Real Estate » new condos for sale

can you sell a new condo back to the builder?

admin — Sun, 15 Jan 2012 00:24:17 +0000

Just bought a brand new condo in california. There are still ten brand new condos up for sale. I can save the commissions and time on selling if I sell it back to the builder. I figure they don’t want me to list the property 25k lower than all the other same models and will just buy it back at the 25k discount. Any thoughts why builder will not buy back and if it’s a good idea.

They will not buy it because they have no interest, and no funds, to acquire property. They will not care if you list it, people will still want the new one, the onw where they pick the colors, upgrades, etc.

New condo with no certificate of occupancy and serious construction defects. What can I do?

admin — Fri, 21 Oct 2011 05:09:18 +0000

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.

Is there any cute new affordable condos or townhouse in a "good area" that are for sale?

admin — Mon, 26 Sep 2011 01:55:10 +0000

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.

When staging a home, is it better to have a mattress on the floor, or an empty room ?

admin — Fri, 19 Aug 2011 07:53:24 +0000

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.

Renting an condo that’s now a short sale?

admin — Mon, 25 Jul 2011 12:55:12 +0000

I’m renting a room from someone whose condo is in short sale. My name is not on this property at all. She claims this won’t affect me for quite some time as she’s not going anywhere for at least a year. Any thoughts about how long i actually have left to live here? (aside from the obvious, that i should look for a new place to live…already am). It’s in South Florida.
I don’t have a lease.

At least 6 months. Your lease should be fine.

I want out of my condo and into a new home. Please advise best way to accomplish.?

admin — Thu, 21 Jul 2011 20:17:17 +0000

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.

Mortgage Forgiveness Debt Relief Act?

admin — Wed, 20 Apr 2011 11:30:22 +0000

I have a question regarding the tax implications of a foreclosure I went through last year. I believe I may qualify for the Mortgage forgiveness Debt Relief Act, but It’s not quite that straightforward. Here’s the situation…

I purchased a condo in 2007 for approximately $500k. It was purchased as a primary residence with no intention of doing anything but moving into it and living there. My home at the time was on the market for sale and I even had a property management company attempting to rent it out for me if it wouldn’t sell. I began to move into the new condo and decorate it, while hoping my first home would sell or rent. Unfortunately, neither happened and after four months of paying two mortgages without rental income, I decided to attempt to rent the new condo as well; the new condo rented almost immediately, but at a cost much less than my monthly costs.

This was around the time the housing market was collapsing and I saw the values of both my first home and my new condo go well under water. I continued to have no luck selling my first home, so decided to put my new condo on the market as well in 2008. However, by this point, the value of the property was so under water that my only option was a Short Sale, which I received offers on, but no sales. Finally in 2010 the property was foreclosed upon for approximately $325k. I received a 1099-C in the amount of approximately $160k.

My question is: The property was purchased as a primary residence with the full intention of moving into it, however due to the above circumstances this never quite happened (I slept many nights there in those first 3-4 months, but never fully moved out of my first house). Does this qualify for the "Mortgage Forgiveness Debt Relief Act and Debt Cancellation".

Any advice would be greatly appreciated!

I don’t really have advice for you.. maybe a CPA or a Lawyer would. I do have a problem with people who over extended themselves and created this problem and then want an easy way out. People need to stop buying on credit and only buy what they can afford. I’m tired of people who have 2 houses, cars, boats, fancy furniture and also go on expensive vacations .. only to find out they over extended and now want a hand out. I have a house, 2 kids out of college with Masters.. 3 cars and I NEVER went on vacation.. I lived in my means and have ZERO debt.. so why don’t I get some money kicked back to me from the government since I did the correct thing and scrimped and saved? Actually I get to help bale out the people that thought they needed $500,000 condos plus a house. Next time.. don’t buy a house or condo before you sell the other one.

Condo’s for sale New Port Richey Florida.?

admin — Wed, 06 Apr 2011 08:24:51 +0000

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.

Can I sue my Mortgage broker in this case?

admin — Sat, 18 Dec 2010 00:49:18 +0000

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.

Where do i know status of homes or clearwater beach condos?

admin — Wed, 15 Dec 2010 23:57:16 +0000

Searching for an ideal homes and condos for sale st pete fl or need new prices and status of homes or clearwater beach condos,

Try the links below:

http://www.clearwaterbeachflcondos.com/
http://www.google.co.in/search?sourceid=chrome&ie=UTF-8&q=clearwater+beach+condos