I have a friend who owned a home three years ago but sold it because she went into foreclosure. Before she went into foreclosure she filed for bankruptcy protection. After selling the home, she paid off the bankruptcy and rented an apartment. She is now in sales making a lot of money. She has enough money to put 20% down on a 600,000 home. Will she have a problem getting a loan?
Posted in Homes For Sale
Tagged APARTMENT, bankruptcy, Foreclosure, friend, Home, loan, lot, money, mortgage, protection
A friend of my made me following offer: He has a lot in a good area, but does not have money to build on it. He offers me to finance the construction (legaly I will be purchasing the land and paying for the construction), he will take care of everything, I just need to put my name on the loan. I also sign an “Option to Buy” agreement, so he has an option to buy a house (at predetermened price) once construction is complete.
There is a risk, if Real Estate market will crash, I might end up with a house that it cost more to build then it can be sold for.
For the risk I will be paid $15K when house construction is complete (in 12 month).
State: Colorado
I need to finance $750K
A friend has already invested ~$200K into the house (land, architect, approval, demolishion of an old house, etc.)
Does this appear to be a sound deal? Where can I get more information and advise?
I’d say that risk is really small. Something really bad has to happen to affect the prices on real estate to drop below non-profit point. I also don’t do it because he is my friend. How hard is it to get me screwed on this?
Posted in Land For Sale
Tagged area, Construction, financing, friend, house, house for sale, lot, money, offer, option, sale
Basic details of my friend:
–Been married for 4 months to a man from England who is now taking a 6 month job on a cruise ship.
–She has yet to hold down a job for more than a year.
– They have $10K in savings and investments.
– This land is in Mass.
There is a land sale in her area with land appraised at $41K, but she has the idea that she can get it for $10K. They couldn’t build for at least 6 years. Getting a loan would be tough as her credit rating is shot and he doesn’t have one.
What would you tell her? To snap out of it or go for it?
I’m trying to be a good friend, but it’s hard to be a good friend when I see so much problem! I know that taxes alone on land is insane, but that may just be farmland (we own over 2000 acres).
Just to let you know, I’m suggesting that they save the money, add to it and use for a down payment on a house in a few years.
She’s American. Forgot to mention that.
Gah! How silly am I not to tell you the most important part?
Yes, they will be purchasing it to build a home in the future. How they will afford that, I have no idea. They both, even after marriage, could only afford to live with family.
I am a new real estate agent and my broker isn’t readily available. A friend of mine is behind on her mortgage 3 months. It is her investment property. She has 2 mortgages on the property, 1 is for 98K the other is for 23K. The house appraised last year for 125K. She just gave me authroity to call the bank on her behalf to negociate a lower amount. Who should I speak to and what are the next steps? How do I get paid is she is in pre-foreclosure?
Posted in Homes For Sale
Tagged agent, broker, Estate, Foreclosure, friend, help, investment property, K-, K. She, K. The, Mine, mortgage, mortgages, new real estate, Property, Real, real estate agent, real estate agents, sale, Short Sale
A friend of mine was told to be out of her apartment by the next day and the doors will be locked and they will keep all her stuff, her boyfriend who was living with her got in trouble alot and cops called alot for disturbing the peace and I understand why the landlord would want them to move but one day to find a new place, does that seem right? Just curious if this is legal or if this has happened to anyone else…then all the other apartments they looked into to rent they call there old landlord and of course she tells them no, not a good idea to rent to them, her boyfriend is nothing but trouble, so now they can’t even find a place to live…any comments…
Posted in Apartments For Rent
Tagged alot, APARTMENT, apartments, boyfriend, cops, day, disturbing the peace, doors, friend, landlord, Mine, nothing but trouble, notice, Place, trouble, trouble alot