1. Stocks continue up, all is aok. Metals flat to weaker.
    Dismiss Notice
  2. Good Tues Morning! Gold is down 0.8 to 1260 while Silver is down 5 to 1714. Crude is down 49 to 5064. The USD is down 10 to 9677.
    Dismiss Notice
  3. Week of 5/13/2017 Closing prices & Chg Over Last Wk---- Gold $1227.70-- UP 0.80 Silver $16.40-- UP 13 Oil $47.84-- UP 1.62 USD $99.13 -- UP .61
  4. "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"
    Dismiss Notice

My mom passed away, need help trying to acquire the house

Discussion in 'Real Estate & Other Investments' started by 33percent, Sep 29, 2016.



  1. 33percent

    33percent Seeker

    Joined:
    May 28, 2011
    Messages:
    101
    Likes Received:
    59
    Trophy Points:
    28
    Few weeks ago my mom passed away, but she left no will or life insurance. Only savings she had is going towards the funeral cost.The main asset she has is my moms house. There is $51k owed on it, but she has two liens totaling $12k on it as well. My moms previously lawyer told me I could knock it half .50 on the dollar of the liens. My house is a good fixer upper opportunity, but this is my house I grew up in all my life, just I need a place to live to go college. Needs $20k minimum of fixing, but could be worth $110-$120k. $90k taxable value with house being $79k and land $11,200. Rent-able ratio is $995/month.

    I'm about to be veteran in 3-4 months, medically discharge. I have debt of my own to take care of and have little savings. Top of that, paying for my moms mortgage so it wont go into foreclosure. I have a sister, but she has made no responsibility to help me pay the bills, only thing she has done was sign me over to make me executive of the estate. Trying to convince her to sign over her half of the house away to me, so it won't be a problem for her.

    How can I use the VA home loan to buy the house in this current situation, my mom passed away in the living room, still has family stuff just sitting in the house because I'm stationed in Europe. Heard the VA is sticklers on safety hazards in the house. I just need help on what to do and what I need to plan in the next few months.
     
  2. Mujahideen

    Mujahideen Black Member Midas Member

    Joined:
    Mar 31, 2010
    Messages:
    7,332
    Likes Received:
    10,130
    Trophy Points:
    113
    Gender:
    Male
    If it was your moms house, is there any way that you can take over payments and possession of the property? And then maybe refinance?
     
    edsl48 likes this.
  3. southfork

    southfork Mother Lode Found Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    12,881
    Likes Received:
    10,050
    Trophy Points:
    113
    Need to probate the estate first, get your sister to sign a quit claim deed for her share, VA has lessened their inspecitons so it might not be as bad as you think , with regard to the liens , depending on the state and what they are for you may not have to pay them if its a homesteaded property and they are not mortgage type instruments.

     
  4. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

    Joined:
    May 31, 2015
    Messages:
    11,897
    Likes Received:
    11,481
    Trophy Points:
    113
    Occupation:
    Architect
    Location:
    Cow Hampshire
    I wouldn't take any advice from me on this but I do want to offer my condolences for the loss of your Mom.
     
  5. Krag

    Krag Planet earth Platinum Bling

    Joined:
    Feb 20, 2013
    Messages:
    3,786
    Likes Received:
    2,561
    Trophy Points:
    113
    You could get some sharp real estate people to chime in on this on the Gary North advice site or I could ask for you there.
     
  6. Hystckndle

    Hystckndle Daguerreotype Fanatic Site Mgr Site Supporter ++

    Joined:
    Mar 28, 2010
    Messages:
    4,907
    Likes Received:
    3,694
    Trophy Points:
    113
    Occupation:
    Slave, but a little less every day
    Location:
    Central Florida
    33 %,
    Hello....stressful times,
    My sincere condolences.
    Lost my mom just over a year ago,
    Have appointment to close her bank account tomorrow.
    All of this takes awhile.
    Southfork is correct.
    It will need to go through probate.
    Do you currently have an attorney ?
    In this case, they are a good thing.
    Don t stress about the " stuff " in the place.
    Do the math again very closely.
    See if it makes sense for you.
    Hang tight.
    Being so far away is even tougher.
    Post on this thread when you can,
    perhaps it will help just to " chat " .
    Again, my sincere condolences.
    Nothing can be said to make losing mom better.
    Please don t be a stranger.
    Regards,
    Haystack
     
    Merlin and dacrunch like this.
  7. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

    Joined:
    Mar 25, 2010
    Messages:
    23,338
    Likes Received:
    24,409
    Trophy Points:
    113
    33, best out to you

    as Hystck states, don't take advice from anyone, get a lawyer and do it properly
    probate is correct
     
    dacrunch likes this.
  8. edsl48

    edsl48 Silver Member Silver Miner

    Joined:
    Apr 2, 2010
    Messages:
    938
    Likes Received:
    965
    Trophy Points:
    93
    Thats a great idea. I have bought houses by simply having them deeded to me and I made the payments. The lender wasn't wild about them and I suggested then that they foreclose on the house by taking me to court. Gotta laugh because not a one took me up on that. In essence though you own the house and the lender has a lien on it. So if I did not pay all the lender could do was foreclose, take the property and try and get assets from the original mortgagee. I had no personal liability other than losing my equity acquired by making the payments.
     
  9. Usury

    Usury Gold Chaser Platinum Bling

    Joined:
    Apr 1, 2010
    Messages:
    3,642
    Likes Received:
    2,645
    Trophy Points:
    113
    They can't for close if the payments are made even if title transfers if the reason for transfer is due to death/inheritance.

    I would advise seeking legal advice though and make sure you understand your options because they vary by state and specifics to your situation. Do it wrong and a creditor could force probate and sale of the house.
     
    dacrunch likes this.
  10. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

    Joined:
    Mar 28, 2010
    Messages:
    26,377
    Likes Received:
    28,460
    Trophy Points:
    113
    Occupation:
    Tech
    33 sorry for your loss.

    Laws do vary from State to state.

    One thing you might consider is your sister is entitled to half of whatever the property is worth.

    If you can get her to quitclaim to you (check your local laws!) you can fix it up. If you don't get her half I would hold off on fixing for the above reason. You put in the money and labor and she collects half when if/it sells.
     
  11. ErrosionOfAccord

    ErrosionOfAccord #1 Global Warmer Gold Chaser Site Supporter ++

    Joined:
    Mar 30, 2010
    Messages:
    2,472
    Likes Received:
    2,199
    Trophy Points:
    113
    Occupation:
    Energy Extraction
    Location:
    Coal Country
    Go talk to the JAG, or whatever they call it in your branch. It's free so you have nothing to lose. I'm sure they have seen similar situations in the past.

    Condolences.
     
    dacrunch likes this.
  12. 33percent

    33percent Seeker

    Joined:
    May 28, 2011
    Messages:
    101
    Likes Received:
    59
    Trophy Points:
    28
    Thank you all for your condolences, its still hard for me dealing with her being gone. Only thing my mom had and wanted to do was leave behind was the house because spent half her life paying for the house, mainly due to my father but that's a other story. I want to keep the house in my family name, make it a rental property for passive income. I'm going through my Mom's divorce lawyer atm for probate. My sister is in California, just its hard time just getting her to release her half of my moms IRA to pay off the funeral, so can you imagine probate?

    My house isn't owned by a bank but a mortgage company, called Select portfolio servicing. Also, since my mother was disabled, she had this HEMP credit thing, where if she paid on time, there would be a credit of $1k applied to the principal. I know because I paid for the September payment, because it was on time a $1k was applied to the principal. Is that a homesteaded property?

    I remember my mom referenced it as a Obama Program, I remember she was so excited on the phone that she got to modified the house. The interest rate is extremely low 2%, but its adjustable till 2018. All SPS told me was better to keep making the payments in my Moms name, and refinance or assume the loan until I had to because of the HEMP thing(a new loan).

    Question I don't know is, since I will be making the payments on time, will that HEMP credit be credited back to me if it came to force sale because I was the one who made the payments on time? I haven't fixed anything on the property, except change the locks, and knowing my sister gets half. My mom decomposed in the living room, and still hasn't been cleaned up either. So there needs a bio hazard clean up along with fixing the house up.

    Someone told me, the creditors can force the house into foreclosure? since there is $12k lien on the house. I keep getting different answers, if my sister doesn't agree to a quitclaim, wants to sell the house she could do a force sale? What is more bullshit, I don't know either even my moms lawyer doesn't give me much info. Since I am the one who is paying for the mortgage, expenses, bills of the house, can I force my sister of her obligated half to pay for half of the maintenance cost I had to endure? I could say fuck it all, do nothing like my sister, not pay the mortgage, or any bills, let the pipes freeze/bust during the winter, and let the property go to further in the shitter. What's the point of taking care of it, if I'm forced to sell it or hand it off to the bank??!

    If the house is worth $108k, would someone potentially buy that house of $88k? with $20-40k in fixes along with a biohazard clean up. I don't think a fixer upper investor wants to touch the property more than $60k, mainly because the cost of fixing it up. Also the profit margin would be small, along with $10k room for error thumb rule and not worth the risk of buying the house. My financial advisor on base keeps telling me, they can foreclose or force sale the house, appraise it at its taxable value, after its sold I would get around $12k of my half.
     
    Hystckndle likes this.
  13. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

    Joined:
    Mar 28, 2010
    Messages:
    26,377
    Likes Received:
    28,460
    Trophy Points:
    113
    Occupation:
    Tech
    Good questions. I would seek out a local real estate lawyer.

    You have some pretty big issues to deal with.

    Every State has their own real estate laws. Your laws differ from everyone else's!

    We don't even know in what State the house is located, so any advice would be careless of anyone here.
     
  14. Hystckndle

    Hystckndle Daguerreotype Fanatic Site Mgr Site Supporter ++

    Joined:
    Mar 28, 2010
    Messages:
    4,907
    Likes Received:
    3,694
    Trophy Points:
    113
    Occupation:
    Slave, but a little less every day
    Location:
    Central Florida
    Hello 33%, Haystack here,
    Probate.
    And probate attorney filing necessary paperwork and judge approving.
    Any creditors will get in line.
    There might be more, you dont knkw until some time passes.
    No will, no pass on death clauses, no trust.
    Then Probate process.
    Lotta questions there are yes, BUT
    Attorney is the best source of information.
    Don t stress ( easy to say...right :) )
    Try and breathe deep.
    But lookit...it is what it is and you cannot force stuff
    but you can just deal with it day by day.
    Being stationed elsewhere stinks.
    JAG or your branch equal or anyone might be a great helpmeet.
    Thanks for the update.
    Back later,
    Haystack
     
  15. Usury

    Usury Gold Chaser Platinum Bling

    Joined:
    Apr 1, 2010
    Messages:
    3,642
    Likes Received:
    2,645
    Trophy Points:
    113
    Probably HAMP. Government modification program for people upside down on their house--as in no equity. Which makes me wonder if it's worth what you're thinking. Maybe so....some areas have bounced back strong recently. If so and you can't be around to keep an eye on it and manage it, I'd probably sell now and move on. The house is just wood that'll eventually turn to dust. The memories you keep in your heart and are more important. Also on a lot of those HAMP loans, if they forgave principal, they usually recorded a 2nd mortgage with no payments, but that comes due when it's sold or refinanced. So you need to find out if there's a second and if so how much because that will affect your numbers in a big way.

    https://www.makinghomeaffordable.gov/steps/pages/step-2-program-hamp.aspx
     
    D-FENZ likes this.
  16. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

    Joined:
    Apr 2, 2010
    Messages:
    4,305
    Likes Received:
    3,049
    Trophy Points:
    113
    Occupation:
    commercial/ industrial-construction/engineering/ma
    Location:
    mid-usa
    first off keep written records of any payments etc you make in reguard to your mothers estate....burial...house payments...utilitys..legal expenses...etc.

    as stated above get legal help

    very sorry for your loss
     
    dacrunch likes this.
  17. 33percent

    33percent Seeker

    Joined:
    May 28, 2011
    Messages:
    101
    Likes Received:
    59
    Trophy Points:
    28
    I found out some good news from the Mortgage Company. That I can assume the loan with no changes even keeping the HAMP modification. No down-payment, going to a bank for a other loan etc..@ Usury what you mean a second mortgage? If I'm getting credit for the house on principal? I believe it was program to help houses from foreclosure during the crisis in 08?

    If I assume the loan option, I assume the two liens(without negotiation the liens). So technically I'll be buying the house for $62k and its worth over $100k in the area. With minimum of $20k in fixes, with my labor I'm still in the positive. Now the only problem is my sister, because she is in title to half. Either A) try to tell her to do a quitclaim because of too much debt, have no responsibility or B) give her a couple grand for her half.

    I am keeping all the receipts because I want to show the judge during probate I was the one who was taken care of everything. My sister is out of state, and still her half of the IRA is still sitting in the bank. I need a place to live, and I'm about to get out of the army in 3 months or end of the year. I'm getting out as medically discharged so disability would help me along with severance pay.

    I've always wanted to get into real estate investing since I was 18, tried becoming a Agent but I was so broke I couldn't afford to take the test. It would be a good way to start with my mother's house, also I can move out after college. Use a VA home loan for a second house or duplex. Then rent out my moms house which is the plan.
     
    Hystckndle likes this.
  18. Hystckndle

    Hystckndle Daguerreotype Fanatic Site Mgr Site Supporter ++

    Joined:
    Mar 28, 2010
    Messages:
    4,907
    Likes Received:
    3,694
    Trophy Points:
    113
    Occupation:
    Slave, but a little less every day
    Location:
    Central Florida
    33,
    Thats good news.
    Yes, the probate judge will want to see all of that.
    A log book with time spent and also $ to me has been invaluable.
    Again. Invaluable.
    Hard for me to imagine that Sister will NOT want her full and complete 50% ( and more )
    once she does the math.
    I would give that some thought but yes, she can probably do a deed transfer for some mutually agreed upon amount.
    Key words, mutually agreed upon amount.
    Also, remember the judge is obligated to do 50 / 50 ( or whatever the ratio is with number of survivors )
    no matter who is doing the work.
    If you read around on the internet, you will find that it seems pretty normal and standard for one person to do all of the work
    and the other heirs kinda hanging around watching and waiting. Odd but true.
    Like you, I did the work because it was the right thing to do and it was honoring my parents.
    The math you have shared seems pretty even although sister is a factor and a potential spoiler.
    Im not saying anything bad about anyone, just keep it in mind because fact is....$ that you do not have to work for....it does weird things to people
    And there are some other stumbling blocks that will come up.
    Also it will take awhile for the judge to find out if there are any other $s owed out there somewheres you do not know about.
    All you can do is to keep plugging along. One day at a time.
    Fo sure, when you get out in a few months you are going to need SOMEWHERE to live so seems like a decent plan trying to keep the family house.
    Thanks for the update.
    Please keep coming back here and leaving some notes.
    We are all interested in how you are doing with all of this.
    Regards,
    Haystack
     
    Scorpio likes this.
  19. 33percent

    33percent Seeker

    Joined:
    May 28, 2011
    Messages:
    101
    Likes Received:
    59
    Trophy Points:
    28
    Here is the run down on the house
    • $50k owed on mortgage
    • 2% interest rate, adjustable till 2018
    • Houses go for $100k in the neighborhood
    • Hamp incentive($1k applied to principal per year, payments made on time)
    • $12k lien(credit card debt)
    • biohazard clean up, cost ? $2k-5k or less I don't know
    • $20k-30k in fixes
    • starting next year I have to pay property taxes, my mom was disabled.
    I was talking to this one lady in my situation, advised me I shouldn't pay anything on the house. I went on bigger pockets, not a single reply of help. I can assume the loan, replace my mom name with mine. Renegotiate the lien on the house. My sister did tell my mom's lawyer doesn't want nothing to do with the house or the debt. As for the second option, which someone just told early today and gave a lot of advice. I don't pay anything on the house, because it is my mom's debt. The "debt dies with the dead." The house is in probate, so it's "frozen" it's not going anywhere and foreclosure can take years or months? I apply for a guaranteed home loan with the VA, call up habitat for humanity so it can pass inspection, refinance the house, could get the house even cheaper what is owed and maybe a lower interest. I'm just lost what to do or what's the best course of action. I'm paying for a house that is kinda mine but legally my name is not on the title.
     
  20. Usury

    Usury Gold Chaser Platinum Bling

    Joined:
    Apr 1, 2010
    Messages:
    3,642
    Likes Received:
    2,645
    Trophy Points:
    113
    Sounds like there's as much debt/deferred maintenance against it as it would be worth, even fixed up. And yes, the debt will die with the dead--the lenders can only get what they can from foreclosure auction, assuming she had no other assets. Personally I'd walk away from it unless you're emotionally attached and want it at all costs (which again I'd advise against--the memories are in your head, not the house). Even then I'd try to snag it for a song either at foreclosure auction or from the REO dept at the lender after foreclosure. No investor will likely pay them even payoff given the repairs needed.
     
    Goldhedge and Someone_else like this.
  21. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

    Joined:
    Mar 25, 2010
    Messages:
    23,338
    Likes Received:
    24,409
    Trophy Points:
    113
    These situations are never easy, and remember also that you cannot understand what is in your sisters mind at this time,

    She also has memories, good, bad, or ? Everyone deals with this in different ways. There is no right or wrong.

    Having said that,

    I would pursue your sister first. Explain that no matter what, 50% of 'available' assets split out prior to negotiation, no matter what they are. House furnishings, IRA or whatever, doesn't matter. Put the numbers to it and present it to her x the house.

    The house. If you want to assume it, then there is a value there that has to be allowed to the sister. Some portion of whatever is going to be available to her. That will have to be paid in cash or trade of some type, Negotiation again.

    Whereas, as Usury states, if all payments stop, the bank takes the house, no matter what condition. Jingle Mail. All bills stop, and the opportunity may or may not be there later to purchase in a competitive environment. But, doing so means you need cash available to purchase at that time. At auction, they don't allow contingent on financing.

    So unless you have other means to prep for that, your only way to get that house is to assume it.

    The cc debt/liens are a problem for the 'estate' not you. But, they will be paid for from her 'assets' or the house. If insufficient equity on sale, they will be wrote off. They do not circle back to you or your sister unless there is a cosign agreement in place.

    As the guys stated earlier, legal help is much easier but not cheap at all. You can certainly blow some cash trying to end up with an extra 2 bits by the time you pay off those thieves.

    Just be honest, and straight with the sister, and try to come to a arrangement that works for both. It is not the time for battle lines in the sand.

    If it has to be the nuc option, then let the house go to the bank, have the judge split the rest and call it a day.

    Remember too, that if you want your sister around in the future, now is a critical time not to blow up that relationship. As Hystck states, and he knows form experience, these things can get squirrely.

    Best of luck,

    ohh, and please quit talking about the 'amount owed' vs the 'market value'. If you want to use current market value, then you have to figure realistically how much is it going to take in total to get it to that condition. Is it cash, is it hired labor, cost of money, time, etc. Markets change dependent on time. A year from now, all fixed up, the house could still be worth only 90 or it could rise to 150. You need real clarity and honesty with yourself at this time. You can use it as a stepping stone for your next career, but again, review the total data objectively. Knowing your market area, what the median price house is, neighborhood composition, trends, price trends, all the above are going to factor in as to whether or not the house can be a long term investment.

    Whereas if buying it out of emotional ties, then accept that it may or may not be a good buy, and that is ok. Just as long as you make the decision accordingly on the way in.

    fyi,
     
    Last edited: Oct 30, 2016
    Goldhedge and ErrosionOfAccord like this.
  22. 33percent

    33percent Seeker

    Joined:
    May 28, 2011
    Messages:
    101
    Likes Received:
    59
    Trophy Points:
    28
    I'm getting out of the military very shortly and I need a place to live. It is the memories, but more of the fact my mom worked half her life for the house, I would hate to see it just pissed away of the only thing she had left to her name. It is personal but I'm trying to look at the numbers from a 3rd perspective. My end goal is acquire the house turn it into a rental property down the road once I'm done with college, create passive income and maybe sell it when the time is right. As for my sister, my mom's lawyer talked to her, told her about the debt etc, and she is willing to just sign it over to me. Other reason I would rather assume the loan, so I can use the VA home loan on a other house in the future.
     
  23. ErrosionOfAccord

    ErrosionOfAccord #1 Global Warmer Gold Chaser Site Supporter ++

    Joined:
    Mar 30, 2010
    Messages:
    2,472
    Likes Received:
    2,199
    Trophy Points:
    113
    Occupation:
    Energy Extraction
    Location:
    Coal Country
    You really need to investigate the VA loan racket. There may be far better options.
     
    gringott likes this.
  24. edsl48

    edsl48 Silver Member Silver Miner

    Joined:
    Apr 2, 2010
    Messages:
    938
    Likes Received:
    965
    Trophy Points:
    93
    What your mother worked so hard for has nothing to do with market value. With all due respect emotional value really doesn't equate into market value. I was at an auction Saturday and heard a lot of issues from the heirs selling the place. I placed my bid and left. Houses are a commodity these days.
    Good luck to you though.
     
  25. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

    Joined:
    Mar 28, 2010
    Messages:
    26,377
    Likes Received:
    28,460
    Trophy Points:
    113
    Occupation:
    Tech
    You don't need to be an agent to invest in real estate. I'd look at tax sales when they come up for bid. The early bird gets the worm. Being an Agent isn't what you think it is. You don't get paid unless you sell a house. You have to be the 'rainmaker'. The Broker will toss you a few bones now and then, but you have to beat the streets and make business happen. All you will have is expenses up front. Real Estate school fees, licensing fees, auto and insurance fees, fees to the local board to be a member of the MLS, REALTOR fees to belong to the REALTOR Association. If you sell a house, the broker will subtract a percentage for the use of his office, secretary, copier, phones etc. How good are you at networking? Do you have a lot of friends? Don't count on them. Taking real estate classes is always a good idea. What you will learn will benefit you greatly.


    IMO this is an emotional response. It's a building. Nothing more. There will be plenty other buildings in the your future. It's not 'just pissed away'. You are not 'ahead' It needs $50K in repairs (your labor is not free)!! It's a money pit! Look at it realistically, logically!

    There will be other opportunities and probably less costly in the long run.


    You may have 'other' information because the laws are different in each State? Earlier you said "I have debt of my own to take care of and have little savings." If you assume the loan you may still have to qualify to assume the loan! Check into that before going down that road.

    Work history:
    What is your 'job' today in the military? If you are a cook and you get out and work in a restaurant they'll look at that as a continuous job path. If you are an MP and leave the service and get a similar position - the same thing. However, if you are a tank driver and get out and start cooking... they might consider that a change of careers and typically you need to show two years of employment at a job before they'll consider you for a loan. They want to see consistency of employment.
     
    Scorpio likes this.
  26. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

    Joined:
    Apr 2, 2010
    Messages:
    4,305
    Likes Received:
    3,049
    Trophy Points:
    113
    Occupation:
    commercial/ industrial-construction/engineering/ma
    Location:
    mid-usa
    overall it sounds like a tough situation......

    the fact that your struggling with this leads me to believe the issues are to complex and your judgement is emotionally clouded making for possibly poor decision making.

    i might suggest getting a mentor/friend/business person that has the skills and unclouded judgement to assist you with working out that financial side of this decision...
     
    Scorpio and Goldhedge like this.
  27. 33percent

    33percent Seeker

    Joined:
    May 28, 2011
    Messages:
    101
    Likes Received:
    59
    Trophy Points:
    28
    I'm trying to pretend this wasn't my childhood home I grew up in, no emotional attachment and look at it a fixer upper point of view. If I did walk away from it, let's just say either have the house sold at auction in probate. I would end up renting a apartment anyways. There is apartments across the street of my house renting for $700+. There is a military base 20 minutes away, which I can rent to later on. Other hand, it is personal but I'm doing this for my mother, I know there is always a way. I'm not fixing anything in the house until my sister does a quit claim deed(if she ever gets around doing it). I know housing market value changes, I was using it as a base of how much I have to work with. If I assume the house $50k + cost fixing it up - how much the house would be worth. As a investor how much would the house be purchased at and still make a profit? I know my house back of my hand, what needs to be fixed. I don't mind fixing it because I enjoy building things. It was my dad who built the porch and patio himself, so I know I can do it. The interior of the house is still good, just more of the exterior needs to be fixed. The $30k was a number I threw out there, for unexpected cost. This is what needs to be fixed.

    This is the minimum what needs to be done, anything else besides this is more extra.

    Interior
    • Replace all carpet, especially upper level the house. Replace kitchen titles
    • Repaint all the interior walls
    • Replace doors, few window screens.
    • replace garage door
    Exterior

    • Replace siding of the house, it's becoming slightly spongy, rotten
    • Deck is rotten, stairs falling down sideways
    • Replace brick patio, being overgrown by weeds, plants.

    Only reason I would become a RE Agent was to make connections, gain knowledge in contracts, RE etc, and just use it for the MLS purposes and whenever I sell/buy a house of my own I would collect a commission. I knew investors just use the MLS, to look for fixer uppers.

    I already called the mortage company, with my financial advisor on base, there is no qualifying for the loan because I'll be inheriting the property.

    I'm infantry, 11B so only jobs would best available for me is being a cop, working security within the government which I'm already looking into. I'll be collecting disability, BAH going to college. I'm waiting on if I would get severance pay or medical retirement.

    I am trying but it's even more harder being in Italy, not being home where I acquire the best judgement.
     
    Goldhedge and Scorpio like this.
  28. ErrosionOfAccord

    ErrosionOfAccord #1 Global Warmer Gold Chaser Site Supporter ++

    Joined:
    Mar 30, 2010
    Messages:
    2,472
    Likes Received:
    2,199
    Trophy Points:
    113
    Occupation:
    Energy Extraction
    Location:
    Coal Country
    Something I have learned. I live in coal country. Have dumped about 25k into a fixer upper. That's in cash, I do most of my own work so in labor the number is far higher. My house is currently worth what it was worth when the area was booming back in '07. I've managed to break even in an inflationary environment. Not exactly smart investing.

    The booms come and go in this area. Once in a while you'll see a bumper sticker that says "Lord, just one more boom please, I promise I won't waste it this time".
     
    stonedywankanobe and Goldhedge like this.
  29. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

    Joined:
    Mar 25, 2010
    Messages:
    23,338
    Likes Received:
    24,409
    Trophy Points:
    113

    I love it!

    Too cool..............
     
  30. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

    Joined:
    Apr 2, 2010
    Messages:
    4,305
    Likes Received:
    3,049
    Trophy Points:
    113
    Occupation:
    commercial/ industrial-construction/engineering/ma
    Location:
    mid-usa
    33%........repectfully speaking i think you have already made up your mind due to your emotional connection and your future need for a residence ...that being assumed.

    you need to work on getting clear title in your name with no claims against the property

    #1 do the process of getting your sister to sign off
    #2 discuss with bank the process of assuming the loan in light of the probate process
    #3 find out exactly how the lien will be settled
    #4 can the process be accomplished without probate?

    the bank might write-off part of the debt due to the enviromental issues which would be a major headache for them if they take back the house
     
  31. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

    Joined:
    Mar 28, 2010
    Messages:
    26,377
    Likes Received:
    28,460
    Trophy Points:
    113
    Occupation:
    Tech
    ^^ What ttazzman said!


    I forgot you were out of the country!


    If you are inheriting it, by all means I think it's a good deal.

    One thing I'd do is dicker with the bank. See if they can move the numbers? Worth the asking...
     
  32. 33percent

    33percent Seeker

    Joined:
    May 28, 2011
    Messages:
    101
    Likes Received:
    59
    Trophy Points:
    28
    I got some great news, FINALLY making progress after many months of waiting. My sister finally signed the quitclaim, sent it off to my moms lawyer and waiting on him to receive it. Even after the insurance agent told me the bio-hazard was not covered months ago, doing some research it was the adjuster not the agent I need speak with. I spoke with a bio hazard clean up referred by the funeral home, they called agency for me, then my insurance company called me telling me it is 100% covered. Meeting with the clean up rep tomorrow on fixing the place up. As for the mortgage loan, since it has this HAMP incentive, since adding $1k to the principle every year, and by 2019 they will start adding $5k to the principal every other year afterwards. Told me I could just the title of the home in my name, and keep the mortgage loan in my mothers name.
     
  33. Hystckndle

    Hystckndle Daguerreotype Fanatic Site Mgr Site Supporter ++

    Joined:
    Mar 28, 2010
    Messages:
    4,907
    Likes Received:
    3,694
    Trophy Points:
    113
    Occupation:
    Slave, but a little less every day
    Location:
    Central Florida
    Hello 33,
    Thanks for the update.
    A quit claim was a BIG step.
    Congrats and I am grinning ear to ear for you on that one.
    Regards and keep us posted friend.
    :)
    Haystackneedle
     
    ttazzman likes this.
  34. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

    Joined:
    Apr 2, 2010
    Messages:
    4,305
    Likes Received:
    3,049
    Trophy Points:
    113
    Occupation:
    commercial/ industrial-construction/engineering/ma
    Location:
    mid-usa
    you probably dont know the details yet but im a bit curious about the HAMP incentive...not sure what ADDing to principle actually means....principle keeps getting larger? (yuck!!).......or adding to your principle payment meaning principle gets lower (yeah!!)
     
    Hystckndle likes this.
  35. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

    Joined:
    Mar 28, 2010
    Messages:
    26,377
    Likes Received:
    28,460
    Trophy Points:
    113
    Occupation:
    Tech
    Yeah this is great news.

    Now you can own it.
     
  36. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

    Joined:
    Jan 7, 2011
    Messages:
    9,762
    Likes Received:
    6,957
    Trophy Points:
    113
    Location:
    Florida
    Torch it and collect the insurance.
     
    gringott likes this.
  37. Merlin

    Merlin Gold Member Gold Chaser Site Supporter ++

    Joined:
    Mar 30, 2010
    Messages:
    2,292
    Likes Received:
    2,609
    Trophy Points:
    113
    Gender:
    Male
    I'm glad to see things going your way, 33. I know from experience that behaviors can get real strange when there is a death in the family. You have my condolences.
     
  38. 33percent

    33percent Seeker

    Joined:
    May 28, 2011
    Messages:
    101
    Likes Received:
    59
    Trophy Points:
    28
    Thanks guys, been on the phone with insurance company, and bio hazard clean up crew most of the day. They inspected the house, so pretty much the whole house has to be cleaned because the flies carried bio all over the house. It's disgusting but there is bio stains splattered all over the wall. Looks as if someone came in and threw shit all over the walls. Including the furnace recycling the air flow of bacteria from the bio through out the whole house. There will be three separate contractors working on the house, its a huge mess. Bio clean up, vent ducts clean up, and restoring the house to living conditions. I'm meeting the bio hazard clean up crew and starting on the house tomorrow, charging the insurance company $50,000 for clean up which insurance company will hustle the price down. I don't care, I only having a $1000 deductible, clean up crew gave me a $500 coupon towards the deductible. I have to meet up with them tomorrow regarding moving the personal property around. They will give me certification on cleaning the house top to bottom. I'll get before and after pictures on the interior.

    By the end of 2019, after I made the payments on time, for five years of $1k will be deducted on the loan balance, then once I reach six years they will deduct $5,000 for the loan balance, so altogether $10,000 is going to be deducted from the loan mortgage. Explains it in this video clip.
     
    Hystckndle, gringott and ttazzman like this.
  39. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

    Joined:
    Apr 2, 2010
    Messages:
    12,507
    Likes Received:
    13,681
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    N/A
    Location:
    You can't get there from here.
    Sorry for your loss.
    Seems $50K cleanup + $20K plus remodel is a lot of money. Good thing you have the insurance to cover the big bucks.
     
    Hystckndle likes this.
  40. 33percent

    33percent Seeker

    Joined:
    May 28, 2011
    Messages:
    101
    Likes Received:
    59
    Trophy Points:
    28
    Great news, I finally got my name on the title. I'm paying off one lien of them accepting $1k offer, got one more to go for the same amount to get a clean title. Two stages of the house has been completed bio hazard, clean up and HVAC, now just asbestos removal and reconstruction. I just learned about loss of use claim which I'm going to try to claim. The cost of the estate is really high, just paying bills out of the ass, forcing me to go college and working full time, doing whatever I can to not only pay bills but also pay off debt. 20170304_111925.jpg 20170304_020254.jpg Snapchat-2144194630.jpg Snapchat-1544971580.jpg Snapchat-1960560476.jpg 20170304_111925.jpg 20170304_020254.jpg Snapchat-2144194630.jpg Snapchat-1544971580.jpg Snapchat-1960560476.jpg 20170304_111925.jpg 20170304_020254.jpg Snapchat-2144194630.jpg Snapchat-1544971580.jpg Snapchat-1960560476.jpg
     
    Krag and gringott like this.

Share This Page