Ava
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Post by Ava on Nov 24, 2019 10:21:15 GMT -5
I'm so happy for you Shasta
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Wisconsin Beth
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Post by Wisconsin Beth on Nov 25, 2019 12:25:20 GMT -5
I've lost track of the dates. Is all the money released and the deed/money exchange done?
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NastyWoman
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Post by NastyWoman on Nov 25, 2019 16:46:26 GMT -5
I've lost track of the dates. Is all the money released and the deed/money exchange done? g was supposed to be on 12/6 but was delayed by a few days? I hope all goes smoothly this time for Shasta
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Deleted
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Post by Deleted on Nov 27, 2019 8:52:17 GMT -5
I've lost track of the dates. Is all the money released and the deed/money exchange done? No. In CA it takes a min of 30 days to get a house through escrow. We were supposed to close 12/6. My buyers need an appraisal for their financing and there was a 3 week backup to get an appointment. It's scheduled for 12/5. Apparently the appraiser has 5 days to write a report or the title company gets 5 days to finish or some such and I have been told there will likely be a 5 day delay. Not thrilled, but nothing I can do about it. I have yet to buy a house that didn't get delayed so it was at least somewhat expected. The dogs and I moved down to my mom's in the Central Valley yesterday in the early morning before the massive storm hit. Maybe I can catch a Christmas sale at the Toyota dealership?
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azucena
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Post by azucena on Nov 27, 2019 9:23:12 GMT -5
I've lost track of the dates. Is all the money released and the deed/money exchange done? No. In CA it takes a min of 30 days to get a house through escrow. We were supposed to close 12/6. My buyers need an appraisal for their financing and there was a 3 week backup to get an appointment. It's scheduled for 12/5. Apparently the appraiser has 5 days to write a report or the title company gets 5 days to finish or some such and I have been told there will likely be a 5 day delay. Not thrilled, but nothing I can do about it. I have yet to buy a house that didn't get delayed so it was at least somewhat expected. The dogs and I moved down to my mom's in the Central Valley yesterday in the early morning before the massive storm hit. Maybe I can catch a Christmas sale at the Toyota dealership?
If you do, please insist on them throwing in a giant red bow - you deserve it!
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Wisconsin Beth
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Post by Wisconsin Beth on Nov 27, 2019 9:27:38 GMT -5
I've lost track of the dates. Is all the money released and the deed/money exchange done? No. In CA it takes a min of 30 days to get a house through escrow. We were supposed to close 12/6. My buyers need an appraisal for their financing and there was a 3 week backup to get an appointment. It's scheduled for 12/5. Apparently the appraiser has 5 days to write a report or the title company gets 5 days to finish or some such and I have been told there will likely be a 5 day delay. Not thrilled, but nothing I can do about it. I have yet to buy a house that didn't get delayed so it was at least somewhat expected. The dogs and I moved down to my mom's in the Central Valley yesterday in the early morning before the massive storm hit. Maybe I can catch a Christmas sale at the Toyota dealership? Got it. Thanks.
Or a New Year's Sale?
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TheOtherMe
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Post by TheOtherMe on Nov 27, 2019 9:35:22 GMT -5
I've lost track of the dates. Is all the money released and the deed/money exchange done? No. In CA it takes a min of 30 days to get a house through escrow. We were supposed to close 12/6. My buyers need an appraisal for their financing and there was a 3 week backup to get an appointment. It's scheduled for 12/5. Apparently the appraiser has 5 days to write a report or the title company gets 5 days to finish or some such and I have been told there will likely be a 5 day delay. Not thrilled, but nothing I can do about it. I have yet to buy a house that didn't get delayed so it was at least somewhat expected. The dogs and I moved down to my mom's in the Central Valley yesterday in the early morning before the massive storm hit. Maybe I can catch a Christmas sale at the Toyota dealership? I am happy you are out of there. I am thinking you have no intentions of going back.
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Deleted
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Post by Deleted on Nov 27, 2019 18:50:20 GMT -5
Interestingly, I have a neighbor who owned 12 acres with a 3 bed/2 bath. They just went into escrow with a backup offer as well. Price - $600K. OMG
Each of their 2.4 acre parcels used to sell for $1500 and they would sit on the market forever.
Their tax assessed value was $172K for this year.
Insanity.
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Deleted
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Post by Deleted on Dec 5, 2019 12:03:20 GMT -5
Did I close yet? Of course freaking not. We all knew this deal would be a cluster on top of another cluster...
My broker claims she "read the email wrong" where the buyer's appraisal won't happen until 12/15.
She claims there is a shortage of appraisers in the area and that's the first available time they can get one out. One of my neighbors has had her's rescheduled twice and her 14-day escrow is now looking like 2-3 months.
We offered them 200K cash/88K owner carry at 9% yesterday and are waiting to hear back. If they go for that, then I will close next week, have plenty of cash to buy one of the houses I am interested in and probably a truck with 20-40K miles on it. It would also give me payments each month that would cover all of my fixed expenses.
I don't want to carry, but this deal would essentially pay me what I think my property is worth in cash, give me monthly income, and give me the right to foreclose if they don't pay. If that happens, then I can turn around and sell for even more money to the other cartel.
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haapai
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Post by haapai on Dec 5, 2019 12:08:58 GMT -5
I hate, hate, hate the idea of carrying the mortgage. Who would carry out the eviction after a foreclosure?
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gs11rmb
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Post by gs11rmb on Dec 5, 2019 12:10:52 GMT -5
I'm sorry things aren't going smoothly. The very word cartel conjours up images of dangerous, violent criminals. I'm not sure you would be wise to instigate foreclosure proceedings.
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haapai
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Post by haapai on Dec 5, 2019 12:16:19 GMT -5
IMO, granting them a mortgage is just giving them a $88K discount on the price.
ETA: Lucky for them.
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Wisconsin Beth
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Post by Wisconsin Beth on Dec 5, 2019 12:18:55 GMT -5
I hate, hate, hate the idea of carrying the mortgage. Who would carry out the eviction after a foreclosure? And could law enforcement go after you, should they actually decide to do something about all the growsites?
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haapai
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Post by haapai on Dec 5, 2019 12:29:36 GMT -5
Would your mortgage be second? You've mentioned that this group is trying to get bank financing.
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CCL
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Post by CCL on Dec 5, 2019 12:58:45 GMT -5
Agree with everyone else.
Isn't there any other way to sell them the place? I'd think they would have more cash than you do.
I would not count on that monthly income from them.
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haapai
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Post by haapai on Dec 5, 2019 13:22:42 GMT -5
I'm praying that this offer is not accepted. I don't think that your broker was acting in your best interests by submitting that offer.
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haapai
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Post by haapai on Dec 5, 2019 16:30:28 GMT -5
I'm leery about asking this, but how long is the term of the mortgage that you have proposed granting and what is the monthly payment? Are the answers loaded with sixes, eights, and nines"
I'm sure that you have figured out by now why you got an offer of $38K more than your $250K asking price.
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Deleted
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Post by Deleted on Dec 6, 2019 11:41:59 GMT -5
I'm leery about asking this, but how long is the term of the mortgage that you have proposed granting and what is the monthly payment? Are the answers loaded with sixes, eights, and nines"
I'm sure that you have figured out by now why you got an offer of $38K more than your $250K asking price.
My broker mentioned 9% and didn't mention a time-frame for the owner carry. I believe the payments would be $700-800 a month. My note would be a first deed of trust as they would pay the rest in cash. If it becomes problematic, I could always sell the note on the secondary market. I assume the eights, etc... is all a Chinese "luck" thing. If that's what you meant? We think they are making the big offers to build comps so they can start getting financing on the other properties they want to buy in the area. It was explained to me it was to agree to their offer and not sell to the Hmong's organization over theirs. The actual reason the offer was so high is all speculation. My broker claims they have closed 2 of their 10 deals and mine "should" close "eventually" but now is concerned that my house is a mobile not on a foundation and that the lender will balk after the appraisal... However, 2 more bare land parcels down the road from me just closed for $80K each. That would make the land-only appraisal $160K for mine and they are only trying to finance $144. I love the way it's all "your house will close, etc..." until one accepts the offer. Then the buyers seem to be able to do whatever they want and the broker's answer is all "be nice to the buyers they have all the power..." Escrow was supposed to close today. No request for an extension, nothing has been forthcoming from the buyer. So much for contractual obligation.
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raeoflyte
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Post by raeoflyte on Dec 6, 2019 11:57:38 GMT -5
I'm leery about asking this, but how long is the term of the mortgage that you have proposed granting and what is the monthly payment? Are the answers loaded with sixes, eights, and nines"
I'm sure that you have figured out by now why you got an offer of $38K more than your $250K asking price.
My broker mentioned 9% and didn't mention a time-frame for the owner carry. I believe the payments would be $700-800 a month. My note would be a first deed of trust as they would pay the rest in cash. If it becomes problematic, I could always sell the note on the secondary market. I assume the eights, etc... is all a Chinese "luck" thing. If that's what you meant? We think they are making the big offers to build comps so they can start getting financing on the other properties they want to buy in the area. It was explained to me it was to agree to their offer and not sell to the Hmong's organization over theirs. The actual reason the offer was so high is all speculation. My broker claims they have closed 2 of their 10 deals and mine "should" close "eventually" but now is concerned that my house is a mobile not on a foundation and that the lender will balk after the appraisal... However, 2 more bare land parcels down the road from me just closed for $80K each. That would make the land-only appraisal $160K for mine and they are only trying to finance $144. I love the way it's all "your house will close, etc..." until one accepts the offer. Then the buyers seem to be able to do whatever they want and the broker's answer is all "be nice to the buyers they have all the power..." Escrow was supposed to close today. No request for an extension, nothing has been forthcoming from the buyer. So much for contractual obligation. They are out of contract and you should be able to cancel your contract. How long is your listing contract with the agent?
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Deleted
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Post by Deleted on Dec 6, 2019 12:07:25 GMT -5
My broker mentioned 9% and didn't mention a time-frame for the owner carry. I believe the payments would be $700-800 a month. My note would be a first deed of trust as they would pay the rest in cash. If it becomes problematic, I could always sell the note on the secondary market. I assume the eights, etc... is all a Chinese "luck" thing. If that's what you meant? We think they are making the big offers to build comps so they can start getting financing on the other properties they want to buy in the area. It was explained to me it was to agree to their offer and not sell to the Hmong's organization over theirs. The actual reason the offer was so high is all speculation. My broker claims they have closed 2 of their 10 deals and mine "should" close "eventually" but now is concerned that my house is a mobile not on a foundation and that the lender will balk after the appraisal... However, 2 more bare land parcels down the road from me just closed for $80K each. That would make the land-only appraisal $160K for mine and they are only trying to finance $144. I love the way it's all "your house will close, etc..." until one accepts the offer. Then the buyers seem to be able to do whatever they want and the broker's answer is all "be nice to the buyers they have all the power..." Escrow was supposed to close today. No request for an extension, nothing has been forthcoming from the buyer. So much for contractual obligation. They are out of contract and you should be able to cancel your contract. How long is your listing contract with the agent? I just had a chat with a friend who's a realtor in another state. She also said if they don't request an extension in writing by midnight the contract cancels. I assume I then get their other 7K? But, she made the same comment that they can refuse to sign the paperwork and I would have to hire a lawyer to free up my house to sell to someone else. I have a listing contract for 6 months. This is the only real estate agency in my area that will do deals in my 'hood.
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Value Buy
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Post by Value Buy on Dec 6, 2019 12:11:12 GMT -5
They are out of contract and you should be able to cancel your contract. How long is your listing contract with the agent? I just had a chat with a friend who's a realtor in another state. She also said if they don't request an extension in writing by midnight the contract cancels. I assume I then get their other 7K? But, she made the same comment that they can refuse to sign the paperwork and I would have to hire a lawyer to free up my house to sell to someone else. I have a listing contract for 6 months. This is the only real estate agency in my area that will do deals in my 'hood. Regardless of the fact you are under a six month contract, you can tell the realtor to increase the asking price at any time once this offer is not filled. In fact you could probably raise it now, and just also say pending offer subject to closing......
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Deleted
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Post by Deleted on Dec 6, 2019 12:18:20 GMT -5
I told the broker if they don't officially request an extension by midnight to send them a cancellation and start the paperwork to get the title company to release their money to me.
At that point, not sure what I should do. I could try and sell it to the Hmong. I could take their cash and move back home. Not sure what I want to do.
I found a house I want to buy, but it's not safe to leave my house vacant all winter. If it doesn't sell, I could go home to find rodents, broken water lines, and squatters. None of which I really want to deal with.
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Deleted
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Post by Deleted on Dec 6, 2019 17:08:56 GMT -5
Got an escrow extension for 12/20. Ug.
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TheOtherMe
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Post by TheOtherMe on Dec 6, 2019 17:44:21 GMT -5
Is that good or bad?
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Deleted
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Post by Deleted on Dec 7, 2019 0:01:40 GMT -5
I'd label it as a pain-in-the-ass and frustrating more than anything. It appears there are only a couple of appraisers in my area so everyone's escrows are being pushed to 45-60 days because they are 3-4 weeks behind. They claim it has nothing to do with the buyer's ability to close. I'm going to agree to this delay but not another one. If they still can't close, then I will ask to cancel this contract and find another buyer. A guy in my 'hood has a different realtor who apparently has a list of buyers waiting for property. His property is bigger than mine but sold for nearly 3x what mine is under contract for. I have another friend who's home was assessed at $178K and just sold for 600K! Everyone seems to think if this deal dies the next offer will be significantly higher. But it would be a big deal to leave my house vacant for that long and would mean I might have to go back up and stay there until it closes which I would prefer not to do. Getting this one closed by Christmas would be ideal at this point. And, hopefully no one goes and buys the house I am interested in during the meantime.
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cottontail
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Post by cottontail on Dec 7, 2019 0:35:13 GMT -5
I told the broker if they don't officially request an extension by midnight to send them a cancellation and start the paperwork to get the title company to release their money to me. At that point, not sure what I should do. I could try and sell it to the Hmong. I could take their cash and move back home. Not sure what I want to do. I found a house I want to buy, but it's not safe to leave my house vacant all winter. If it doesn't sell, I could go home to find rodents, broken water lines, and squatters. None of which I really want to deal with. Is this broker your representative? I don't necessarily think that they did you a favor by getting the extension letter. I even wonder if the extension letter only came through because you told them they only had until midnight. I think you could really be taken advantage of here and I would not agree to seller financing. If they can't cough up the money let the Chinese cartel or whomever buy it. You really need to look out for yourself here because brokers and real estate agents don't always act in the best interest of their clients regardless of their legal responsibility, and the cartels sure will be looking out for themselves. As much as I hate to say it, I think you might be best off moving back until it closes with whomever can get it to closing fastest. With the place vacant you don't hold much power. I haven't been here consistently over the years but I have been here enough to know that you've gone through an awful lot. I really wish you all the best with this.
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Deleted
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Post by Deleted on Dec 7, 2019 1:05:40 GMT -5
Is this broker your representative? I don't necessarily think that they did you a favor by getting the extension letter. I even wonder if the extension letter only came through because you told them they only had until midnight. I think you could really be taken advantage of here and I would not agree to seller financing. If they can't cough up the money let the Chinese cartel or whomever buy it. You really need to look out for yourself here because brokers and real estate agents don't always act in the best interest of their clients regardless of their legal responsibility, and the cartels sure will be looking out for themselves. As much as I hate to say it, I think you might be best off moving back until it closes with whomever can get it to closing fastest. With the place vacant you don't hold much power. I haven't been here consistently over the years but I have been here enough to know that you've gone through an awful lot. I really wish you all the best with this. Yes, it's my broker. My last home buying experience taught me realtors lie and tend to care about little else than their commissions once things are in escrow... The escrow officer did say today that this buyer has closed 2 other properties and everyone's closing dates are slipping due to the lack of appraisals. So, I do have some verification of the story. Apparently there's only one or two appraisers willing to come to the area from a larger city about 90 miles away and they are slammed with requests because so much property is being sold in our area. (This map shows yellow dots for sold property and a majority of those are for drug grows there in my 'hood at the southern part of the map. www.zillow.com/montague-ca-96064/sold/ ) Interestingly, there's only one property currently listed for sale. It has a trashed single wide and 4 acres and is listed for $325. They will probably get multiple offers by tomorrow. I agreed to this extension but made it clear I won't agree to another unless they release a significant amount of non-refundable money to me to prove they actually plan to close. I hear the Hmong are actively looking for more property and paying high prices and I don't want to miss the boat by this deal being perpetually in escrow. They tend to do all cash deals. I don't have a car now and all of my stuff is here with me. Moving home isn't as simple as it sounds and the broker claims this buyer has to agree to release the rest of their good faith deposit to me or I have to sue to get it... So, in that case, I'm stuck here. At this point, all I can really do is hope this deal closes by the end of the year. The buyer didn't want me to carry paper, so that offer is permanently withdrawn. It's ideal for me to get the entire sales price in cash at closing anyway because it gives me more options when it comes to purchasing my next house and completely separates me from this property and the area I no longer want to live in or be associated with.
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Value Buy
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Post by Value Buy on Dec 7, 2019 6:37:05 GMT -5
Appraisers do not spend that much time on the appraisal. They should be able to knock out a bunch of them daily especially in an area that is a hot market. If other sales are going at higher prices than yours, it is a no brainer for them.
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Deleted
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Post by Deleted on Dec 7, 2019 13:29:39 GMT -5
Appraisers do not spend that much time on the appraisal. They should be able to knock out a bunch of them daily especially in an area that is a hot market. If other sales are going at higher prices than yours, it is a no brainer for them. I agree. I got another message late last night from the broker that she's not giving the seller the extension until they furnish her with the requested appraisers phone number so she can confirm they even have an appt scheduled. They claim the report will be done by 12/15. It takes 5 days, so that means they would do the appraisal Mon or Tues but the broker has to turn on my water and has had no request to meet them. I asked as a condition of granting the extension they release the rest of their deposit to me and make it non-refundable. If they balk, then they are playing games and a new buyer probably isn't a bad option. A shitty single-wide on less land than mine came on the market yesterday at $325K. If it goes under contract, then my house will likely sell for more than it's in escrow for now. A lot more. A friend's realtor said they have 6 buyers clamoring for land they can't find and could have a buyer in a day for mine. It's entirely possible it would be all cash. www.realtor.com/realestateandhomes-search/Montague_CA/sby-1?pos=41.496586,-122.37019,41.630421,-122.135701,12#M2094662028
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Artemis Windsong
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Post by Artemis Windsong on Dec 7, 2019 20:48:24 GMT -5
DO NOT DO A CONTRACT FOR DEED. The person who is paying on the contract has all the rights. The seller has none. There is no hell worse than trying to get some one out of and off your property. Even when you outright own it.
Why are these big money drug people financing the place?
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