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Recent Appraisal questions

I am suppose to close on a property on the 22nd of this

I am suppose to close on a property on the 22nd of this month, I went in with my real estate agent this past friday to do a final walk through inspection to see if the sellers had repaired some things that they had agreed to repair before closinghe repairs were not done, so I told my agent that I wanted to back out of this deal because the owner was trying to repair the flooring, which was not repaired right, so today 2 days before closing they want to send in a professional floor company, something that they could have done all along, had been trying to get my agent to get them to get or suggest a professional for two months, now they tell me I can't get my eranest money back, I owe for appraisal fees and closing agent fees, can they do this even though the seller did'nt do repairs timely or did't do them at all.JA: We have a 30 day refund policy so you can simply email***@******.*** and they will try to fix your problem or refund your money.Customer: What do I do next?JA: Where is the property located?Customer: Alexandria, LA*****71302JA: Has any paperwork been filed?Customer: when you say filed, do you mean at the court house?JA: Anything else you want the lawyer to know before I connect you?Customer: Thats all

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Loren

Juris Doctor

41,260 satisfied customers
My parents died last year and they set up a trust of which

Hello. My parents died last year and they set up a trust of which my brother is executor. We are selling the house, which is on one parcel of land, (1.27 acres), and another vacant lot, (separate but adjacent and buildable .48 acres) and my brother signed a purchase agreement with an FHA buyer in order to get an appraisal. The appraisal came in about $15,000-$20,000 lower than expected, and in that appraisal it says that due to FHA regulation, no value is assigned "surplus" land. Are we now bound by this appraisal that gives no value to a piece of property that clearly has value?JA: Since estate law varies from place to place, can you tell me what state this is in?Customer: White Lake Township, Michigan, which is northeast of the Detroit area.JA: Has any paperwork been filed?Customer: Well, the purchase agreement my brother signed.JA: Anything else you want the lawyer to know before I connect you?Customer: The only other issue is that the purchase agreement does not have the correct name of my parents' trust, it is in my mother's name only.JA: Got it. I'm sure you'll come up with a good name.Customer: Will someone contact me?

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legalgems

Juris Doctorate

16,138 satisfied customers
After a civil seizure in RI, we are claiming exemptions

After a civil seizure in RI, we are claiming exemptions under Rhode Island Statutes.Rhode Island provides a $500,000 homestead (occupied or intended to be occupied) exemption.We owe around $900,000 on the home, market value may be about $1.4 million, maybe lessIf we were to sell the home, would we be able to keep up to $500,000 in profit on the sale, without those proceeds being subject to seizure or attachment against the civil finding against us?

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Ray

Lawyer

Doctoral Degree

40,266 satisfied customers
Our house is in foreclosure and the bank has agreed to

Our house is in foreclosure and the bank has agreed to accept $540,000 in a short sale. The property is worth $700,000 if we were given enough time to market. We owe the bank $700,000. The family that would purchase our house wants to sell us their house. They have it listed for $500,000 but it is overpriced. However, since they're getting a steal on our house, they would sell us theirs for $400,000. Is this considered an arms-length transaction and therefore be within the requirements for a short sale?JA: Since laws vary from place to place, what state is this in? And has any paperwork been filed?Customer: Kentucky. The bank has a judgment.JA: Has any paperwork been filed?Customer: Not sure what you mean by paperwork?JA: Anything else you want the lawyer to know before I connect you?Customer: no

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Irwin Law

Juris Doctor JD

9,504 satisfied customers
We are living in a house that was advertised as a short

We are living in a house that was advertised as a short sale, we had planned to purchase it, wells fargo had the account but due to mishaps we are now in the home and don't know what to do, the owners of the property are getting divorced and the man put the house on his bankruptcy my realtor said the lady still wanted to sale on the short sale, in the last few weeks she has decided to also file bankruptcy and also put the house on her bankruptcy, we received a letter that the house will be auctioned on March 9th, we want to stay in our home, we have made it liveable gotten rid of excessive rat problem and have terminex for termites and bugs which was overrun when we moved in. They allowed us to move in thinking that we were going to be able to buy it which is what we still want, It is an older house and does not have a working heat or air but until this was over we've used heaters and not used much money for repairs, my husband and I and we also have a special needs son that gets disability, we have 2400, left in savings and attended a class which was to help with closing $3500, we do still have that but the time is near that it would expire, we were initially supposed to close on May 31th last year, so we have been in the house since Aug. I don't have money to buy the house outright at the auction, last estimate was listed at $53000 but the repairs and all we had agreed to $39,500, the realator said that with the rats and rat holes and lots of damage that that was high and Wells Fargo sent out another appraisal and he did a quick walk through on a very nasty day rain and mud, so it was a quick appraisal but nobody is telling how much it was. Please I'm 64 and have wanted this house for 8 yrs, when it was originally for sale we didn't have any credit or anything but I used to walk down this street which we lived at the corner in a shack basically and I'd pray that God would give me this house and when it came up for sale it was my miracle, now this whole situation is more of a nightmare all we want is to be able to stay in our home, all the other things really had nothing to do with us, please let us know where we stand and also if we do have to buy it at auction do we have to have cash? We love our home and it is perfect even with needing the repairs, at the original mortgage application Southwest funding had

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WALLSTREETESQ

Attorney

Doctoral Degree

18,180 satisfied customers
In a commercial real estate transaction, when would the

In a commercial real estate transaction, when would the common practice of selling a partial share interest in a building supersede a buy sell agreement? My late father-in-law's estate owns less than 10% of a commercial property, his late wife's estate owns about 80%, and her daughter owns the other 10.6% . The buy sell agreement obligates my father-in-law's estate to sell to the other parties and obligates them to buy. The agreement specifies that the sales price is to be calculated based on an agreed upon appraisal, less loans, liens and incumberances times his percentage of ownership. It's an easy calculation that results in $252k. However, the buyers will only pay $193k because it is common in these partial interest transactions to apply a fractional rate discount of between 15 and 30%. My experience has been that a written agreement supersedes common practice and they owe us $252k instead of $193k. Thus we are at an impasse and thus my question.

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39,070 satisfied customers
I have a raw property adjacent to which another landlocked

I have a raw property adjacent to which another landlocked property owner built a house and utilized a road through my property to access over 45 years ago. At the time the area was mostly farmland and my mother owned a large tract of land along the road. The access road went unaddressed for some time. Then as the land was subdivided, the lot that containted the access road was suddenly much smaller than it originally was and the access road became an issue. Some time ago an easement agreement was reach but has since expired and the owner or the landlocked property deceased. The landlocked property has been vacant and unused for the last 2-3 years. The daughter of that landlocked property owner wishes to sell the property, and the potential purchaser has contacted me offering to buy the land through which the road passes for 1/3 of it's appraised value (90K) "because that's all he has left". This potential buyer has gone to the village and county offices to research so has clearly educated himself. The existence of the access road creates setback issues that render the property difficult to build upon and thus difficult to sell, but the inclusion of the land on which the access road was built somewhat rectifies that. My suggestions are : buy the whole property as the two lots combined are worth a great deal, make a new access road through another property to a nearby culdesac, pay 30K for the road, pave and agree as an access for both properties and that the easement is included on the survey and title for my property and does not create setback issues, pay an annual access fee in (or for) perpetuity. Can I be sued if I refuse to sell, or do not accept their offer if it is unreasonable? Do assertions of right of way expire by previous owner's survivor upon transference of title, must the potential buyer or seller resolve this issue prior to sale or can the buyer acquire the property and sue me, and what are my recourse to take the offensive on this. Walton Hills, Ohio Cuyahoga County.

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Ray

Lawyer

Doctoral Degree

40,266 satisfied customers
We have a lease-to-purchase contract with our tenants. No

We have a lease-to-purchase contract with our tenants. No set amount was ever discussed about purchasing and they have just been paying rent. They have to let us know by April 1st if they wish to move forward with having the condo appraised and purchasing. We, the landlords, circumstances have changed and no longer wish to sell the condo. Is there any way legally that this can be done?JA: Because laws vary from place to place, can you tell me what state the property is in?Customer: Aurora, ColoradoJA: Has any paperwork been filed?Customer: The only paperwork that we have for this agreement is a lease-to-purchase rental agreement that I printed from a website.JA: Anything else you want the lawyer to know before I connect you?Customer: No, I don't believe so.

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

51,126 satisfied customers
Would a lender for the buyers require clear title to

Would a lender for the buyers require clear title to property before they lend the money and place a mortgage on the property? I went to the real estate brokers and said that my attorney would draft a contract for 600k but that the buyers must come up with additional money that would be specified in an addendum to the contract. If the buyers could come up with between 60k and 100k to satisfy 2nd, 3rd and 4th mortgage holders, we would sign a new contract with them. We are doing this because the 1st mortgage holder had accepted their offer of 600k but we learned later that it was impossible to clear title without getting the junior mortgages released. I mean we were forced to clear title before we could sell property to a person who needed a mortgage. Since they didn't make their deadlines for escrow and closing, we upped the total cost to them by attaching this addendum. I feel comfortable doing this. The real estate people and the bank are still going by the price of 600. We are having the 60k to 100k going to the junior mortgages by separate arrangement. As for CT, the contract may or may not say it is contingent on Probate order releasing the claim. We have 10 days to get this all squared away if the 600k buyers agree. The real estate agents are off and running understanding that we will go to higher offers after Feb. 14th or so. Does this sound like it might work?

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Ray

Lawyer

Doctoral Degree

40,266 satisfied customers
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