All Forum Posts by: Jimmy S.

I have evicted a tenant got a judgement from the court. I know I probably wont have any luck but is it worth it to turn it over to collection agency if they can collect anything?

How do I find a collection agency that will do it for free and just take a % of money collected. I never had to do this before...

Thanks

Talked to neighbors and they will sign it over to me for $1 but I will be stuck paying the $700 title work and county fees. 

 This house and garage was the first house in the area before the neighborhood was even built which is how the property got landlocked and a easement put in place. The developer of the neighborhood put all the homes and could not landlocked that property so an easement was put in place in 2010 to allow access to the garage and house. The easement will always exist but is a separate from the deeded "vanant land lot" the garage sits on..

 Thanks

I did google but it still did not state about a structure, only fences and other small items.

 The garage the lot sits on is deed in their name at the court house. But the garage is assessed on the house I am buying. It says "vacant land" which they own and the assessment office says they do not own the garage because it would say detached structure and not vacant land. Plus they are not being billed for the garage on their taxes, the house I am buying is paying taxes on it.

Well..... This is a first and the real estate agent, title company and county assessment all seems confused and all have different opinions and really dont know what to do.

I have a banked owned home under contract. There is a easement which allows access to the garage or otherwise the property is landlocked which is fine and not the problem. 

The problem is there is a 15x85 piece of "vacant land" according to the county deeded to the neighbors but the garage is sitting on the land. County assessment says the garage is being taxed on the house im buying but I do not own the land the garage is sitting on. Cant go back to previous title b/c the bank foreclosed the property and does not have title insurance on it. Neighbors are willing to sign it over to me but when they bought their house thier mortgage company might have put a lien on their house as well as this piece of "vacant land which the garage is on.

Can the neighbors bulldoze or sell this garage b/c is on their land and deeded to them or If I get hurt in the garage and I sue the neighbors b/c im on their property? It can go both ways.

I own the garage, they own the land. go figure

I attached a diagram. The house is in the middle green color 166k and garage is on the rectangle lot 2.4k

I dont know what to do and really no body else does... why I am paying the title company and everyone else if they cant even figure it out.

Thanks

Just wondering what most investors have on there properties weather its actual cash value, replacement cost or guaranteed replacement cost.

Hi David

I am in the same exact position as you. It is very frustrating to have alot of equity in them or even paid off but banks dont care and wont loan any money based on my income. Would like to hear what others think or how can help us..

Thanks

bump

I bought a bank owned home and I was under the impression I only had to pay 1% transfer tax.  On my end of contract just a normal contract says buyer and seller will split the transfer tax. The bank is the seller. Now its an executed agreement of sale and bank want me to pay the 2% transfer tax and is adding an addendum to the contact.  My realtor said normally the buyer does pay the 2% transfer tax on bank owned homes buy I was not aware of this before making an offer or even after it was accepted. My mortgage person told me about it.

Its an additional $1,350.00 so its a nice chunk of money. How would you handle this? I dont want to pay it but I will if it means I don't get the house I will. Just seems shady to me...

Thanks