Estate Planning USA.com

My friend has a House in another State. Her tenants aren’t paying rent on time. She also has a 20,000 student loan to pay off. She still has to pay for rent here in TX. I don’t won’t her to lose her house to forclosure. I asked how are you paying for all of this. She is a Real Estate Agent and the market requires dues and fees. She is planning to move back to her House. She said lately she has been Flipping Bills. What did she mean by Flipping Bills?

I a homebuyer and am not working with an agent. I find homes on line & contact the listing agent to arrange viewing. I contacted "Mary" about a 2bdm condo. I told her I was not working with an agent. She arranged for me to see her unit (never met me…she already had the building concierge set up with a key to the unit, and he gave me the key). 2 weeks later, I called Mary to tell her I wanted to take a second look at the unit. she again arranged for the concierge to give me the key. She asked if I was interested in a 3-bdm unit in the same building. I was. She indicated the unit would not be listed for another month. She arranged for the trustee of the estate who was managing the unit, to meet me and show it to me. I ended up loving the unit and I plan to buy it. The trustee indicated that she had no agreement with Mary and was under no-obligation to her. Mary will perform no services of any kind for me. How much (percentage) should I give Mary for telling me about the unit?

After four years of living and working in America, my marriage has broken down and I will soon be getting a divorce and returning to England and plan to take up living and working in London again. I am okay with looking for work when I get back as I have a targeted area of work, but would like assistance with finding an affordable studio or one-bedroom flat in a safe area. Does anyone know of any agencies in the London area (besides the obvious estate agents) that specialize in finding affordable flats and do the work for you, finding exactly what you are looking for (I expect to pay a fee for such a service)?
I am looking to rent and by affordable I mean 1,000 - 1,500 a month.

The realtor(or realtist according to his business card) we are working with in buying a house offered us a plan to improve our credit so that we can get the best rates possible. My husband is all for it but I am a little hesitant since we dishing out $750 for a start up fee and $250 monthly for his assistant to call, write personal credit letters, one on one coaching, among other things to get us both at a 650. I am concerned since this is alot of money and I looked on the BBB website and cannot find this credit management group or even her real estate agency in its reports. How do I tell this is a legit operation and not just someone trying to scam a young couple out of a few thousand dollars.

Back in 2000, my parents wrote a will, and distributed copies of it to both myself and my sister. In the will, they indicated with %’s how much of their estate each of us would get. It seemed fair.

Now in 2009, my parents sent an email, the language in it was terse, and clearly written by an attorney. They communicated that they have revised their will. The email wasn’t signed "Mom and Dad" (as is the norm), but with their full legal names (which they never do).

They instructed both my sister and I to destroy the 2000 version, but they made it clear they were not going to send to us the revised will. They simply indicated we would need to contact their attorney in the event of their death.

This communication came as a complete shock, out of the blue, there hasn’t been sudden, new bad blood since 2000. In fact, while there has been what I would call normal family friction over time, we are a generally functional family.

I haven’t received nor asked for a dime of financial anything from my parents in 15+ years. I can’t honestly say that I could guess within even $100K what their estate might be worth (if it is worth even $100k). I am not rich, but I am not in a bad position financially, so it is not like I am sitting here dreaming of a handout.

But money does mean something, how we handle, spend it, share it, deal with it when interacting with family, it is communication. It is an act and a choice, and as the old saying goes, actions speak louder than words. Money is the #1 cause of divorce, and I would hazard to guess its right up there in all kinds of family tensions.

The way this went down, raises the question of: Why would they go down this path? Are they hiding something? Usually, when people choose to be secretive, its because they are doing something they deep down know is nasty. I hate thinking this about Mom and Dad, but I can’t deny the thought is there.

In my own will, and with beneficiaries named in my insurance policies, I am directing the bulk of my estate be passed to family. If I was to die tomorrow, I certainly want my wealth to make a positive difference in the lives of those I care about. I have been transparent and communicted to my loved ones the details. Its actually a nice moment, to be able to tell people that you want any resources that outlive you, to help them.

I have to be honest with myself, and with you, and say my parents communication (specifically, the lack of it) has caused feelings of anger. And also confusion, because what can a person say without coming off sounding bad? I dislike not addressing the "elephant in the room."

And don’t feed me bla bla bla, the legal fact it is their estate and they can do what they want. I know they can legally do what they want, but when its family, it isn’t supposed to be about the legal minimum. I don’t live my life giving the legal minimum.

Thoughts? Please tell your age (approximate is fine) in your response. Where you are in life will help inform.
A point about my parents wealth maybe not being 100K .. they are of an age where they have corporate pensions, as well as social security, so their monthly cash flow is I believe decent, even if their balance sheet assets may not be large.

As far as the house goes, at one time they owned it outright. I am not sure if they have commenced a reverse mortgage - something they casually mentioned a few years ago - so they may now have some loans against the house.

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

…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

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

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 own a condo & was wondering which makes more financial sense. Should I make additional payments to my mortgage company to go towards the principal (I have no prepayment penalty) or save the money in a savings account? I don’t plan to live in this condo forever, but I am worried because the association fees are really high & when it does come time to sell I think it will be difficult to sell because of the high association fees. Also, I was told that the real estate agent gets a percentage of the sale price, so if I invest all my money in my home, when I go to sell, the agent will get part of the money I had invested. Please let me know what you think or if you have any other suggestions. Thanks.