Real Estate

I agreed on a purchase price for a home for $500,000.00. I had a home for sale for the same price. I was wanting to wait to move into the new home after I sold my house. The owner was adamant I moved into the new home in April 1, 2008. We agreed on a price of $10,000.00 a month which I started paying in December of 2007, and have every month since. So I have paid $100,000.00. I went to his lawyers office which is in the same office as my lawyer. I asked my lawyer if it was ok to sign the Buy Sell agreement. He said it was a basic agreement. I knew I had to get financing by 12/15/08, or I would lose my money paid toward the purchase of the new house minus some Interest. The seller moved out of his house and left everything but their personal photos. The seller is regarded as a multimillionaire. I thought it odd he and his wife would move out and leave everything and move into a 14′x60′ mobil home! The agreement listed in the Buy Sell agreement the purchase price of the furniture for $20,000.00. He was insistent we move into his home on April 1, 2008. We did. A few months later the sheriffs office started attempting to deliver papers to the Seller. They left a set of papers with my wife for us to deliver to the Seller. I couldn’t help but read this suit. It was for the sum of almost $500,000.00 for a personal guarantee they made on a loan with a major US bank. I called my lawyer, he told me to return the papers to the sherriffs office. The next day, the sherrifs office came back to my home to drop off more papers. I returned the papers to the sherrif. The officer replied they had several more to serve to the Sellor and his wife. I hired a lawyer to investigate this situation. It was found Sellor was being sued for about $1,000,000.00. The house I am paying $10,000.00 a month on also had up to a $50,000,000.00 attachment for a real estate deal he was doing on condo construction. He denied he was being served papers. He said they were someone elses. I saw the paper. They were his!
Since, Sellors sister told me Sellors condos have a huge note on them, and the loan has been called. Sellors sister was concerned because her father built a new home and the same Sellor of my home, still owns the land fathers house is built on. Sister went to court house and said all of the property my new house, and her fathers house is on is tied up with the called note. I also found out he has a Line of Credit of $350,000.00 tied up in my home also. Sister found out Sellor has been taking $10,000.00 out of fathers account, as he has POA.
Sellor has started building a new home, but construction has stopped with bricks 4′ high. So I knew something was wrong with his finances.
He has been urging, even calling banks and setting up appointments for me to go and try to get financing on the home Sellor owns. I cant get financing on this home, because I havn’t been able to sell my house.
I am in the process of moving out, as Sellor has put everything he has up for sale. Sellor called me and told me I can move out, but this house is mine. I would have to keep making the $10,000.00 payments however until I sell Sellors house. I am out $100,000.00.
My lawyer and I met today, and he said the Buy Sell contract I signed didn’t have the usual terms in it to give me an out if I couldn’t get financing. The lawyer didn’t see this and didn’t advise me it needed to be in the contract before I signed it. Sellor is saying he will sue me for Specific Performance.
I have moved out the furniture from Sellors house, as the 1st two payments went to purchase of the furniture.
I also had a banker who was wanting to finance Sellor’s house for me, but it was found the 20′ of lake front was retained by Sellor. My banker informed me he couldn’t finance the property because the property had to go to the lakes edge.Seller told me I had a nice boat landing on the water. He didn’t say I could use it, that it was his!
What are my options if any except pay for the Sellors house? My lawyer told me I can’t list the home because I don’t own it.
Do I have any other options? Any Recommendations?
Thank you all very much.

see another lawyer. This guy doesn’t seem to be helping you much. You didnt do your due diligence. You should have had the title checked, and understood what you were buying. The fact that he told you the land goes down to the lake and it really doesn’t sounds like fraud. Why don’t you take it to the District Attorney and see if it is fraud? Get a better lawyer. Your guy didn’t protect you.

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I moved to a new town from chicago 7 months back. we bought a new home here. We kept our condo in Chicago for sale since april. we changed two realotors, went 20K below the average price, did everything we can. but it just doesnt sells. Now all my savings are exhausted and i cant pay two mortgages (new home and old home). I was thinking of foreclosing the old home as i cant pay the mortgage anymore and iam not even living there.

In my salary, i can pay my new home mortage, all my credit card bills,etc. My question is that if i foreclose the chicago condo. Will i lose my new home, job or my other credit cards , etc also?
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On doing google search i found out tat one can foreclose by simply not paying the mortage and the rest is taken care by the company. but i really dont wanna do that. Do you think its possible tat i just call my lender and say them abt my inability to pay the loan. Is this a good option? or are lenders very mean and unhelpfull in this.

I recommend that you hire an attorney who specializes in real estate law before you talk to the lender.

Follow the advice of your attorney.

Some of the other responders have given you advice that I suspect may not be in your best interest.

Your attorney will be able to give you a much better answer and it will not cost all that much compared with what you have to lose if you do not talk to an attorney.
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there’s a few condos for sale in the 33647 region from 30,000 to 50,000 dollars. I wanna know the average taxes and insurance I would be paying if lets say it costs 40,000.

thesexyrudeboy, Home insurance is actually very flexible. I don’t understand all the details of my home policy, but my home insurance agent is always helpful. Try contacting your agent or a homeowners agent in your area. http://www.easyhomeinsuranceguide.com They should be able to help you.

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I am a first time buyer buying a condo in Mass. Before i sign the P&S agreement, what do i need to look for? and also we noticed there was a small leak on the wall in the condo. should i wait for answers from the seller before i sign the P&S? Thanks for all your help.

if the condo is in a hot market then you may want to sign the P&S and submit it with an addendum stating the transaction is contingent upon a home inspection/engineer’s report pertaining to the leak and anything else that the report may unvail. if the seller is not willing to make the appropriate repairs prior to closing on the home then you can back out of the deal.

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Thinking this may be a help to consumers? Wait until you read what the people who you elected are going to do.

First of all this bill is ‘bi-partisan’ and was voted ‘yea’ at 84-12. The Senate has proclaimed it as a package designed to help businesses and homeowners ‘weather the housing crisis.’ The supporters of the bill in the Senate also acknowledge it does little to help borrowers losing their homes.

it actually does nothing to help them at all, there are no provisions for those in duress.

For Builders

The plan gives them large tax breaks. Over a three year period no less.

The same guys who made huge fortunes building homes and condos at inflated prices the last 6 years.

For investors

$7000 tax credits for buying foreclosed properties. This can include big businesses like lenders.

Buying a foreclosed home means going to a foreclosure sale. At this time this will mean 99-100% lenders tax credit as no one else will be there.

$4 billion in grants for communities to buy and fix up abandoned homes.

Grants will probably be given to those that can afford to buy lots of those homes, like large investment firms, lenders, and builders. Local Joe Public will see little of this in my opinion

For the oil companies and their ‘renewable energy divisions.’

$6 billion in unrelated tax breaks. This tax break goes against the Senates own rules regarding revenue increases.

Well, you elected corrupt people to lead, what did you expect. The businesses that made the most money in the last 10 years were Oil companies. They are the ones that will get this $6 billion tip. What the heck is this doing in a foreclosure bill?

Other notes

The plan modernizes the FHA to allow more people to refinance into loans back by ‘the depression-era agency.’

So, if you have good credit and payment history, the FHA will be there for you. Of course that helps no one in trouble at all.

Rumors of what the House will do when it receives it.

Try to reject 25 billion in tax breaks to ‘money-losing’ businesses like home builders.

I think, if I were to be cynical, that only ‘money-making’ home builders will get this.

The House seems to want to drop the tax credit for buying foreclosed properties.

Maybe they are afraid too many regular people may be able to buy a foreclosed home?

For the people

$150 billion for pre-foreclosure counseling and stronger loan disclosure requirements.

The only ‘foreclosure counselors’ will be your lenders. The only ones doing disclosure requirements will be your lenders. Lenders, say hello to another 150 Billion, thanks for the memories.

Tax breaks for ‘first-time’ home buyers and investors in low income rental housing.

You could sum this up as ‘Nobody and slum lords.’

A separate house bill would be paired with it that gives $300 billion to refinance loans for 1 million+ homeowners who ‘might face’ foreclosure.

Keyword ‘might’, this means if you are in foreclosure or probably cannot stop heading towards it you will not be eligible. This is a sad joke.

The White House

George Bush, the President, ‘opposes’ the plan but has no plans to veto the final version coming from the House.

Thanks for ‘almost’ George!

The Bush administration countered those plans Wednesday with its own, far narrower, proposal. It would expand an existing FHA program to allow more homeowners who are facing large rate hikes to refinance into more affordable government-insured loans

And this will preclude everyone in trouble or who already faced huge rate hikes

People who are losing their homes bought more house than they could afford and had poor credit due to their own lack of financial responsibility. They were led down the primrose path by less than ethical lenders who "made things work" thru creative financing.

In my opinion THESE folks do not deserve any assistance. Why should I pay taxes to bail them out?

On the other hand, home builders have been keeping the economy going when every thing else was in recession. With the glut of foreclosed homes on the market, this is killing the home bulding industry — which creates lots of jobs.

Encouraging people to buy up foreclosed homes is necessary. Otherwise, the property values of the surrounding area go down and you end up with whole neighborhoods of empty houses with boarded up windows.

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Do I have to report the money I made (45k) from the sale of my condo which was my main and only residence when I file my income taxes? I owned it for almost three years and I’m single.

The previous responses are accurate (125K if you’re single, the 250 is joint). You still must claim it on Schedule D. You write "Sale, Prim Res" on the line, the sale price, adjusted cost basis, etc to get your "gain". The very next line, write "Sect 128 Deduction" and write in the exact opposite of your gain. Hence, you still report it, but it zeros out.