away and buy a house can she pass the house down to me or do i have to apply to the ... |
|
 Can a landlord tell you they want you out in a day and say the things you dont take will be put outside? |
| a assistant of the manager told me that i have a day to get all my stuff out the apartment or the rest will be set by the curb the assistant said they will be fileing eviction for me to vacate but ... |
|
 Info on renting a house? |
| I'm interested in renting out a house I've lived in for the last 7 years. I would like any help with some of the fine details on being a landlord. The likes of say, contracts, duties, ect.... |
|
 Is my landlord trying to rip me off? |
| My fiance and I are getting ready to move into an apartment. We paid our landlord $425 for rent, plus a $200 security deposit on Friday the 25th. He said he would not give us the keys to the ... |
|
 So I am buying a house and I'm just curious...? |
| I went through the pre-qualification process, found my home, made an offer, signed the purchase of sale, and now have givien the bank my papers to complete the process. I am just a worry wort and ... |
|
 Can my landlord raise the rent when another person moved into the extra bedroom can he do this? |
| There are three of us on a lease for a four bedroom house. The advertisement said that it was a four bedroom for $1350. Now that we had a fourth move in he wants to raise the rent $250 dollars ... |
|
 Im getting a divorce and our house is not selling......? |
I am considering re-finacing the whole thing in my name and renting it out until the market improves. Will this hurt me more than it will help me? I need some professional advice.
Additional D... |
|
 Should I Be Worried! Please Help - About to Purchase Condo? |
Ok, first thanks for reading this question.
My wife and I purchased a Condo Last Year in Chicago for 360k, this Condo was under construction and will be ready in July. We already gave 36K ... |
|
 Real problem, so I need real advice...? |
| My boyfriend and his ex lived together for 2 years. Four days before they were to renew their lease, she decided that she was moving out. This gave him no time to find another roommate or find a ... |
|
 Am I liable if I have no lease? |
| I just moved out of an apartment in which my lease had expired 8 months prior. Am I liable for damages as if I was still in a lease even when he moved people in only 3 hours after I moved out?... |
|
 If 30 day notice is given, is rent still due? |
| I need to move out of my current apartment because the sewage line backed up into the apartment and there was septic sludge sitting on my carpet for an entire day. They sent in a water extraction ... |
|
 Could you check my English please? |
| In our town, flea market is held every thursday. Going to flea market and expecting thursday give me lots of fun irrespective of buying. It's held on my way to work so I drop by twice times when ... |
|
 Where can i find a new place to live at?? |
| i just moved to Michigan, and i finally got back in school and started a new job... so for about 2 weeks everything has went fine... until last night when my roommate came to me and told me she didnt&... |
|
 Why is it so hard to buy a house? |
| im 29 and have rented for some time, i now want to buy house with partner, shes on good wage (ish) mines not that good and i have debts of about ten grand, been told can have mortgage of 120,000, but ... |
|
 How do 2 people buy a home together? |
| For reasons I won't go into, we can't get married. We will stay together and wish to buy a home together. What are the steps we need to take to do so? Do we each get our own preapproval ... |
|
 My realtor promise to give me $3000 after I purchased a house a month ago, but now she said no. what I'd do? |
| My (buyer) realtor promise me for $3000 from her commission before I give an offer. But after I purchased a house, she said she can not give me money. I do not have anything in writing, I talked to ... |
|
|  |
redpencil123 | Walk away or try to re-negotiate the purchase price? |
I recently agreed to purchase a brand new home for $515K - with a $5K down payment, and an up front pymt. for the upgrades in the amount of $40K (total pymts = $45K). Because the market has taken a down turn since I first made the agreement and the builder finishing the house (mkt. appraisal is around $430K) what should I do?
Pull out and lose the $45K (with nothing to show for it); or
Try to re-negotiate with the builder on the purchase price (is this even an option)?
Thanks for any help you can provide. |
 |
 
AJ
 |
Let me see if I understand the situation, you contracted with a builder to buy a lot and build a new house on it for $555K with all the upgrades.
First of all, you should be aware that there are actually 2 contracts, 1 for the land and 1 for the building of the home.
As far as the land contract goes, if you break the contract, the builder can go to court and force you to go through with the purchase. Its called specific performance.
As far as the building contract is concerned, if you break that contract,it will be more than that $45K. You will be held responsible for all the costs that the builder has incurred and possibily the entire amount because part of the land agreement was that the home had to be built by this builder.
So bottom line, if you break these contracts, you are going to be out alot more than $45K. In fact, the builder can go to court and have the courts force you to complete the contract. |
|
Real Estate Guy
|
Keep this in mind. The BEST!! that you can do is lose your $45,000 deposit.
However, when the builder sells this house at a lower price, they CAN (and should) sue you for additional damages for the difference that you contracted for and the actual price it sells for. |
|
navi
|
Wow real tough one. Are you sure that you can walk away. As you have paid deposit etc. this will surely bind you to contract. I would also think that should you fail to take possession you will be hit with bank loan credit the builder may take out to cover not receiving the capital until such a time that he re-sells. I am in the UK different system here I suppose. Good luck |
|
Kienan
 |
re-negotiate |
|
lendingwhiz2008
|
Of course, try and re-negotiate.
I would first spend a couple of thousand an consult an R.E. attorney to know your rights in your area. (well worth the money).
If you can't renegotiate, and the attorney says you have no recourse, then I would still walk.
It's just math. stay and be in the hole $85K or walk and be in the hole $40k. It's called cutting your loses.
Just don't expect others to bail you out of a bad investment. You may just have to chalk this up to a learning experience. |
|
godged
 |
The builder is going to have an attorney, it is money well spent to have an attorney review your contract and see what your options are. |
|
Randall Parker, MBA
 |
Well, you don't give enough information to determine if walking away is even an option for you.
If I was working with the builder, I would have had you sign your mortgage agreements with the lender prior to the start of construction. That means that you own the land, and you already have a mortgage in your name. The lender pays the builder on a course-of-construction basis, but you own everything.
Just because your payments don't start until you occupy does NOT mean that you have the option to walk away in exchange for your sizeable deposit. You probably are on the hook for the mortgage, which means that you will be foreclosed upon. Your credit will take a nose dive, and you will be hard-pressed to get another mortgage anytime soon.
You made a bad decision and overpaid for your home. At the time you did it, you felt that your payment made sense for the home that you were getting. What changed in your mind? Did you allow other people's perception of market values determine your assessment of your decision? Why?
It doesn't matter what the value of the home is today. You have no plans to sell it, right? You thought the home justified the mortgage payments you were going to make, and there is nothing wrong with that.
Move into your home, make your payments, and enjoy the place. The market will recover. In ten years, your home value should double from where it is today, and you won't be complaining about your purchase.
The only reason you could possibly justify for being upset would have been if you were speculating, and you planned to flip the house as soon as it was built. If you planned to make this your primary residence for the next few years, you have lost exactly NOTHING by the market downturn.
Sure, your personal balance sheet doesn't look so good at the moment, but figures on paper don't feed your family. Enjoy your new home. Live in it. The market will recover, and you will feel better in a few years.
Good luck to you. Enjoy your new home. You deserve it! |
|
Butternut27
|
try to re negoitate...the next buyer will have it valued at same even if you walk away and lose 45K so don't without trying to negoitate....get legal advice as well..best of luck.. |
|
bonsai
|
I would spend $200 and go to a lawyer, to look at my options.
Maybe you have some clause in your contract you can use to wiggle out of the deal, or get some weight for negotiating the price down.
If you are sure, you are going to live there for the next 20 years, I wouldn't be concerned and just take it. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
7 | 31 minutes(s) ago
| | | |
9 | 42 minutes(s) ago
| | | |
9 | 3 hour(s) ago
| | | |
9 | 8 hour(s) ago
| | | |
9 | 11 hour(s) ago
| | | |
9 | 2 day(s) ago
| | | |
9 | 5 day(s) ago
| | | |
9 | 2 week(s) ago
| | | |
9 | 1 month(s) ago
| | | |
9 | 2 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
