|
Wholesaler took an assignable contract to purchase and then assigned to the ultimate buyer at a higher price.
|
#
?
Jul 9, 2019 02:34
|
|
|
|
| # ? May 29, 2024 14:03 |
|
|
Why the quitclaim deed tho?
|
|
#
?
Jul 9, 2019 02:41
|
|
|
No real possibility for title to get clouded when the the subsequent warranty deed was made on the same day.
|
|
#
?
Jul 9, 2019 02:52
|
|
|
I think quitclaim might have lower transfer taxes in NH, but I'm not sure. I need to figure out what the two buy prices were. E: A wrinkle: the transfer tax paid on both was for the same valuation. And at $4,088 per deed there must have been some good profit somewhere. EE: Looks like there's a case to be made for the second sales price to be considered FMV and thus the amount on which both taxes were based. Not sure there's any way for me to find out what the first sale price is if that's the case. carticket fucked around with this message at 03:15 on Jul 9, 2019 |
|
#
?
Jul 9, 2019 03:03
|
|
|
Leperflesh posted:insurance on your structure is the rebuild cost, not its market value. yes, i'm aware, it was a statement to commiserate with the dude saying 200k would afford you a trashed empty lot
|
|
#
?
Jul 9, 2019 03:28
|
|
|
My guess is it was a 1031 exchange.
|
|
#
?
Jul 9, 2019 03:57
|
|
|
i was in the process of editing the above but it got rather lengthy and i was in the middle of making dinner so i'm just gonna doublepost To bring this back on topic, I'm looking at refinancing in the next 3-6 months to hopefully drop my rate and/or get out of PMI - quick notes, I've done a fair bit of improvement on the property since I purchased it a little over a year ago with 10% down, comparable properties seem to be up about 15% market value in the area since I closed last year, and while I don't recall the precise details offhand, my property tax assessment went up substantially this year as well. How are improvements and potential increase in value uh, valued with regards to refinancing & equity? Is it worth having someone out to actually reappraise the place considering the work done*? As far as lenders are concerned at this stage, is there anything else I should take into consideration besides rate as I'm shopping it around? Anything else I should be aware of generally? Planning to sit down over lunch to interrogate a friend who's an agent locally and can hopefully walk me through the nuances of the area in particular, but I'd like to have my questions/concerns/etc. prepared beforehand. *For reference, this was a rental before and wasn't kept up very well - I've since put ~5% of the property value into materials / redoing the bathroom plus a ton of general interior/exterior improvements. That's also not counting ~10k in sewer & gas line replacement that was done at closing.
|
|
#
?
Jul 9, 2019 04:02
|
|
|
If anyone is looking at a property in NH, PM me the details and I can probably pull deeds, transfer/sale forms, etc for you. edit: for free, within reason. If you want eons of title research or something, we can talk. Also, I cannot offer interpretations, advice, or anything like that - I'm just getting you documentation. FreelanceSocialist fucked around with this message at 14:05 on Jul 9, 2019 |
|
#
?
Jul 9, 2019 13:56
|
|
|
FreelanceSocialist posted:If anyone is looking at a property in NH, PM me the details and I can probably pull deeds, transfer/sale forms, etc for you. If you're in title/closing in the Manchester area, I give it like 50/50 odds that you know or have worked with my stepmom. Regarding my earlier post about the double closing on a house I'm looking at: The same transfer tax was paid on both deeds, but I suspect that just means the higher price was used as the market value to calculate both taxes. I think this means there's no way for me to discover the first sale price, but I'm not sure. Not so much asking for interpretation or advice, just not sure of how this stuff works. If you can't make any statements on it, that's fine. The two deeds are in Hillsborough County, 8540 0368, 8540 0371. I'm guessing you've got some nice not terrible interface for getting at this stuff. I've had to use the Hillborough County java app and it is just god awful. E: The app just does HTTP queries, unsecured, unauthenticated. I am really tempted to just whip up a terrible web front end for it. carticket fucked around with this message at 14:49 on Jul 9, 2019 |
|
#
?
Jul 9, 2019 14:46
|
|
|
I work at the government level and have access to property records that realtors and assessors may not and I can pull PDFs from the county registries. I don't often interact with the private sector (assuming that is where your stepmom is). The NH real estate transfer tax (the stamp amount) is calculated from the sale price of the property (and for non-arms length transactions, like where your dad sells you a house for $1, there is a minimum stamp amount). I believe that your assumption (that the company acted as a middleman) is correct. They have similar transactions in 2013 in other municipalities in NH. The PA-34 filed for the transfer from National Residential Nominee Services to the buyer on 3/21/2013 indicates that there was no modification to the sale price (e.g. no consideration for non-taxable personal property) and that full interest was transferred. The book/page sequence indicates that the documents were filed together - there are no other unrelated filings falling inside that page range. The sale price reported to the state was $272,500.
|
|
#
?
Jul 9, 2019 15:35
|
|
|
That just seems like a weird transaction I guess. Thanks for your take. I'm gonna PM you because I'm out at a house right now and can't run the lovely Java app to pull a document.
|
|
#
?
Jul 9, 2019 16:17
|
|
|
Mr. Powers posted:That just seems like a weird transaction I guess. It's entirely possible that the company is involved in relocation services. In communities like Nashua, Bedford, Manchester you see a lot of employee relocation activity and what will happen is a company like NRNS will step in and take temporary ownership so that people are free to move based on the needs/timetables of their employers.
|
|
#
?
Jul 9, 2019 16:51
|
|
|
I am going to make an offer on a house and remarkably there is nothing awful for me to share with you guys. E: I guess maybe the address is kind of hokey? Can't change that with money. It's at the corner of Independence and Freedom.
|
|
#
?
Jul 9, 2019 17:54
|
|
|
Mr. Powers posted:I am going to make an offer on a house and remarkably there is nothing awful for me to share with you guys. yet
|
|
#
?
Jul 9, 2019 17:55
|
|
|
Hauki posted:yet Oh, yeah, I'm sure the inspection will find *something*, but it's not like the inspection will find that there is a dump across the street, or a bridge in the front yard, or a railroad going through the kitchen. It *might* turn up some drainage issues, but it looks to me like the landscaping is all properly graded to direct water away from inside the house.
|
|
#
?
Jul 9, 2019 17:57
|
|
|
Mr. Powers posted:I am going to make an offer on a house and remarkably there is nothing awful for me to share with you guys. I bet with enough money you could change those street names, but why would you want to commie? 
|
|
#
?
Jul 9, 2019 18:00
|
|
|
H110Hawk posted:I bet with enough money you could change those street names, but why would you want to commie? I want to live on the corner of Full Communism and Now.
|
|
#
?
Jul 9, 2019 19:12
|
|
|
Here's a question, is it possible to buy a house and not have my own name attached to the purchase forever? Are there any trustworthy companies that do it on your behalf, like the way people mask web domain ownership? I don't like having my poo poo out there to be spammed for all eternity.
|
|
#
?
Jul 9, 2019 19:16
|
|
|
Zero VGS posted:Here's a question, is it possible to buy a house and not have my own name attached to the purchase forever? Are there any trustworthy companies that do it on your behalf, like the way people mask web domain ownership? I don't like having my poo poo out there to be spammed for all eternity. Form a trust, purchase the home into the trust. The trust is now the owner. You control the trust. This is pretty common in estate planning, by the way. You can do the same thing with a corporation, but the tax treatment and filing make that pretty inefficient.
|
|
#
?
Jul 9, 2019 19:23
|
|
|
There may be further tax implications for owning it via trust or shell corp, in my state various rebates are given to owner occupied homes that aren't eligible to non-natural persons.
|
|
#
?
Jul 9, 2019 19:27
|
|
|
I immensely regret buying my last house through a Trust. The trust owned the house 8 years and ol' GGGC, who is not the Trust, lived in the house. Owner =/= Inhabitant for 2 of the last 5 years and so I've got ~$30k in LTCG taxes to pay from the sale.
|
|
#
?
Jul 9, 2019 19:29
|
|
|
Like Motronic mentioned, a trust works, but then you have to hide the trustee information, make sure your insurance covers the trust, so on and so forth. Usually not worth the hassle unless you're rich or famous.
|
|
#
?
Jul 9, 2019 19:29
|
|
|
Zero VGS posted:Here's a question, is it possible to buy a house and not have my own name attached to the purchase forever? Are there any trustworthy companies that do it on your behalf, like the way people mask web domain ownership? I don't like having my poo poo out there to be spammed for all eternity. Those companies are called law firms and the method is usually a (land) trust. It has a number of potential downsides, however, not to mention that it will cost money to establish the trust initially. It's typically used by rich people buying the house in cash, because mortgages are also public record and attached to your name. You'll need to contact lawyers to see what your options are, because it varies by state/area.
|
|
#
?
Jul 9, 2019 19:30
|
|
|
GoGoGadgetChris posted:I immensely regret buying my last house through a Trust. Yep - this is definitely not a thing you do unless the cost it worth it for anonymity. It's a thing you do to keep your home out of probate and if you're really wealthy to avoid some estate taxes.
|
|
#
?
Jul 9, 2019 19:51
|
|
|
Motronic posted:Yep - this is definitely not a thing you do unless the cost it worth it for anonymity. It's a thing you do to keep your home out of probate and if you're really wealthy to avoid some estate taxes. If any of you are wondering if you should get an estate plan once you have large assets (house or <other things which sum to the cost of a house>) google "cost of probate". At least in CA it's a % of assets. Once you own a house it's time for an estate plan, and at least in CA you want your house to be then put in the trust. (You buy it as your natural person, then put it in your trust. Don't worry, you can take it back out whenever you want.)
|
|
#
?
Jul 9, 2019 19:57
|
|
|
H110Hawk posted:If any of you are wondering if you should get an estate plan once you have large assets (house or <other things which sum to the cost of a house>) google "cost of probate". At least in CA it's a % of assets. Once you own a house it's time for an estate plan, and at least in CA you want your house to be then put in the trust. (You buy it as your natural person, then put it in your trust. Don't worry, you can take it back out whenever you want.)
|
|
#
?
Jul 9, 2019 20:04
|
|
|
i have been fine during the whole mortgage/purchase process so far, but i got the email today about CLOSING DATE SET FOR X/XX and aaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
|
|
#
?
Jul 10, 2019 03:47
|
|
|
So, realtor checks on house today. Finds a huge rear end water stain under the 2nd floor laundry room (were moving in from outta town). Has plumber come and fix it. He cuts basically a 4 foot square of drywall out, drywall guy is set to come and fix/ paint ceiling. Total cost to me? $0 My realtor is great, and for those following, the owners wanted to take their washer/ dryer with them. But my realtor knows something always breaks when moving washers. So we put a condition that they do any and all repairs caused by them taking their washer or dryer.
|
|
#
?
Jul 10, 2019 07:30
|
|
|
That's a good realtor.
|
|
#
?
Jul 10, 2019 12:35
|
|
|
Optimus_Rhyme posted:owners wanted to take their washer/ dryer with them. But my realtor knows something always breaks when moving washers. So we put a condition that they do any and all repairs caused by them taking their washer or dryer. Be sure that they verify the washing machine water valves don't leak after they disconnect the hoses. These are frequently crappy gate valves that haven't been operated in decades (or how ever old the washer is), and if they turn them 'off' to disconnect the hoses, it may not close all the way or it may leak from the packing nut. Probably just a small drip, but if they disconnect and move out and it drips for days before closing, that could be a problem.
|
|
#
?
Jul 10, 2019 15:00
|
|
|
H110Hawk posted:If any of you are wondering if you should get an estate plan once you have large assets (house or <other things which sum to the cost of a house>) google "cost of probate". At least in CA it's a % of assets. Once you own a house it's time for an estate plan, and at least in CA you want your house to be then put in the trust. (You buy it as your natural person, then put it in your trust. Don't worry, you can take it back out whenever you want.) Cost is one issue, the dreadful amount of time probate generally takes is another issue, and in the meanwhile all of your assets are tied up, illiquid, and useless to the people you wish to inherit them.
|
|
#
?
Jul 10, 2019 15:13
|
|
|
Seiyal posted:As someone who's watched this area balloon in home prices over the past few years (because yeah for building everything in eyesight into a freaking apartment complex or 55+ housing), I'd still be super weary about appraisals right now. I'd actually ask where about you're located because of all the reports of some of the MO county appraisers going crazy with their evaluations and jacking up rates 100-300% (or more) depending on where you live. (You shouldn't have that problem if you're on the KS side and you don't live in Mission or Mission Hills, though.) Thanks for the advice! We were one of the victims of the Jackson County appraisers - our property tax increase was about 40% which is one of the factors I think that made the Zillow estimate so ridiculous regardless of its lack of accuracy normally. Of course our old appraisal was hilariously low so I'm not that angry about it, but it still sucks. Basically all of the houses that have went on the market within about a half mile of us have sold almost instantly, most of them between $150 and $350k. We're very close to the state line in a weird confluence between Brookside, Waldo, PV and Leawood (sort of in the Ward Parkway corridor) and from what I can tell property appreciation isn't slowing down at all here.
|
|
#
?
Jul 10, 2019 15:27
|
|
|
My realtor gives me an update on why anyone who toured my house decided not to make an offer It's nice to get constant assurance that he's hard at work But it is not nice to get an email a day on why my house sucks, lol
|
|
#
?
Jul 10, 2019 17:02
|
|
|
Are you at least getting feedback on why no offer was made?
|
|
#
?
Jul 10, 2019 17:36
|
|
|
FreelanceSocialist posted:Are you at least getting feedback on why no offer was made? Square footage too small Kitchen in a bad spot Not enough windows Too dark inside Husband didn't think it felt Homey
|
|
#
?
Jul 10, 2019 17:44
|
|
|
Ok, so at least it is things that are reasonably outside your control. It's not like the potential buyers are saying stuff like "house smells like dead fish" or "that bush out front is oddly shaped".
|
|
#
?
Jul 10, 2019 17:51
|
|
|
FreelanceSocialist posted:Ok, so at least it is things that are reasonably outside your control. It's not like the potential buyers are saying stuff like "house smells like dead fish" or "that bush out front is oddly shaped". Honestly I wish my realtor would screen it and only send me things that ARE inside my control. "it wasn't right for them" is fine, but getting bullet points on why my house is bad makes me feel like it's never gonna sell Oh well, it's been 12 days on the market. Slow for Portland but not insane for the country as a whole
|
|
#
?
Jul 10, 2019 17:53
|
|
|
To me a litany of random nits and complaints just translates to the price is a tiny bit too high, but there's no reason to despair in the first month
|
|
#
?
Jul 10, 2019 19:48
|
|
|
BEHOLD: MY CAPE posted:To me a litany of random nits and complaints just translates to the price is a tiny bit too high, but there's no reason to despair in the first month The master bedroom having an "accent wall" consisting of an erotic scene involving an m2 competition package is definitely not helping things.
|
|
#
?
Jul 10, 2019 20:02
|
|
|
|
| # ? May 29, 2024 14:03 |
|
|
GoGoGadgetChris posted:Honestly I wish my realtor would screen it and only send me things that ARE inside my control. "it wasn't right for them" is fine, but getting bullet points on why my house is bad makes me feel like it's never gonna sell Slow for Portland a year or two ago. The market isn't that fast here anymore.
|
|
#
?
Jul 10, 2019 20:05
|
|