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Recent Appraised Value questions
My father passed away in 2014 and left my brother and I as
My father passed away in 2014 and left my brother and I as co-executors on his estate. We have split everything up with no issue until it came to the house. A few months after my fathers death he told me that he and his family wanted to live in our father's house and that he would pay me half of the value of the house and we even agreed on the date of payment. That date came and went with no payment and then the next agreed upon date came and went and then he moved in the following July 1st. It has been just over 1 year since he moved in and he made all kinds of excuses to delay the process of coming to an agreement on the amount he would pay me for the house. We have had the house appraised and that value was significantly lower than what I believe the house will sell for on the open market. It is in a very sought after neighborhood and on a golf course. I have agreed to sell him the house at half of the appraised value but he wants to subtract money from my half totaling 4.5%. His figuring is that if we sold the house we would pay 6% to an agent and then another 3% in closing costs so 4.5% knocked off the price he pays me. Now if we sell the house I 100% understand that these costs are going to happen and we both lose. But per his method of calculating the house only I lose. In fact he wins twice because not only is he not charged the 4.5% but he also gets my 4.5%. I'm trying to be as fair as possible in these negotiations but I don't see how me losing and him winning twice comes out fair. Is there any legal precedent that can help us with these negotiations? The sad part is that if we sold the house on the market I believe we would get enough that minus the 9% I would still get half of the appraised value.
I live in Texas and I protested my property taxes. I
I live in Texas and I protested my property taxes. I received a settelment offer that was higher than value that I protested. Both values are higher than the homestead cap allowed. I am not sure how to handle the offer. I don't want to accept the offer because it is higher than the original appraised value. If I decline the offer, I will have to go before the board and who knows what that will be. If both appraisals are higher than the homestead cap. How should I proceed? Is there someone in the appraisal office looking to see that some homes are above the homestead cap?
I am planning to buy a couple of vacant lots - The seller
I am planning to buy a couple of vacant lots - The seller says the sale price is $12,500 for each lot both at 7,500 sq. ft. ($25,000.00) However, I did a quick search and discovered that in 2015 the property value was appraised at $7,015 for 7,150 sq. ft. My question is if the owner is willing to carry the note and finance the land, how much over the appraisal are they allowed to charge and what amount should I be willing to pay over the appraisal value? Thanks so much
I am in Miami fl. on a property in an agricultural area. we
I am in Miami fl. on a property in an agricultural area. we have been there 5 years now. we run a non profit organization utilizing plants and animals to teach people about the environment/nature in an engaging interactive way. we could not afford to buy the property when we found it but were approached by a family member who said they wanted to help us. It surprised us but we were very happy for the opportunity. This person purchased the property at a discounted price offered to us by the seller because they believed in our mission statement. We met in her lawyers office to discuss everything. We gave them our two year, three year and five year plan, and offered the purchaser 3% on her money even though she insisted she did not want to make money off us, she just wanted to help us. We would pay the monthly mortgage expense etc, with a portion going toward our eventual purchase of the property. The lawyer said that we should write all this down, but purchaser insisted it was not necessary, she just wanted to help us.We worked our buns off transforming the property to a lush tropical rainforest paradise. We had to be creative as we had very little money and had to generate funds for the landlord. We repurposed found things, got donated plants, rescued plants, rescued animals, found places that would donate discards that we could use to feed the animals etc. We provided a unique experience to our visitors and after a few years word of mouth took off and our attendance skyrocketed. Apparently the landlord figured she could take over our business, but that was not happening. She in no way could fulfill our mission statement. That pissed her off. She started harassing us that she wanted her money out at year two. we were on track with the business plan we had given her and it stated that at the five year mark with our agreement we should be able to purchase the property from her. in 2014 she just got plain nasty. She seemed mad that we were becoming more successful. eventually later that year she told us everything has changed. All the money we had paid to her was gone. Her exact words were 'poof' thats all gone. She said that she was going to put the property on the market unless we started paying $5000 a month. We paid $5000 a month. After a year she put the property on the market anyway. She asks a price $150,000 above the appraised value, insisting that was the price we would have to pay for it. Eventually she dropped asking price a little and says we can buy it for that price plus 25% of the business with none of the liability. It was not the first time she demanded 25% of the business. Now she has sent a letter ( with some lies in it) saying she is not renewing rental, and gave us a few weeks to move out, or buy the property at the too high price, or sign a year lease with increased rent and lots of not good for us things in it. I feel that there is extortion. There is no way we can possibly move all our animals and enclosures and supplies in that time period. People trying to help us mentioned improper enrichment, breach of contract ( although verbal contracts are binding in Fl, I guess it's not so regarding real estate)..She deceived us. And apparently just wants to take all we have. I dont know what recourse i have. But am determined not to worry myself into a heart attack again. Any ideas?
In a divorce settlement I offered to pay my ex a certain
In a divorce settlement I offered to pay my ex a certain amount of money ( the money owed to the appraised value to make it about 50 percent at time) the housemy thought was to just buy her out but I decided to put the houseup for sale this was allowed in the divorce docs.but if after 2 months the house wasnt sold she could have entered a judgement for the money owed. she did that and got a judgement for the money i gaureeteed to herthe house has a buyer and is being sold. is she responsible for the realtor fees and other fees asscoaited with the house.this was NOT in the divorce settlement about any fees??she is on the deed of the house. it was not turned overGary
I am getting bought out 50% of a home that I own, the other
Hi RichardI am getting bought out 50% of a home that I own, the other owner will be doing a cash out refinance on the home which is fully paid off. I expect to get $230,000. What tax amount I would have to pay on the money I receive?
I entered into a contract purchasing an Condo-60 daysView more real estate law questions
i entered into a contract purchasing an Condo-60 days closing, inspection waive, COE on 06/04/2016.i have removed loan contingency in time, on 05/02 due date of appraisal contingency removal i signed the cancellation without appraisal being ordered but seller rejected to sign it, also the realtor who is the dual agent told me that i am not allowed to cancel the contract without appraisal report, so appraisal was in forced and value came in as the sale price, but i still feel i over paid because an identical unit in the immediate area is listing with 37K less ,i reject to signed the removal of appraisal contingency even though appraisal value is supporting the offer price.i wanted to know do i have the right to cancel the contract at this point when appraisal contingency has not signed yet? i suppose to sign Notice of Perform to remove appraisal today as per agent, can i reject it? will seller keep my deposit of 15K if i reject to sign the Notice?what should i do at this point?