All Forum Posts by: Teri Elmendorf

It is 60 acres. It does have a house on it and is currently zoned for residential and agricultural. We might be able to get it zoned for commercial, but according to the agent, there is a lot of commercial land in the area that has just been sitting for quite some time and large companies have been leaving the area, so she feels that residential is the better way to go. She is looking for zoning to put multi-family buildings on the property, apartments and townhouses, she doesn't think that will be a problem. 

We are selling our 60-acre property in Rochester, New York. I would love to hear thoughts and ideas from people who are currently having success in Real Estate.

The best places to look for buyers to get the most out of the property. The best ways and places to market and advertise the property, etc. I am currently talking to an agent in upstate New York that may be representing the property, but it seems that agents aren't as aggressive to sell a property as I remember them being. I could totally be wrong and she is very knowledgeable of the area and is very well networked, but again, I would like to know if there is any advice some of you seasoned people can give, as to what I might do to help things move along and to get the most out of our property. 

Thanks in advance! 

Hey Chris, Thanks for the response. As of right now, they did offer me keys for cash, which I declined and so far they have not served us with a 3-day quit, so as of right now we are still in the house. I do have a question that hopefully you or someone can answer. Since the bank now owns the property again, do they have to wait until the house is vacant to sell it, or can they decide to a accept an offer and let the new owner deal with getting us out? I am asking because I was wondering if we can have the third party possibly purchase the house now without us having to move everything out and back in. The agent handling this said they can't sell it to anyone until I am out and they can do an appraisal and I just wanted to verify that. Thanks again for your help. 

I have a couple posts on here regarding our situation so I am not going to go into detail on this post. I was wondering how I go about finding an investor, experienced in purchasing REO's, negotiating for the best price, etc. Our home was foreclosed on this past Monday and today I spoke with the real estate company that is going to be handling selling it. They did not have a price for me yet, but they did tell me that it will be put back on the market as is (which makes us happy), as there only concern is getting the property off their books so they don't have to worry about upkeep, etc. We now have the cash to purchase it, but obviously, they will not sell it directly back to us and there is no redemption period in Nevada. We are looking for an investor that would be interested in purchasing the property, and then immediately selling it back to us, obviously with a profit to them. We would be fine with doing same day cash close. If you know where I might look, or if you are an investor that would be interested, I would love to chat with you about it, as well as I do have a couple of other questions. Thanks in advance.

We are buying it, that isn't a question, the question is what route we go to get the down payment. I would rather not run out and get married to get the gift of equity, especially with all of the planning and everything that has already gone into our wedding. 

Our plan is to keep it. We live there half of the year now and have put between $300,000 - $400,000 into it over the last few years between paying the mortgage, taxes, insurance and all the repairs. Is that 12%-18% a month or total? $15,000 total while not ideal for 60 days is not that bad, but $30,000 for 60 days would be a no go. Another thought I had, is if we had my grandmother sign something showing that money was paid in, maybe like post dating a lease to purchase option, but I don't know if they would consider that suitable for a down. Thanks for your fast response. 

I will make this as short as possible. 

My fiance and I have been paying for my grandmother's home in Encino, CA for quite a while now, he the last 2 years, and I have been paying down her mortgage since 2008. As of right now, her home is worth $1.7 million and her loan balance is $180,000. She is getting older and had a stroke 2 years ago. Since we have been paying for and maintaining her home, and no one else in my family can afford the home, we have actually been asked to purchase it by my family. With my credit and also a situation I am going through with my home in Las Vegas, which I have already been getting help with through this forum, my fiance is the one buying the home and getting the loan. He has an excellent credit rating and a great steady income. The problem we ran into is the gift of equity is only available to family and that is what we were planning on using for the down payment. We are not getting married until 9/13/15 and like I said, with my situation, I am not going to be on this loan until I get my mess straightened out. 

The down payment for the loan is $127,000. Because we take care of my grandmother and the house, we are getting the difference of the $180,000 and the $508,000 purchase price back immediately after close so we would be paying the hard money back within 60 days. 

Are there any hard money lenders on here that might be interested, how much would the money cost us, OR does anyone have any better ideas? Between the two of us we have around $75K invested, but we would rather not touch that money unless absolutely necessary, because we would have to liquidate and overall it seems a hard money loan, depending on how much it costs us, would actually end up saving us money as opposed to cashing out our investments and then reinvesting in 60 days. 

I would love to hear thoughts from seasoned investors and any lenders. If you need anything clarified please ask. Thanks.