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Recent Fixer Upper questions

I have given several disclosure statements that were

I have given several disclosure statements that were incorrect . Buyer wants massive adjustments to contract . I want to cancel the contract , pay all his incurred expenses and offer a settlement . How big of a liability do i have . ie what is the worst that could happen? If the contract is for 260k and there are 100k in demanded repairs would that be reasonable? I am in SC.House was clearly advertised As Is , fixer upper . Does that help?

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Loren

Juris Doctor

36,306 satisfied customers
Question re foreclosure on a VA loan. I lost my job when

Question re foreclosure on a VA loan.I lost my job when I was 61 due to layoffs, after 28 years at the same company. So we cannot afford our mortgage anymore. We had recently moved and bought a house for my last position, so our house not only has no equity, but we are underwater by about $35K (including realtor fees).Luckily, we have a VA loan. After we finally get the place cleaned out and semi-presentable as a fixer-upper, I'm assuming the short sale will still take several months for approval by the mortgage company (even tho the VA guarantees to repay the difference in what we owe).A long delay is what usually happens in a short sale, right? We are very anxious to sell because we live in a condex and just found out the other owner has asked her tenants to move out, as she is moving in very soon. She is mentally ill and we may need a restraining order against her. She is going to interfere with the sale in any way she can, I imagine.We have a small condo we already own elsewhere without a mortgage and we will be moving there permanently. We have no heirs. Since we are now both over 65, we don't anticipate needing credit cards, another mortgage or new cars, so we are tempted to walk away from the house to avoid dealing with the long short sale process and the very difficult neighbor.What would be the repercussions of foreclosure other than lower credit scores for a period of 7 years or so?Thank you.

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

46,322 satisfied customers
I live in Annapolis, MD and recently purchase a fixer-upper

I live in Annapolis, MD and recently purchase a fixer-upper house. I am in the process of a landscape/beautification project. My neighbor has accused me of encroaching on her property and is demanding that I correct it immediately. My neighbor is 88yo and has a lot of health and mental comprehension issues. She has verbally demanded I correct immediately or court action and last nite she phoned me verbally demanded to correct or court action. Should I send a Cease and Desist Order to her so she will stop harassing me?

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Ely

Counselor at Law

Juris Doctor

63,770 satisfied customers
A job transfer moved us to Charlotte, NC. We are renting

A job transfer moved us to Charlotte, NC. We are renting for one year with the intent to build a custom home. We hired an agent to help us look at potential properties to build a custom home on. We found a property. Our agent negotiated the purchase of the unimproved property and required us to sign a an Exclusive Buyer Agency Agreement. He was compensated 3% commission by the seller of the property. We are building a custom house. We hired our own builder and architect to build a one of a kind house we designed. Our agent has come back demanding 3% commission on the cost of our custom home we intend to build on the property. He is threatening to sue to based on the Exclusive Buyer Agency Agreement which has an expiration date one year into the future. Please advise.

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Lucy, Esq.

Juris Doctor

29,918 satisfied customers
I have a house and I'm remarried, we 't live in it, and my

I have a house and I'm remarried, we don't live in it, and my husbands name is ***** ***** it, and my name is ***** ***** his property either, I can no longer afford my property , and it's a fixer upper, I owe more on it than I can sell it for, can I go default, abandon it, go bankrupt? What can I do to get out from underneath it. Could they come after my husband?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

46,322 satisfied customers
I have a question about who is responsible of a title search

I have a question about who is responsible for payment of a title search that was requested by the realtor - not me. I know that buyers pay for title searches in a sale but we never got to a sale.What happened was I expressed interest in a property a realtor was offering as a "fixer-upper." A week or so after looking at the property and discussing price the realtor told me it had liens on it. I lost interest.2 1/2 yrs. later I received a bill for $350 from the attorney's office that performed the title search. The letter states the realtor contacted them concerning a possible sale and they provided the realtor with the results of their title search.I never agreed at that time to pay for a title search. I feel it was the realtor's responsibility to know the property had liens on it before trying to sell it, not mine to pay for it.Thank you. I appreciate your advice in this matter.

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RealEstateAnswer

Juris Doctor

29,746 satisfied customers
My parents and I live together and we purchased another

My parents and I live together and we purchased another house in hopes of downsizing and reducing out debt. The new house was a fixer upper house that my parents and I spent significant time updating. In this process, we met a neighbor whose house is in front of our new house. There was a line of bushes and trees in between our front yard and the neighbor's backyard, kind of acting as a boundary line. When the neighbor first met my dad, he suggested that my dad cut off the bushed and tree to make more parking space and that since the people who previously lived in our new house has planted those so that he does not have problem with it, and my dad thought it was a good idea and followed through. It took my dad about 9~10 days to cut off all the bushes and tree and several trips to landfill to finish the job. In the process, the neighbor did not say anything. After removing all the bushes and trees, my dad has discussed with the neighbor that he wants to place a metal fence in between that will kind of set the boundary again and look nice, and the neighbor was agreeable to it and together, they decided where to put the fence. After a week, we discovered that the neighbor knocked down the fence that was placed and we got a hand-written letter from the neighbor that he does not think the fence and the our extra parking space is good idea anymore and would like to talk. At that time, we realized that we may have crossed the boundary into his backyard little although not on purpose. We talked to the neighbor and removed the fence and rocks that we spread out in the space for the extra parking space because we had no intention of stealing the neighbor's land and increasing our boundaries. Trees and bushes were already cut, but it was done after the neighbor's agreement. At that time, when we talked to the neighbor he said everything is fine and he has intention of surveying the boundaries and getting estimates from landscaper to restore the trees that were already there, but he was planning on paying for the expenses. Now, couple weeks later, he send another hand-written letter saying that it has costed him about $3700 for the landscape estimate and surveying the boundaries and expects us to pay for it. He has a lawyer involved who is preparing files to bill us, otherwise we will go to court.For background information, after we updated the new house, my parents and I decided that instead of selling our old hose, it will be faster for us to sell the new house with some profit, which would've been used to pay off our debts. We made this decision because the current house that we live in has a steep heel drive and we have attempted to sell it multiple times without success in the past. we came to decision that if we sell the new house, which has less market value and no steep heel, it will lessen the time that we have to pay two mortgages. I believe this has led the neighbor to think that we are earning lot of money by fixing up houses and selling it, which it not the case at all and that is part of the reason that he is requesting money from us. Last time we talked to the neighbor, he is not saying that he did not say the things that he told me dad previously and judge will decide everythign if we go to court.I would like a legal advice what to do in this situation. There were definitely miscommunication and misunderstanding, but my dad has done things under verbal agreement from the neighbor, so I don't think it is just for the neighbor to bill us for the surveying the boundary and landscaping. Also, the neighbor did not say anything until my dad has finished up all the work. If he had a problem with it, why did he not come up to him and say "what are you doing?" for 9~10 days that my dad was working on the yard? My familly cannot afford to pay for the cost, and also, we believe the neighbor has falsely led my dad to take advantage of our situation. Is it better for us to just pay the amount that he is requesting or go to court to resolve this situation? I am concerned that hiring a lawyer for our family and going to court may cost more than what the neighbor is asking for. Also, I am afraid that if this goes to court, it will be a lot of 'what he said' and 'what my dad said.'

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Ray

Lawyer

Doctoral Degree

35,204 satisfied customers
I need some advice. Desperately! I owe approx $85K on an

I need some advice. Desperately!I owe approx $85K on an upside down mortgage. I refinanced in 2008 and really think I got screwed. Lender is US Bank.Last year I did the MAP program, they dropped interest down to 4.5%, from 5.75%, made term start new at 30 yrs. I protested, and 'won', my assessed value for property tax with the county. (point is, I have been doing everything I can to stay in this house) I wanted US Bank to lower the value of the house/loan, OR let me do a short sale. I paid for an appraisal and it only appraised at $32K, but of course none of that mattered and they wouldn't even look at the appraisal.It's in a high risk flood plain, received the annual renewal and my premium has, to say the least, sky rocketed. This is due to whatever the government passed in April.So now I am at a crossroads. I'd like to know the repercussions of "walking away", that is if there's no other options for me to keep the house and lower payment significantly.I would think the lender would want to work with me, as they'll be stuck with a house that nobody is going to want (it's an old fixer upper in the middle of nowhere) and any potential buyers will most certainly balk when they find out it's in a flood plain & how high the flood insurance premiums are.I am married but my husband does not work. Income is less than $80K.We have some money in an IRA and he owns a house in the same county that we have been renting out. We could easily move to his house and be much better off financially but if we "walk"..... will the lender/courts be able to seize any other assets?We're also in the middle of remodeling the 'problem' house. I don't want to stick another dime in the place until I have certainty on the future?Scared to death and need some good sound advice, from someone who knows about this stuff and what they're talking about. We have asked parents, siblings, friends, co-workers... no one is absolutely sure on what we should do.Sorry for the book, thank you

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Ely

Counselor at Law

Juris Doctor

63,770 satisfied customers
My fiance's mother quick claim deeded the Hillsborough

Hello, my fiance's mother quick claim deeded the Hillsborough County, FL in 2013. Since then, her mother was diagnosed with terminal cancer and has passed away. She was married to my fiance's step-father and now he is threatening to "take" the house from my fiance. Is there any legal action that he can take to successfully "take" the house from her?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

46,322 satisfied customers
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