Real Estate

My husband and I own 48% interest in a house and his mother owns 52% in the house. Our 48% with each other is community property, but the ownership with his mother is tenants in common.

She has never lived in the house and has never paid anything towards the house ever other than $30,000 that went towards our down payment. We have been living in the house and have paid all of the HOA fees, property taxes and mortgage payments, PLUS an extra $1000 a month towards the loan principle.

She has said she wants to be bought out for $30k (how much she gave us). My husband is afraid that if he ever upsets her that she will force the sale of the house and demand 52% of the house since it will be paid off completely in 10 months by us.

Are we basically screwed? It looks like she will get 52% of the house even though we have paid for the entire house. So if the house sales, we will get about $200,000 back and she will get over $200,000 when she only paid $30k!

What can we do?

do a cash-out refi, give the $30k to the mother(in-law), and remove her from the deed when you refi! even though your home will be paid off in 10 months, you still need to either refi or take out a loan to pay the mother, so that you can be done with her. also, have an attorney do up the paperwork (f you don’t refi) to say that, upon accepting this $30k, she forfeits her ownership interest, and deeds the house to you and the husband.

get her off that title ASAP, girl!

My friend together with her 3 sisters inherited a beautiful house. One of her sisters lived there and neglected the property. it was in a bad state of repair. My friend and just one other sister paid for the repairs and refurbishment. They also paid the mortgage arrears and the other bills that were outstanding. If the repairs had not been done the house would have been sold at a lower price. Should the sister who caused the damage be made to pay out of her share of the proceeds. There are 4 sisters should they all benefit from the work done by 2 and if so how should the proceeds be shared fairly.
~~They are in the UK

The costs incurred by the 2 sisters should be repaid and the balance should be divided equally between the 4 sisters.

Hi im searching for a website to look at forclusure homes on the market but i can seem to find one that will let me look at listings without paying or putting any of my information do you know where i can find a website or know of any ?

Try the website below and follow the links for your particular state.

http://www.hud.gov

I sold my primary residence in 2006, for $125,000 and bought a new house for $205,000 in the same month. I used 75% of the profits from the sale ($30,000) as the down payment for the new place. My question is twofold. Do I have to pay taxes on the profit I made from the sale of my house, and secondly, can I deduct the improvements I made on that house, such as appliances, bathroom remodeling, etc.?

The profit from the sale of your primary residence is a Capital Gain, as long as you reinvested that in a new residence within 24 months it is not taxable. It doesn’t matter what down payment was. As to improvements in your old house, they are not deductible. Those were Capital Improvements and increase you basis. Lets say you purchased the house for $125,000 and remodeled your kitchen for $12,000, you now have a capital investment of $137,000 (repairs and maintenance are not capital improvements). This only becomes important if you are subject to tax on your capital gain.
You may want to talk to an accountant, even if the sale of your home is not taxable, it does have to be reported on your tax return.

( I DID SAY PRIMARY RESIDENCE NOT PROPERTY)

We are trying to buy a house and the title search showed many tax liens by the IRS. Turns out the sellers won’t net enough to pay the lien. We have verbal assurace that the IRS has agreed to the sale, and the sellers submitted all the paperwork. But how long does it typically take for the IRS to respond? The IRS told the title agent a min of 15 days. Does anyone have any experience with this?
So, we didn’t know about the liens untill the title search. We were told the sellers finally submitted all their paperwork to the IRS. The title agent has spoken to the IRS personally. The sellers owe more than they will clear. So, do I count 30 business days after they turned in all the paperwork? They’ve already had to pay for one extention to our loan lock.

15 days? In your dreams! The seller will have to submit an Application for Discharge of Property from Federal Tax Lien. Putting the application together is no cakewalk. I recommend to my clients that it be done as soon as escrow is opened because it ordinarily takes at least a month to get approved. If you make the requests 15 days before closing it is not going to be done and the sale may fall apart. IRS generally has a backlog and everybody wants theirs done yesterday so don’t ask to jump to the head of the line.

UPDATE: Plan on a wait of at least 30 days from the time the application for discharge was submitted.

Try realtor.com.
It compiles its list from all the Realtors MLS system and it is a free site.

good luck

I and another person are joint tenants with rights of survivorship.the buyer will be making payments to me.The other person on deed has undischarged bankruptcy.This is my homestead residence,I have no bankruptcy or creditors.We are in Florida.House paid for.I have to be careful how it is written,because of the bankruptcy of other person.

Even if you sign the purchase agmt w/out the other person, the property cannot be conveyed without the signature of the other person on title. Since that person is still in bankruptcy, his assets are in the jursidiction of the bankruptcy court esp. if they were attached. I recommend you get legal advice from an estate attorney since you do not wish to alert the BK court of the impendign sale.

had a buyer, sold the house dead cheap. now she wants more money off or she’ll pull out and the estate agents only want to help her, oh and she works for the solicitors thats doing her paperwork

can i tell them all to bugger off because its been way past the 8 week estate agent terms i signed for and sell it through someone else
thanks you guys and girls, thats what i thought but u know what all this legal mumbo jumbos like

As long as you cancel your agreement with the original estate agent before you go to another you can change. If not, the first will want paying even if you sell it through the second one.
This buyers boss doing her conveyancing could be a conflict of interest for the solicitor. Its unethical possibly. Id phone the solicitor and ask for the complaints procedure. You can refuse to sell your house to anyone as long as youve not exchanged contracts.

I am moving soon and I was wondering if there were any pics of some houses in Charlottesville. And could it be around the price range of maybe $400,000 to $525,000 please? Thanks ahead of time.

Blessings,
Abby

I’ll assume that you mean Charlottesville, VA

http://www.realtor.com/realestateandhomes-search/Charlottesville_VA/price-400000-525000

FBNs Jeff Flock in Park Ridge, Ill., on the falling home sales numbers.

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