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Kind of a tangential question about appliances - I can't think of anyplace else to ask, though. I'm in a situation where I need to buy a washer, dryer, and fridge for the place I'm moving into. It has the hookups for washer/dryer, and a large space for the fridge. Should I buy new or refurbished? I've heard that energy efficient washer/dryers will save me money over time, but I've also heard they don't wash clothes as well. And new fridges are really expensive, but I don't want to deal with a broken fridge - plus there's going to be 4-5 people living in this house, so it needs to be a large one, since I want to avoid buying a second fridge. Any input? I figure some of the homeowners in this thread have had some experiences with appliances and can point me in the right direction.
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Nov 18, 2013 01:02
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skipdogg posted:I would stay out of the big box retail stores for appliances. There's no need to spend 1500+ on a washer dryer set or 2700 dollars on a new fridge. Thanks for all the help, I have a better idea of what to look for and where now. The only thing I worry about with the discount stores is the warranty. I don't really want to have to learn washer repair. Will I be ok with just the manufacturers' warranties? I usually think of big box store warranties as scams, but in the case of appliances I could see making a case for them. I may also look at Costco - I assume their appliance prices are better than other big box stores, right?
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Nov 18, 2013 17:34
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FCKGW posted:Right now is the best time to buy actually. Home Depot started their Black Friday sals on appliances early and has put a shitload of appliances on sale and Lowes/Best Buy/Sears have all matched. Home Depot's deals are good until mid-December I think. Unfortunately I may miss the black Friday sales, I won't be buying these until early Jan. :/
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Nov 18, 2013 19:38
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So, I'm a brand new home owner! Well, part home owner, had a little help. But either way, now I have 3 rooms to rent, so I'm also going to be a landlord. I'm only going to rent to people I really trust, but I'm not going to make the mistake of not having them sign leases. Anyone here have experience with being a landlord? I've been a renter in several roommate situations, so I know how to handle interpersonal stuff - I mean legal and monetary issues. Any common pitfalls I should watch out for, or general advice? Here's the lease agreement I was going to use, found it on a quick Google search: http://www.dca.ga.gov/housing/specialneeds/programs/documents/C-2SampleLEASE.pdf
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Jan 2, 2014 18:52
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LogisticEarth posted:You might want to head over to the Rental Property thread: Oh, I didn't even know there was one. Thanks!
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Jan 3, 2014 19:59
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Should I look into selling my house? This is just an initial feeler question, I don't know anything about buying/selling homes and I kinda admittedly went in half-cocked. Here's details: My wife and I currently own a home in the California SF Bay area. It was bought at 485k 2 and a half years ago, with the 100k down payment from her dad (he is also named on the mortgage) (edit: with 370k still left to pay off). I've paid all the mortgage and taxes since then. Zillow now says it's worth 655k, and I'm getting antsy that that is the ceiling and it can only go down. I REALLY don't want to get stuck with this house long-term if it does go that way. Plus we're really getting sick of the bay area (home and rent prices being one of the main reasons). There's a lot of work to be done on the house though. The electrical needs to be redone (still knob-and-tube), much of the plumbing needs to be updated, the roof (tile) starting leaking a while ago (we got someone to patch it, but it really should be replaced). The garage (unattached, in backyard) is pretty crappy, and there's a guest house attached to the garage that was DEFINITELY slapped together, with sewer pipes that connect to the main house exposed above ground and go in through a basement window. Oh, and there is a basement, which the previous owner started to finish, but it's a half-assed job like everything else he did, and it's 2 inches too short to be up to code as a living space anyway (unless I were to jackhammer down the floor). I was planning on correcting all these things as time and expense allowed, but I haven't been able to yet. The previous owner was able to sell it (to us) with all these issues, but I wonder if another buyer would accept them at the price we'd want. And if I did get them all fixed, it'd be on credit cards, which would screw me if we end up not finding a buyer for a long period of time. Anyway! Thoughts? Yes, I know I went in unprepared financially on this house, without enough savings (although things have been going better lately, we finally kicked out a non-paying family member renter). But I see an opportunity to get out and have a nice fat nest egg for starting over somewhere else. Rotten Red Rod fucked around with this message at 20:26 on Sep 27, 2016 |
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Sep 27, 2016 18:06
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Alereon posted:Ignoring financial considerations for a moment, how do you actually feel about living in your house? Do you like it aside from the fact that it needs a bunch of work, or do you feel like it's a busted shithole? Do you have a solid plan on how you will move into a better, more affordable living situation using the money you earn? I do like our house, and I see a lot of potential in it. But it's been a lot of work, energy, and money that I think I would rather put into other things. I'd be just as happy renting, as long as we had a garden. The main concern is the area. The bay area is crazy expensive and we're not making engineering money - I like the bay area other than that, but my wife grew up here and is kind of sick of it. She's dreamed about moving to Portland or Seattle (or similar) and I'm not opposed to either one. Someplace urban with a similar vibe to the bay area - but with a lower cost of living and good job opportunities. I don't have a solid plan at this point. I've just been thinking about it for a long time, and the financials don't make sense for us to keep living in the bay area - if we ever want to build up a decent savings, we need to move somewhere without this crazy cost of living. The idea I have is sell the house, move to the new city (renting), then live off of the income from the house sale for a month or two while we both job search. Although I'd be ok staying in the bay area too if we found somewhere reasonable to live - again, I just really, REALLY don't want to get stuck in this house if the market turns. Hashtag Banterzone posted:I would interview a few realtors. They will tell you what they think you could sell for, what you need to fix to sell, what you might want to consider fixing, all for free. Just make sure you don't blindly believe the one realtor that says everything is perfect and they can sell it for $1m, because they are likely blowing smoke in hopes you list with them and then he can talk you into lowering the price later. There is the realtor who helped us buy the house - my wife's dad knows him - but we're not too happy with him because he didn't tell us the house was in an area we needed flood insurance in. Any resource suggestions for finding/evaluating realtors other than just browsing yelp? Rotten Red Rod fucked around with this message at 20:02 on Sep 27, 2016 |
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Sep 27, 2016 19:56
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novamute posted:If you're trying to escape an exploding real estate market Seattle or Portland aren't going to be much better. I'm not planning on buying another house. Even with rents going up, I doubt they're going to match the bay area - and they're not the only ones I'm looking at.
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Sep 27, 2016 20:02
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QuarkJets posted:It's something to consider. You should consider scoping out some of the places where you might want to live before you list your house, that way you're definitely not under any time pressure and can take your time while doing so. You can do most of this online and then go visit places that catch your attention. Maybe then apply to some jobs, and then list the house. It is - that's not my primary question right now though. What I want to know is, should I sell at all, or am I off in base in thinking the time is right? I completely forgot to clarify in the opening post, but there's still 370k left to pay off on the mortgage. I'm not entirely sure how much I'll actually have left after selling - I used Zillow's calculator, and it estimates 240k proceeds, but I don't know how accurate that is, if I get that all at once, if there's taxes involved that will take a chunk, etc.
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Sep 27, 2016 20:27
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Subjunctive posted:People who can actually predict market peaks to useful granularity are too busy washing their space yachts to post on this forum. I'm not too worried about exactly predicting the market - if I sold this place now and then tomorrow the market jumps to a million for my house, I'd still be happy. I just don't want the possibility of being stuck here after a bubble. Is that 240k a reasonable expectation of profit from selling the house? Can someone who has sold houses before shed a little light on it? Kirios posted:Portland's market (both rent and buy) is skyrocketing right now. I actually had to get a house out in Hillsboro because of how asinine the prices are. Seattle is somehow even worse. Good to know. From everywhere I look, though, it's still WAY more reasonable than the Bay Area - according to Zillow the average price here is 800k+, while it's half that in Portland. I admittedly haven't done a ton of research on other cities, those were just the first two that pop into my mind. Rotten Red Rod fucked around with this message at 20:43 on Sep 27, 2016 |
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Sep 27, 2016 20:40
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QuarkJets posted:You should sell if you want to move. I don't think that you should get hung up on trying to time the market. If you and your SO are ready for a change, then that's a good enough reason. Thank you, this is exactly the kind of info I was looking for. And thanks to everyone for tolerating my horribly ill-informed questions. And if anyone has suggestions on which cities to look at I'm all ears. (Denver, CO looks good...)
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Sep 27, 2016 20:50
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Leperflesh posted:Keep in mind when comparing costs of living to other cities that incomes in many different kinds of work are also lower. Your career might be different, but do some research into typical salaries for your jobs in those cities. Definitely doing that, yes. I'm under no illusions that I won't get a pay cut. I'm going to be crunching the numbers to make sure we can actually afford rent and build savings before doing anything (already learned my lesson on that one).
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Sep 27, 2016 21:15
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Kirios posted:For what it's worth I made X in San Francisco, but my career is X-15k in Portland. Yeah this is what I'm banking on. I don't want to be rich - we want to live comfortably and build savings. The bay area is just draining us. Out of curiosity, what major expenses other than rent/home prices are less there? Gas? Food? Etc? Rotten Red Rod fucked around with this message at 21:35 on Sep 27, 2016 |
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Sep 27, 2016 21:32
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Subjunctive posted:
Well, again, I DO NOT want to buy. I'll be renting for the foreseeable future. I just spent an hour looking at rentals in Denver instead of working... Now this idea won't get out of my brain.
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Sep 27, 2016 22:50
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Just put my bay area house on Zillow as Make Me Move for 700k to dip my toes in the water. Let's see what happens.
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Oct 1, 2016 19:36
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EAT FASTER!!!!!! posted:You lunatics out on the West Coast are just getting pounded raw at those prices. HEY NONG MAN posted:If you are buying in Seattle or Portland and you're not coming directly from the Bay Area armed with the cash from selling your wildly overvalued bungalow, it's not fun. Agreed on both. I'm warming up more and more to Denver though.
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Oct 2, 2016 04:57
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Pryor on Fire posted:People who don't work in the field usually don't understand just how much money is in tech (especially in the bay area), I know multiple couples under 30 with a combined household income over a million a year out there, and none of these people are particularly smart or privileged or hard working, just lucky. You can do the arithmetic but a 700K house is not a huge problem at that income. And then for the rest of us that make less then 100k a year (which is me and most of the people I know) there's nowhere affordable to live.
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Oct 2, 2016 14:51
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So, I have a question. We (my wife and I) are selling our house, and it's a situation where my father in law put 100k down on a house for us, which we would then pay the mortgage on. Seems great, right? Well, no, he made us sign a contract that says we start off with 1/3 share in the house (1/6 each) and he owns 2/3s. He's a laywer, and I've misunderstood a lot of the process and assumed this was a gift - it's not, he's invested and expecting to make money off it, and becomes angry and abusive at us when we expect him to help us out in any way. It's one of the reasons we want out of this deal - and also because the market is way, way up and I'm worried about it going down again and getting us stuck. Now, according to the contact, we should be getting more percentage of the house as we pay the principal (interest, property tax, and repairs contribute absolutely nothing to this, even though we've been paying that entirely ourselves to the tune of well over 100k for the last 3 years). Here's the exact text of that part: (Us) will pay to (Him) VIA PAYMENTS TO THE TRUST DEED a royalty which shall be calculated as follows: PERCENTAGE OF PURCHASE PRICE AND COSTS OFFSET BY PAYMENT OF PRINCIPLE CONTRIBUTION REVIEW AND INCREASED EVERY TWO YEARS. Upon satisfactory payment of principle the percentage of ownership by (Us) shall be increased every two years to the percentage the principle payment represents of the purchase costs: shared equally until the percentage of ownership reaches 40% for (Him), 30% for (Me), and 30% for (Wife). He says he's willing to do an increase right now in our percentage even though it says it's only every 2 years. Here are the numbers below - according to this contract, what should our percentage be going to? Our current %: 33.33 His current %: 66.66 His down payment: 100k Starting mortgage amount: 385k (house was bought for 485k in Jan 2014) Amount of principle we have paid since the house was bought: 17,913 Current mortgage amount: 370,087 Our modified %: ? His modified %: ? I'll also be contacting a lawyer to review this. I'm not too worried about him backing out of the deal, as he's agreed to sell (and he needs the money right now because he's a compulsive house and car buyer). But I want to be sure I know what I'm talking about. As a side note, Zillow says the house is currently worth 655k (!!!). You can see why we want to sell, and he'll be making a tidy profit on top of his initial 100k investment for sure. Rotten Red Rod fucked around with this message at 16:39 on Oct 10, 2016 |
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Oct 10, 2016 16:34
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Economic Sinkhole posted:You definitly need your own lawyer because this whole situation is hosed up. He puts up about 20% of the cost of a house and somehow he's entitled to 66% of the value? Something tells me that your lawyer will tell you to pay him his 100K back and that he can go pound sand after that. Was your bank aware of this situation with your down payment when you got this mortgage? I remember signing documents stating that our down payment was not any kind of loan or money that anyone would want back from us. If you signed similar papers and then have this, with your father in law's name and signature on it, it's proof that he helped you commit fraud. It is hosed up and I agree. I just want out though, and we have the opportunity to do so with ~90k+ because of the market currently, and we're going to use that to move out of state and start over, and never talk to him again. There's no way we can pay him his 100k back right now, this house has continually sucked our income to the point where we're practically living paycheck to paycheck, even with renters. He made this same deal with her older sister, by the way. She's currently unable to pay the mortgage and is completely stuck - when a tree fell on her house he took the insurance money and used it on bad investments instead of fixing it. We're lucky that we have an opportunity to get out. Hashtag Banterzone posted:Holy poo poo you got hosed over big time. Hopefully his share is calculated after paying off the bank. But even then if you sell for $655k you will get $615k after realtor fees, and then the bank will take $370k. So that leaves him with $154k and you with $91k. You would've been better off doing 3% down and paying PMI. in_cahoots posted:The way I calculated it you own around 35% of the house now. You've paid off 17.9k/385k (4.6%) from the principle, and when it's fully paid off you'll gain 70%-33% = 37% of the house. So today you have 33% + 4.6% of 37%, which is around 35% total. Thank to both of you, that's about what I expected. You can see why we want out of this. H110Hawk posted:Jesus never do business with this man again. He is toxic and using his Esquire title to bully you. Demand an amortization table out of him. If you ever do decide to do business with him again, hire your own attorney paid for by you and representing your interests. You should hire an attorney to deal with closing out this contract to guarantee he doesn't still have an interest in your finances. Agreed, and thank you. We plan to cut him out of our lives entirely after this. Rotten Red Rod fucked around with this message at 19:31 on Oct 10, 2016 |
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Oct 10, 2016 19:29
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ego symphonic posted:If nothing else my time on the something awful dot com forums has made me more appreciative of the normal, healthy relationship that I have with my parents and in-laws who have never once tried to scam me out of hundreds of thousands of dollars. My time with my wife has done the same. My parents have bailed us out multiple times with no strings attached, and they even offered me their paid-off condo rent-free. I don't want to take it because they need to sell it off to pay off the mortgages on their main house that they had to take out to support my brother and I and still have enough for retirement.
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Oct 10, 2016 20:06
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Steve French posted:One thing that really needs to be cleared up is whether his share is before or after the bank is paid off; there's definitely a reading of what you've shared that basically indicates he has a ~63% ownership in the house, and no responsibility for the mortage. In that case, if as speculated earlier the house sold for $655k with $615k left over, he'd be due $387k, there would be $245k left over after the bank is paid off, and you'd *owe him* ~142k, instead of walking away with any sort of money. I'm not really sure I follow...? The mortgage still has 370K left to pay off. I'm going to post a full version of the contract with names redacted, just a moment.
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Oct 10, 2016 20:28
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daslog posted:That would be good. The question is does he own a percentage of the Equity or a percentage of the asset? Don't know. I need help because I don't know what I'm doing, haha. Here you go - father in law's name is in green, my name is in red, wife's name is in blue, and address of house is in yellow. Page 1: http://i.imgur.com/2OCmlKr.png Page 2: http://i.imgur.com/Snn6pWt.png Edit: as a side note, the lawyer I found charges $330 an hour (or $90 for the first 20 minutes of our first ever session). He's specialized in real estate. Is that a fair price? I've never used a lawyer in my life so I have no idea. Rotten Red Rod fucked around with this message at 21:44 on Oct 10, 2016 |
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Oct 10, 2016 20:38
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Droo posted:What names are on the mortgage? And what names are on the title of the house? Both my name and his name are on the mortgage. I think all 3 names are on the title, but I have to look through my documents at home to know for sure. Edit: 99% sure all 3 names are on the title. I have to get it from the county clerk's office to be sure, but they're closed today (Columbus day). My wife's name is not on the mortgage because of her credit. Rotten Red Rod fucked around with this message at 20:57 on Oct 10, 2016 |
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Oct 10, 2016 20:52
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Leperflesh posted:Of course there's an arbitration clause. I see. If I want to abide by it, and get my 33 or 35% or whatever of the profit, what should I do? I'm justifiably worried he will try to block the sale if we call him out on this, and we are totally screwed if so. daslog posted:I think I see how this works. Could you provide some samples of how the amount you pay him? It might make it easier to back into the formula if we had the math. Pay him? I pay the mortgage and property taxes. I've never paid him directly.
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Oct 10, 2016 20:59
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lampey posted:I don't see anything in your agreement that clarifies who is responsible for taxes, mortgage payments, and other costs associated with owning a home. How this is handled in a multi owner situation depends on your local laws. Do not take advice from the internet on this. Meet with a local real estate lawyer. Taking 2/3rds of the property tax, maintenance, and mortgage taxes out of his portion of the sale should more than pay for a lawyer. I agree but I don't want to push it. I'm totally fine with ~$90 and getting on with our lives. That's more than enough for us to start over. The Mandingo posted:Yeah I want the legalgoons to weigh in on this hosed up situation. Check this thread: http://forums.somethingawful.com/showthread.php?threadid=3266659 Thank you, I will.
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Oct 10, 2016 21:04
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Droo posted:I think the biggest question would be whether you can sell the house without his approval based on this agreement, since he is majority owner if it is enforceable. Yes, that is my biggest question. As of this moment he is willing to sell. I'm stepping on eggshells to make sure he stays that way and we get our percentage. Leperflesh posted:Dude should have just bought the house and rented it to his daughter. Or treated it as a gift. Or treated it as a loan, and arranged for payback. Or if he just wanted to invest in real estate, he can buy REITs or find investment partners to invest in a building or whatever. All these things are true. He's been abusive (psychologically and physically) to all his daughters, and his oldest daughter is currently locked in to a similar deal with no way out. Looking back we were very dumb to agree to this. We're just lucky the market is up so much and he needs the money. baquerd posted:Well, that's one way to look at it. Another is this guy is really serious about teaching his daughter and son-in-law about contracts and money the way that tends to stick the best - the hard way If he hadn't offered us this deal we would have kept renting and likely had savings by now, and - most importantly - not have financial ties to him. Yeah, I'd be better off.
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Oct 10, 2016 21:25
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Hashtag Banterzone posted:Talk to a lawyer for sure. Where would I get the 125k? And that's probably what he would get from the sale anyway. Probably more.
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Oct 10, 2016 21:46
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daslog posted:I was looking at the Royalty section which said every 2 years it gets recalculated. While you didn't say he bought the property for you, there was a mention of you having made 3 years of payments. He said he's willing to recalculate that now since we are selling. Even if he doesn't the original 33% is fine by me. We haven't done an adjustment, no, I pretty much immediately forgot about this document because I assumed he was family and would help us out instead of being hostile. Yes, I will be handling the repairs, touch ups, etc. to stage the house. Some I will be doing myself whenever possible. However, I was assuming the realtor fees and any major repairs paid with escrow would come out of both our shares. Exactly what other house sale expenses should I expect that would reduce $90k (or more) to not very much?
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Oct 10, 2016 21:59
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daslog posted:Ok that makes sense. I was just assuming that he's going to try to screw you for whatever he can. 5% of 650,000 is 32,500 in real estate fees. You might want to write down any other assumptions and make sure he's on the same page. Yes, I will be asking him for specifics on things like these and being VERY clear about what we will receive every step of the way. Thanks - if you can think of anything else I should clearly spell out, let me know. I intend to have my lawyer write the Disbursement of Payment for the title company to make sure everything is correct. We do have SOME leeway - if he fucks with us we can turn his friends and mother against him, as they are as devoted to his daughters as they are to him. But that's the nuclear option and only if he blocks the sale as spelled out here or tries to screw us in some other way (any more than he already is). As it is now he's getting a nice payday so he's going with it. Edit: here's another question - capital gains tax. Here's a scenario - do we pay capital games tax in this case? From what I understand, there's an exemption for single people for sales under 250k in profit and married couples under 500k in profit. Original buying price: 485k Mortgage still to be paid: 370k Estimated sale price: 700k If I understand correctly, we will pay no capital gains tax. Are there any other taxes/costs involved I don't know about, other than realtor fees (I'm assuming 6%)? Rotten Red Rod fucked around with this message at 22:16 on Oct 10, 2016 |
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Oct 10, 2016 22:09
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Leperflesh posted:It maybe depends, because those exemptions are for your home which is your primary residence. Is this really your home? What about his two thirds interest in it? Is he gonna pay cap gains on his share? It is our primary (and only) residence. It is not his (the 2/3s father in law) primary residence, he lives elsewhere in the state (California, by the way). I don't know if he will, that's my question. If so, will that be taken off the sale price, or be charged when tax time comes around? Are our profits from this counted separately or together? I'm not planning on buying a house elsewhere at the moment, at least not until we are situated out of state, both have reliable incomes, and happy and secure with savings. I thought the capital gains exemption says nothing about buying a new property...? Regarding realtors fees, I assume when you say "you'll pay" you mean all 3 of us (me, wife, father-in-law) and that is taken off the profit, not up front. Let me know if that's wrong. I have been budgeting for that all along. I am indeed paying for my lawyer. My father actually offered to cover the costs of the lawyer for me (have I mentioned my parents are the greatest). I just wonder how many billable hours I will rack up before this is done - the one I found charges $330 an hour, and I have no idea if that's reasonable or not. Rotten Red Rod fucked around with this message at 22:45 on Oct 10, 2016 |
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Oct 10, 2016 22:41
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Leperflesh posted:Someone has to pay it. Typically the realtors take the fee off the total sale price of the house. So, if the house sells for $600k, you will pay the buyers' and sellers' agents a total of $36,000. You usually pay that money after the buyer's check clears. It is definitely not based on the profit - if it were, people selling their houses for the same as what they owe, would pay their realtors nothing. Note though that this fee, while "customary," is not legally mandated and is therefore theoretically negotiable. For example, if you sell with Redfin, they give you a rebate on part of the customary fee. Sorry, I meant to say it's paid from the profit, not based off the profit. I understand that - they get their % on the total sale price, not minus the mortgage. I'm just making sure that my father in law will be required to pay his portion of the realtor fee, not me being entirely stuck with it. That part I will likely get my lawyer to write up.
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Oct 10, 2016 23:16
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Pryor on Fire posted:Hahahaha nothing like a really shady lawyer doing shady lawyer poo poo to really work BFC up into a tizzy. This is awesome. Yeah, indeed, he's a real piece of poo poo. Glad to see our feelings about him are justified.
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Oct 11, 2016 03:44
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AnonymousNarcotics posted:Seems to me (as a layperson) that any costs that go into selling the house should also be split along those same percentages. Need to stage the house? Make repairs? He pays 65%, you pay 35%. He wanted to own that share, part of owning a house includes those costs too. He shouldn't be only getting the benefits of the deal without the responsibilities. Again, same guy that used the insurance money that was meant for his older daughter's roof into personal investments. What you're saying makes sense for a rational, empathetic person, which he isn't.
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Oct 11, 2016 05:09
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blarzgh posted:its a hosed up agreement for sure; calling it a "license agreement" and having its effect be the transfer of ownership interest in the property is like taking an 18 wheeler and calling it a "bicycle." For legal title in property to pass, the granting document must be recorded with the county records, otherwise you have, like jackson said, some sort of partnership or something. Theoretically, if this document is null and void, and all 3 of us are on the deed and title (we are, I checked today - I don't have them in hand yet but the preview showed all 3 names), how much share should each of us have in the house? Does it revert to 1/3, 1/3, and 1/3? Is it specified some other way? (Reminder that I'm meeting with a lawyer this afternoon.) Magicaljesus posted:What kind of person goes to great lengths to screw over his/her own children? Is it about money, or is he just a genuine rear end in a top hat? Good lawyers usually aren't short on cash, though greed knows no bounds. He is both all about the money and a genuine rear end in a top hat. He's abused all his daughters, physically and mentally. And he's short on cash because he can't stop buying and selling houses and cars like crazy. I don't know. He IS on the mortgage - he and I both are named on there, even though I'm the only one that's ever paid into it. Rotten Red Rod fucked around with this message at 19:19 on Oct 11, 2016 |
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Oct 11, 2016 19:15
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blarzgh posted:Anyone competent to offer you legal advice about this will a) charge you for it, and b) would never ever do it anonymously on the internet. Fair enough. I'll file that away as a question for the lawyer today.
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Oct 11, 2016 19:19
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Leperflesh posted:Theoretically, on what possible basis could he claim his father in law's assets? Even if his father in law were declared mentally incompetent and committed to a mental hospital, the man's assets would obviously be controlled - for his benefit, legally - by an immediate family member, and we already know there's at least a couple of daughters. Are you... Are you saying... That I need a lawyer???! Best case scenario for me is that he agrees to sell, doesn't impede the process, and we get our 33% or 35% or whatever. I don't even want him to know I'm going to another lawyer. But I want to know my rights, how to ensure we get our money, and know if this contract will gum up the works when that comes around. Leperflesh posted:Abusive parents manipulate their children, even into adulthood. It can be incredibly difficult to say "no" to someone who has been your abuser for all your life. This is something a lot of people who haven't been close to abuse don't really understand - we think as adults they should be rational and know their father is a bad person and refuse to get involved, but psychologically it rarely works that way. Yeah this.
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Oct 11, 2016 20:19
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I'm sure you're all burning for an update now. Met with the lawyer - the long and short of it is that he doesn't know if the document is legal until we have the deed, which I wasn't able to get in hand today - I'm going to try and get it tomorrow. If the deed mirrors the % owned on this document, then fine, we move forward with the percentage he laid out. But if the deed actually says we have equal shares? Well, then... Then I don't know. Then I meet with the lawyer again. Good news, though - we have power no matter what percentage we own. If he refuses to sell, we can force a bank sale and a court decides who gets what. He's not going to like that at all since it'll mean a lot of hassle and likely less profit. And further, if we do sell, the disbursement of the money from escrow has to be agreed upon by all owners involved. If not, it grinds to a halt, and they do nothing until we agree. So we have power to keep him to his word either way.
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Oct 12, 2016 02:51
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mastershakeman posted:How are you going to force a bank sale, by defaulting? Also it seems the money isn't as important to you as having power over your father in law to 'keep his word' which means giving you the 100k as a gift? I can file a suit for partition, which asks the court to decide how the property should be divided. The court then assigns a realtor to sell the property and the proceeds are divided as decided. I don't intend to to this, but just knowing I have that leverage is comforting. No, I don't want the 100k gift, I mean the word of this contract. We just want our 33% or 35% or whatever of the profit. Elephanthead posted:Has anyone purchased a house with a relative or girl boy friend not ended in a pay day for some shady lawyer? I guess it keeps the posts coming to BFC at least. My advice from this experience is never ever ever enter into a Tenancy in Common, which is what I have - two or more non-married parties owning some division of a house. I'm sure it goes bad more often than not. Joint Tenants With Rights of Survivorship is fine - that's when a married couple co-owns a house, and if one dies the other always gets the rest. If we ever buy a house again it will be completely with our own money, completely owned by us, with no other parties involved. The upshot of all this is I feel very prepared to do that, and to evaluate a house for how expensive it will be to maintain. But for the moment we'll be renting. Rotten Red Rod fucked around with this message at 15:34 on Oct 12, 2016 |
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Oct 12, 2016 15:24
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Update to my rear end in a top hat father-in-law saga - got the deed, it does in fact say we own 1/3. He (her dad) signed the contract with the realtor and has said we've earned 37% of the house. It doesn't appear he's trying to screw us or anything at this point, thankfully, but I feel much more prepared now that I know our rights. We're moving forward and will list the house in Feb (yes, I know that's a ways off, but we have roommates that need to look for new places and both of us need to finish out the holidays at our jobs). Also, I'm obsessively looking at houses in Denver now... I could buy a house just as big as ours now, with a huge backyard and a finished basement for 250k there. What the gently caress am I still even doing in the bay area!?! Rotten Red Rod fucked around with this message at 16:56 on Oct 26, 2016 |
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Oct 26, 2016 16:40
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Pryor on Fire posted:Unfortunately Californians are treated very poorly out here, we don't take kindly to a single one of them. Also we all walk around carrying AR15s every day, it's basically the wild west and also the food is terrible hope that doesn't freak you out because we're not loving changing. Goddammit please stay there. We'll have something in common then, because I hate California too! Or maybe I'll just hang out with all the other transplants. Either way, having a few people dislike us for being transplants is a small price to pay for moving to a place I can actually afford.
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Oct 28, 2016 13:00
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