All Forum Posts by: Mike Cumbie

I don't think it will happen anytime soon. It's not about finding a person who has gone out looking to sell. It's about the person who doesn't want to spend the time to sell. The estate who just hasn't bothered with it. I have more off market deals in the works for clients right now than I do on market deals. Property I have located as a buyers agent that was never listed. Anyone can put on an auto alert at Zillow or the MLS. But online lead sources produce at like 4%. Which turns into a whole lot of calling and non motivated people who figures they would press the "Tell me more" button because they were bored.

I have converted at much higher rate people I met getting coffee or a sit down lunch at a small little bar. Just my 2 cents

@Charles Ferguson

You can push a "Specific Performance" Suit. I recommend a lawyer in your area who is familiar with Real Estate law who can guide properly. In many areas you may be required to put the total amount of the sale in Escrow and await a Court verdict.

$900 a month.

The possibility of vacancy is not an exact science. People find new jobs, fall in love and move across the country, get hit by a bus all the time. 

I remember when I use to call someone and if they didn't answer, I had to leave a message on the answering machine. Now Answering machines are calling me all the time "Don't hang up someone will be right with you"..... Wait you are calling me and putting me on hold? Sign of the changing times. 

I Agree with @Steve Morris

We are an attorney state so the attorney is the one holding the escrow. In theory it sounds simple enough. Replace banister $300 + %50 escrow $450 until banister is done. 

A month goes by the expected contractor hasn't responded. 4 calls to each attorney (for no additional pay). Finally get some agreement on someone going out. New contractor goes out and does the work. The buyer feels the work was meh. Also the stain was supposed to be black cherry not burnt walnut. More calls to the attorneys who end up arguing over the wording on the SOW for release of funds. They can't close out their file (a few hundred dollars on their side) until it's solved. They have now become unpaid consultants on a repair, that they really don't know anything about.

Get a credit, hire your own people to do it after closing and it removes everyone else from the equation. 

Just my 2 cents and good luck!

@Mary M.

If he did want to continue to fight it I would recommend the Housing Services Office. They are to assist service members with landlord/Tenant disputes. They usually get halfway decent results because they can essentially "Black Ball" a landlord/property from being rented to military members. Around a Military base it's kind of a big deal. 

@Brian C.

The seller will have a $1200 hit on their DTI ratio a month until you take it. If they want to buy a house, car, motorcycle or anything else that tracks their credit, they are going to be told "Um no, you have too much debt". When asking "Huh What". The answer is going to be "You have a $1200 a month mortgage on 123 Main street". "No $100 a month 4 Wheeler for you." (Even while still living there)

They will challenge the lender and show you have title. The lender will take about 4 minutes to send you a demand for payment or they are foreclosing on their loan. 

If you feel it is a good plan, I am by no means saying don't do it. I honestly hope it works out, but as a devils advocate I have to at least point out my thoughts. 

Good Luck!

@Mary M.

When PCS'ing you buy a couple new canteen covers and ammo pouches, cause it's easier than trying to get them past the supply NCO with a spec of dirt on them (Plus you have a field set for the new duty station). Throw a number at the LL and everyone walks away content. They return some and it's over. In the regular world, one person has 2 months to play the small claims game. Then the appeals game. The Op will most likely be stateside in weeks. Try and file a small claim over a security deposit in Hawaii while you are living in Georgia.  

@Brian C.

What I am missing (and I assume others) is what are you starting with?

A house with 40K in equity.. OK great

The bank still is owed a monthly mortgage or they will own the right to foreclose (ignoring Due on sale for this discussion). The seller can't pay their mortgage payment, so you are "assuming that debt".

Someone owes the bank monthly, if they can't afford the bank note and are looking not to get kicked out, you are taking over the monthly debt. Lets say you are now paying $1200 a month to keep them from getting kicked out. They can't afford to move or even sell a property with 40K equity today. Is their position going to be increased in 12 months or are you now picking up the responsibility to foreclose? 

Assuming they leave in 12 months and say "Thanks!" The bank is still owed 180K. If they walk, they aren't keeping their name on the mortgage, are you refinancing? 

Haven't read through them all, but spent my time at "F Quad" in "Schofield Barracks".

Sounds like old carpet on move in, smelly old carpet on move out because of dogs. Bah, make it happen. No idea on size of house but I am guessing based on my experience it's not a 4,000 Sq foot residence that needs redone. More like a 700Sq foot of carpet. Carpet for $2 a SQ/FT. for a total of $1400 including depreciation is generous. 

Make the offer and move on.

Just my 2 cents!