Estate Planning USA.com

We purchased our home a year ago, we knew there was some siding that was rotting and needed to be replaced. We had planned on replacing the boards that were rotted only. We were told that our home was made of Cedar and Brick. We had our inspection done, and they said nothing about the siding except it needed to be worked on….we knew that. The Inspectors were reffered to us by our Real estate agent. SO we just had some estimates done and the siding is NOT cedar….it is a composite like cardboard….and now we have to replace ALL the siding costing 24,000. The siding has also been recalled about 20 yrs ago. Are we Sh*t out of luck? Or is there something we can do like with a real estate lawyer? Or since its recalled clain on insurance? Help please i’m clueless and can’t afford 24,000.00!!!!

I am going to be moving to a new state 8 months before my husband. I am planning on renting for a while and then hopefully finding a house by the time my husband joins me. I obviously don’t want to sign a rental lease because if I don’t know how long until I will find a house. So I was wondering if anyone knows of any options that might work for me. I know some real estate companies rent houses - do you know if they will rent you a house and then let you out of the lease if you buy from them?
Or do you have any other ideas of what I could do? I am moving to a small town.
Thanks!

In short- my mom (only 58) is planning on selling her house (too big to take care of, she lives alone) She would like to purchase a home with my husband and our kids. An In-law. Currently, we rent our home. We have never owned a home or even attempted to. We were always concerned that we would never get a loan. My credit score is 690 my husbands is 650…neither of us have BAD credit, however we do have some unflattering issues. I don’t believe these issues will be looked at too harshly since of all my loans (credit cards,car loan) I have never been late paying on them. Its more about the fact that our cards are usually maxed out. But we still make the payments and we usually pay double the minimum. What concerns me about being approoved is our employment history. I have been at my job for 15 months-however the company I work for I have been under their ‘Name" for the last 6 years-I just moved to a different division of the company (however it is a seperate pay roll) I"m not sure if this would have any bearing what so ever on my history. Another thing is my husband just started his new job in May. Prior to that he was deployed out of country (National Guard), prior to that he had been in construction working odd jobs here and there but nothing really stable. So, his employment is splotchy (aside from the military which he has been "employed" with for over 14 years.) Would his military history have any bearing on his history of employment? Since he has only been on the job for a month will his time served in military help him out? The situation that my mom is in, and the fact that we found a house that we want is giving us little time to ‘fix’ things or build up employment. We want this now not later. The house is a HUGE fixer upper (no kitchen/bathroom etc…) so there is no way the VA is going to approve us getting a loan for it. I will be looking into it of course through a bank…my sister in law is a real estate agent and is the assistant branch manager at a small town bank…so I will end up applying and so on…but I’m just curious now about what other peoples’ thoughts are on the info I have given…from people who actually have a good understanding about loans and mortgages (because I don’t). My husband is very worreid we won’t be able to and therefore he just doesn’t want to try-but I say-whats the harm in trying…the worst that can happen is…we don’t get a loan!
well heres’ why we want the house. It sits on 1.18 acres of land. And the cost is $195,000…ridiculously low for the Boston area. My husband and I can’t afford to buy a house above $260 say (and thats even too high) and in our area…we’d be getting crap for that amount….might as well buy a house that has decent property. My mom would be using the money she makes from her home to help us fix it (if we can get it) I would love to buy a "better" home, but its just not possible. The homes around here are still in the 450-500 range (if you want something decent) And like I said, we’re looking for a home with potential in-law…

Hi All,
Just got a letter from my solicitors with regards to my house sale ( i think its some sort of statement of how the payment works) and although the mortgage will be fully paid off our secured loan on the property will make us in the negative by £7,000.

I went to the estate agent yesterday and they called the solicitors and they advise that we should call our loan company to see if they will be happy to make the loan into an unsecured loan (we hope to move into rented property).

Failing that could we negotiate with the solicitors to arrange a monthly payment plan?

Thanks.

My grandparents have asked me to sell a house that they own that they no longer are able to keep it up. I plan on listing it on Craigslist and eBay. What steps will I need to go through once someone has shown interest in the property and wants to buy it, i.e, forms, procedures? Please be thorough as this is my first time dealing in real estate.
I have already tried going through two separate real estate agents, and was not happy at all. I want to sell this by myself.

I am starting a new business. It is a website for mortgage originators and real estate agents to use to escort their borrowers through the origination process. It is a real learning process that accomplishes the RESPA requirement of covering the 14 items (shown below) needed to originate a loan. BrokerVine is a Computerized Loan Origination system. Therefore, It is a settlement service provider because we provide services related to the origination of mortgages. Our fee will be paid by the borrower on closing. We provide leads to real estate agents to replace the people they voluntarily introduce to the mortgage originators. The originator and/or the agent will escort the customer through our website discussing their home value and available products and pricing and several other things. The plan is to pay the mortgage originator a commission for the work he will do for the CLO. There is no payment for referral of leads to real estate agents and no kickbacks for work not done. They are not paid from the closing transaction. The mortgage originator’s fee is paid directly to his Mortgage Company, and then divided according to their pay agreement. That way it is clear that the mortgage originator is an employee of the Mortgage Company. My question is: since the mortgage originator and the real estate agent (who gets new leads) are doing constructive work for the CLO, is it ok, according to RESPA, to pay a bonus to each party for using our product and doing the work required? The real estate agent will be linked to more than one mortgage originator so that it is not an exclusive arrangement. This is an idea that I want to structure properly, I’m flexible and anxious to get something going soon.

Research:
Section 8(b) prohibits the giving or acceptance of "any portion, split or percentage of any charge made or received for the rendering of a real estate settlement service …other than for services actually performed." By regulation, HUD has established that the prohibitions include a charge for which "no or nominal services are performed." 24 C.F.R. § 3500.14(c).

The 14 tasks:
1.Take information from the borrower and fill out the application.
2.Analyze income and debt to determine the maximum mortgage the borrower can afford.
3.Educate the borrower about the home buying process, advise them about different types of loan products available and demonstrate how closing costs and monthly payments would vary under each product.
4.Collect financial information and other related documents that are part of the application process (tax returns, bank statements, etc.).
5.Initiate and order verification of employment and deposits.
6 Initiate and order requests for mortgage and other loan verifications.
7.Initiate and order appraisals.
8.Initiate and order inspections or engineering reports.
9.Provide disclosures to the borrower (truth-in-lending, good faith estimate, etc.).
10.Assist the borrower in understanding and clearing credit problems.
11.Maintain regular contact with the borrower, realtors, and lender between application and closing to apprise them of the status of the application and to gather any additional information as needed.
12.Order legal documents.
13.Determine if the property is in a flood zone.
14.Participate in the loan closing.

Just in case, here is an outline explaining The Lead Partners by BrokerVine:

1.The RE agent works with a prospect on at least half of the 14 tasks mentioned in RESPA, and shown above.

2.RE agent introduces the lead to one of several mortgage originators that are participating. The RE Agent gets 2 new leads from BrokerVine to work on. No cost is involved.

3 The mortgage originator pays BrokerVine for the prospect.

4 The 14 tasks in RESPA are covered by the mortgage originator with the help of the BrokerVine website

5. BrokerVine charges a Computerized Loan Origination fee on closing and pays most of it to the mortgage originator to reimburse them for the work done on the loan on behalf of the CLO.

This is structured this way to comply with RESPA and build a business that really helps to get loans done efficiently – The real estate agent is helping the mortgage originator. The mortgage originator is helping the real estate agent. The CLO is helping the agent and the originator show the prospect which mortgage solution is best. It is a good partnership.

Thank you for your help
Skip Raleigh
636-561-0416

…and utilize a real estate agent :/

But our FSBO is an Assumption (we got our Assumption package already)

You see we are moving in November and our home is worth about what we owe (its really hard to pinpoint the value because there aren’t recent comparable sales to compare it to) We did have 3 CMA’s from agents that suggested we sell for our balance. But then they found out our balance and never called us again :/

I called Navy Federal credit union to lower our credit card interest rate and increase our credit limit on the grounds that we have an excellent credit score, and so they did. We are hoping to pay the theoretical agent (in case we give up on the FSBO) with the credit card, we only have 3000 cash to pay fees with and so the other 5500 would have to come from somewhere else. This is where out low interest credit card come in. But then again Navy relief fund has interest free loans up to 3000 so maybe we’d only have to put 2500 on the card.

I was wondering if this can easily be done. I think it should be, since people put frivoulous things on cards…

We aren’t going to do a short-sale b/c of what it would do to our contingency plan with the move (credit score on next loan….). And I don’t think I am ‘allowed’ at my job to reduce my FICO score that much anyways. The move date is unfortunately no optional.

Renting isn’t optional either. (long story)
trade…?
LOL I didn’t say GRANT I said loan.

I figured since it was directly related to my PCS I’d ask. Its not some random silly request.
yeah..we have already slated that money for the move V_V

Someone who is good with renting and real estate please answer this question!

If I buy 220,000 worth of mostly plain farmland, and fix it up and make it ready for renting to a farmer(s), make a 10-year contract with the farmer, and make rent 4000 dollars a month, use the first portion of the rent (5 years) to pay off the 220,000 of my loan, what could go wrong?

4000X12X5=240000 (enough for the loan + interest I’m guessing?)

4000X12X5=240000 profit (After the other 5-years)

And I also realize that I have MANY other fees when it comes to a thing like this, so there is no need to tell me that.

These are all estimates obviously, but the prices for rent and the farmland I have confirmed (they are much higher, since I’m in California, this is just an example), and the other small fees I could handle myself, I am just speaking of the loan-rent-profit.

I know it’s not a 100% problem free plan, but is the chance of profit good?

What could go wrong? Complications?

Thank you

So I ended up taking a job that was about 80 miles away and I looked into getting a new apartment in the new area. I settled on a nice 1 br for $485 per month. I tell the landlord or the real estate agent or whomever it was who was responsible for selling me the rent, and she has me wire over a security deposit for $485. (which I did over the phone, since driving 90 minutes would cost me 20-25 dollars in fuel alone). It took me a week to look at the apartments and everything, so this all took place with about 8 or 10 days until I had to move in.

Fast forward. Five days until I move in. She calls me on my cell and tells me that she won’t have the apt. ready when I move in. My options were to move into a more expensive apartment ($540 per month) for my entire 12 month lease or to just stay in the 540/month place until I could move into the ceahper place we originally agreed upon. Either way, I end up paying more money for rent while living in the $540 place.

I tell her that I’ll stay in the $540 place only until the $485 place is ready, then I will move again. I’m mostly concerned with keeping rent down. I put down a security deposit for that one too (plus an extra 15 dollars in fees because I had to do it over the phone instead of in person). Basically I end up having to put in 2 security deposits since I am tying up 2 apartments at the same time. She says that I will have the original place in a week or two.

So 11 days pass and she tell me that hopefully they’ll have the place ready in another week. I’m a math minor, so it occurred to me that 11+7=longer than 2 weeks–and based on the way she was talking, I don’t think that she thinks it will be ready by Friday. So I could be looking at close to a month in an apartment that I didn’t originally agree to.

In any event, I don’t know if this is standard practice or if it’s legitimate grounds for a complaint. Also, I really don’t have much room for leverage here, being the new guy and her being the one who’s holding my security deposits. Here’s the rundown:

a) I’m paying extra rent for living in an apartment that I don’t plan on staying in.
b) I have to move twice, and I can’t unpack half of my stuff because I know I’ll be moving soon anyway.
c) I had to pay an extra 15 dollars in fees.
d) I can’t connect myself to the internet or get cable until I move into the $485 place.
e) I’ve had to do a lot of extra running around to see what the situation is.
f) I’ve had to make two security deposits instead of one–which basically means I’m making an extra down payment.
g) I can’t check my snail-mail until I move into the $485 place, because I had everybody forward their mail to that address rather me having to re-forward my mail twice. Of course, I made that decision under the assumption that I would only be living in the $540 place for 1-2 weeks. I have to do a lot more running around just to check my snail mail once.

And I can understand them having to do most of that, since they can’t just move me into my original apartment as it is. What I don’t understand is how they can justify charging me full price on a more expensive apartment that we originally never agreed upon. (and charging me extra on top of that). Is there any course of action that I can take? Do I have a legitimate complaint? Is this just normal business? Or should I report this to the Better Business Bureau?

I’m new at the whole apartment thing so if this isn’t a legitimate complaint, let me know. I’m not just looking for someone to agree with me, I’m just wondering what other people have to say about this.

I bought a house in Feb 2009, moved into it for 4 months. Now I’m planning to rent it out for a year. After that, I’ll move back in. After 2 years, if I sell it and make a profit, how will the 1 year rental affect my tax deduction?