Real Estate

This development in San Diego, CA may be condemned. The builder is bankrupt and homes cannot be sold. Also, no loans available. There was never a Cert. of Occupancy issued and inspections were not completed. Bank, escrow, and title all say they have no CO. Does bank and title company have responsibility?. I want my bank, Wells Fargo, to do the right thing and admit that they loaned a large amount of money to me on a home that can not be safely lived in, until major repairs are made, possibly a complete tear-down and rebuild. HOA is attempting with law suit to get at least $50 million that is needed to rebuild. Meanwhile the individual owners including myself are in big trouble financially and foreclosures and short sales are the only real estate activity. I have read case law that indicates the lender is responsible for the loan and the title insurance company is responsible for my purchase price when there is no CO. I plan on filing a claim against the title insurance, and I have requested either a reversal of the original transaction and a return of my investment, or a large write down of my loan to compensate for the loss of my large down-payment and the amount of the loan underwater. So far, Wells Fargo is stonewalling and say it is my problem and they are not responsible. I have contacted the county Building Department, and they have confirmed that inspections were never completed.

I am not optimistic regarding the HOA lawsuit, since I’m not confident that they can successfully get enough money to get the job done properly. They seem to be more interested in protecting themselves from lawsuits than representing all of us, since there has been lots of fraud involving the original developer and past board members. Also this could drag on for years.

There is another individual/group law suit to help recover damages for the owners, but again I’m not very patient with this process and I wish to mitigate some or all of my losses as soon as possible. Anyone with a California legal/real estate background please comment on what my chances are for recovering if I press the issue with the lender and the title company.

Wells-Fargo is a money lender, and is in NO way responsible for the physical condition of the property which you purchased. It is always a buyer responsibility to have the premises inspected for possible physical defects/issues. Don’t expect any relief from the lender here. It is not at fault.

Your title insurance policy isn’t going to cover you either. You HAVE clear title to the property, but you do not have a CO. A CO is NOT a part of a property title, and it is not the responsibility of the title insurer to check that a CO has been issued.

Sorry to tell you this, but you and the others are in a mess for which only the bankrupt builder is responsible, and chances of getting blood out of THAT turnip are very low.

It will be my first home, that I can call mine. LAter I would like to rent it out, when I am done with school, and purchase the home I want. Thats waht I mean by "good are". It is important to be new, or even in constructon.

North Carolina, Davidson county or guild ford county.

you should concern with property dealer.

Our third bedroom, we used for storage and stuff. I know this is a no-no when showing your house for sale, so the miscellaneous stuff has been put in storage. I have NO furniture to put in there, and I won’t buy any because our new condo has less space.

I can either put a matress (with covers) directly on the floor to show the room is large enough for a queen, or else leave it totally empty. What will appeal best to buyers ?

Many stagers put two blow up mattresses. It looks like a bed.
Cheep and better than an empty room.

I have a condo I’ve been in since 1998. Like many, I’m upside down. I owe about 130k and it’s worth MAYBE 60k. I’ve never been late 30 days on it. I make about 70k/yr and my payment is about $670/mo now as I did qualify for a remod last year which brought int.rate down to 4.37% over 40 years so brought payment down.

I really want out and into a new home. I can’t rent in my community because of the cap they’ve reached. So now I either have to qualify for 2nd home with my income which I may be able to do OR short sale the condo but I’d rather not have to wait another 2-3 years to repurchase.

Other pertinent info:

I have VA certificate which I’m currently NOT using on current property.
I have BK that will fall off my credit report in October of this year.
On CCCS to alleviate credit card debt and will be through with that within 6-12 mo.
Credit clean other than that.
With Wells Fargo on current mortgage. I don’t have a 2nd. Only a first.

Thanks for your knowledge if you can share.

You had me until you mentioned CCCS.
With your income and your current mortgage payment, you would qualify for another home under the VA program with no money down.
When you say your BK will fall off your credit report, that happens after 10 years. If you had a bankruptcy 9 1/2 years ago, that won’t affect anything as long as you have rebuilt your credit.
The CCCS, however, is challenging.

Here are VA’s guidelines on CCCS (and VA is one of the most lenient on the subject):
Participation in a consumer credit counseling program does not automatically render a borrower ineligible; however, transactions where the borrower has made monthly payments to a counseling agency or other debt pro-rating service instead of directly to the creditors within the previous year will be subject to a second level review by VA to verify that the payments have been made under a valid, bona fide counseling program and not a predatory ‘debt reduction’ service.
To be eligible, the borrower must have completed at least one year of the payout period. In all cases, the borrower must provide documentation of satisfactory payment performance.
In addition, the borrower must receive written permission from the counseling agency to enter into the mortgage transaction.

In other words, if your CCCS is truly a CCCS and your accounts do not show late pays or other derogatory remarks such as "settled for less than full balance" AND you have paid on time for at least one year, you may be eligible. Everything else would need to be in line. The fact that you had a bankruptcy at some point, and then qualiied for a loan modification at some point, and then had to go into CCCS may be too much for underwriters.

You should have a good lender really analyze your credit and explain each item to you and how it affects your chances of becoming approved.

Feel free to message me for more specific information.

In a 55 and over community on or with a block of the Gulf

call 3 RE agencies and seek one that has 1+ agents that do BUYER’S AGENCY.
NEVER permit an agent to show you one of their office listings.

Luck
if you don’t get where you want to be get back to me.

My wife and I bought a new condo two years ago. At the sale, the selling company was asking for $12,000 down payment (10% of the asking price, which is standard). We knew that there were legal fees and so on, so we had $20,000 that we were using to take care of it ($12,000 down, leaving $8,000 for fees and so on). We were infuriated to find out after the fact, that the Mortgage broker gave the $20,000 down. We were then told that we had to come up with all the other fees which came to $2500 (we were thinking it would be around that.. so we were hoping the extra $5500 would go against the principle). He didn’t even admit the error, and he’d already been paid, because the mortgage had already been approved and paid out by the time we discovered this. We were extremely confused because we thought that we’d be in the clear and not have to worry about any extra fees. This is still affecting us today… two years later, because the principle is still higher than it was supposed to be, and our payments were higher too.

You can sue for whatever you want. Being able to prevail is the bigger issue. Since you, at some point, had the opportunity to look at these documents and decide whether to sign on not puts some burden of responsibility on you. Most people spend a good amount of time looking at the closing statements to be sure funds were applied correctly. The mortgage broker would not have been paid until the loan closed, and when you discovered the errors at closing, that would have held up this transaction. Oh wait, you did not do that.

Not looking good for a successful litigation.

I am putting new tile in at my bathroom condo. I don’t want something that will look dirty in a few months or a year. My contractor/tile sales person are assuring me that with weekly cleaning and a good grout sealer I won’t have any problems. I’m looking for some feedback from those of you who HAVE white tiles/grout now. Thanks all!

I have 40 year old white tile in my bathroom, & it’s still in excellent shape & still very cleanable. But I think I wouldn’t do a solid white as it looks too industrial – opt for a mostly white with some shading in it (there’s some that look a lot like travertine) It’s much more stylish to do a contrasting grout today than the old basic white. I would do a gray or a beige to brown. Having it sealed will keep any color nicer much longer. You’ll want to reseal it every few years though, as chemicals from cleaning will eventually wear it away. It’s also very in style to lay the tiles as close as possible, minimizing grout lines. My hubby (a remodeler for 30 years) & I do this all the time now & it’s especially elegant & makes the bathroom look seamless & spacious.

I am going to be moving in to my new condo in a 6 story building. They don’t allow hardwood floors, only carpet and tiles. What can they do if I do install hardwood floors? I saw a unit in my building on a higher floor that was for sale which had hardwood floors. They can’t make me remove it, can they? Wouldn’t I just have to pay some sort of fee if they found out? This is in Illinois by the way.

Rules are instated for a reason. What stops you from asking for a waiver? Or, if you talk to the Property Manager/ HOA – you might learn the purpose of the rule. The point is that it’s the Spirit of the Law that dictates what can and can’t be allowed. Boundaries and limitations are laid down to
protect and keep peace. If the objection is about noise, and you live on the bottom flat, perhaps the
"rule" need not pertain to you. If the purpose is safety (as in fire) there may be a laminate or other material you would be allowed to install. If you are upfront and congenial, most people are willing to work with you. If the authorities are resistant when you ask – think how much more miffed they would be (and vengeful) if you do it without permission. It is ALWAYS to your advantage to take the high road..

Newly renovated condos are now availbale in the Lower Garden District of New Orleans, LA! Completely redone from top to bottom, these homes are priced very well and will sell quickly. This video depicts one of the three 2-Bedroom units available. We have 2-Bedroom, 1-Bedroom and Studio units available starting at $99K. Take a look and call Korman Real Estate anytime! www.KormanRealEstateNO.com

Duration : 0:0:48

Read the rest of this entry »

This site gives information about Real Estate for sale in Toronto, We deal in new & resales of Detached /Semi Detached / Town Houses, & we specialize in condos, condominiums for sale/ both resale condos and new development condos in downtown Toronto & other areas like Scarborough, Markham, Downtown,Etobikoke, Mississauga, Brampton, North York, Vaugahn, East York. We provide guidance and professional help in the complete buying/ selling process including getting mortgages approval, home inspection etc.

Please Visit my website for more information.

http://www.torontorealestatehomesforsale.com/
or email me at : right_source@yahoo.com
Tel: 416 833 2059

Duration : 0:2:43

Read the rest of this entry »