Posted by TRandle on April 17, 2002 at 16:10:29:
EC,
Missed you. Where ya been hiding?
angry, very anger - Posted by sean
Posted by sean on April 16, 2002 at 23:28:36:
I am buying a duplex to rehab, some of you may have seen my previous posts about this.
Well, we set up a trust, I would pay her mortgage, taxes,and insurance(for myself)
52900
3% down plus my half of closing
550 a month towrds mortgage
tax ins. etc. paid seperate
Now, after I’ve gone and signed the contracts, she crys foul. Her mortgage payment is 650 a month.
Well lady, the taxes are 158 a month, plus insurance, all part of your mortgage, it seems to me you’ll have positive cash flow on this. WTF
This deal has been nothing but trouble, the realtor now asks me to get pre-approval letter. Pre-aproval??? From who, the seller?? I mean, if she’s holding all the financing, why would I get a pre-aproval letter from a bank??
Well, I mostly just posted this to vent, if anyone can suggest a good realestate lawyer in south Jersey that would be great. I have a feeling this is gonna get messy.
Re: angry, very anger - Posted by GL(ON)
Posted by GL(ON) on April 17, 2002 at 07:55:39:
Have you put up a deposit? If so, tell the realtor immediately that you want it back. Make sure he understands that it is because you don’t want to get sucked into a mess.
If you drop this thing like a hot potato (which it is) there is a chance they will come crawling back to you when they find out no one else is buying. When that happens you can write your own ticket. Just make sure the deal is iron clad, because there is a good chance the seller will make trouble again, if she is that kind. Don’t tell them off or burn your bridges, simply explain that if she has changed her mind, you wouldn’t dream of holding her to a deal she is not happy with.
After all, you don’t have to buy anything. She may have to sell but you don’t have to buy. The whole world is covered in real estate, you could find a better deal anywhere.
It’s lucky you found this out before it was too late. It sounds like you are describing a subject to deal. Well if you get into one of those, and the seller decides to make trouble for any reason, you are in a world of hurt. They are only good if everything goes well, the bank doesn’t find out, there are no problems, no one decides to stir up trouble.
The sub2 experts will tell you the same thing: They are fine as long as nothing goes wrong, but if anything is going to go wrong in the future, don’t go into them in the first place.
And NEVER NEVER get sucked into a law suit if you can help it. You may not lose, but you never win. Even if you win, the time and money and aggravation would have made you 10 times to 100 times as much money if you just went out and did more deals.
Re: angry, very anger - Posted by Brent_IL
Posted by Brent_IL on April 16, 2002 at 23:55:20:
The question is did she sign the contracts? If she did, there’s nothing to talk about.
Re: angry, very anger - Posted by Stacy (AZ)
Posted by Stacy (AZ) on April 17, 2002 at 09:44:09:
GL (what’s your name, by the way?), this is very good advice. I agree with all of it.
Re: angry, very anger - Posted by sean
Posted by sean on April 17, 2002 at 01:04:32:
Yes, she did sign the contracts also. In jersey she has a 3 day period for her lawyer to review and kill the deal, she wants to me to ‘make a few minor changes’, I’m not sure if I should string her along until her 3 days is up and stick it to her( messy, and not worth the money really)
Or, give her the 650 and tell her( escrow really) to pay the taxes outta that, it would be cheaper in the short haul for me anyway.
Were it only true . . . - Posted by JoeKaiser
Posted by JoeKaiser on April 17, 2002 at 24:58:19:
There are a dozen or two sellers I’d like to introduce you too who (and their attorneys) would beg to differ.
Joe
Re: angry, very anger - Posted by JohnBoy
Posted by JohnBoy on April 17, 2002 at 13:09:34:
I think it’s Grand Larceny of Ontario Canada. LOL
Just teasing GL. I couldn’t resist! LOL
Always… almost always… - Posted by JT-IN
Posted by JT-IN on April 17, 2002 at 07:40:07:
When you are having trouble in the beginning of a deal, it never seems to get better. I do not really understand the perameters of the deal, but in general, I would suggest you either get the deal on solid and livable ground with the seller, or you vacate the deal before it goes further.
A few bucks worth of profit is not worth thousands of bucks worth of grief.
Just the way that I view things…
JT-IN
Re: angry, very anger - Posted by GL(ON)
Posted by GL(ON) on April 17, 2002 at 14:48:10:
That sounds quaint, coming from you.