Our landlord wants to evict us after we put five grand into the house, and after she signed rental receipts, and a purchase agreement, stating we could live here until the loan went through for two hundred dollars a month. The house has no furnace, leaky roof, old holding tank and mold and mildew in the bathroom ceiling. Holes in the shower. She is asking for 65,000 dollars. Is she crazy? Let me know what we can do. What are our rights? What will a judge say to us?
2007-07-30 17:33:24 · 9 answers · asked by JR Smith 1 in Business & Finance ➔ Renting & Real Estate
You have a purchase agreement, if you haven't defaulted on your side, she CANNOT default on your side, UNLESS you are out of contract.
If your purchase agreement states that you can live there for $200 a month until your loan goes through, how are you doing on securing financing?
Your purchase contract will have a specified date in it, and if you are trying to take the house through a government backed loan program (Fannie Mae, FHA, or VA) the fact that you have no furnace, the mold and mildew in the bathroom WILL have to be repaired and replaced PRIOR to act of sale, though with most conventional lenders, the fact that you have no furnace will impact whether you can finance the property at all. We had a lender that required a PERMANENT heat source for the subject property, though they only had space heaters in their home...yours is a little different.
The leaky roof is something else however, if you are using conventional financing, that won't matter - conventional financing is a little more liberal than any government backed program.
If you are out of contract, the only options you have about getting your $5,000 back (provided the seller will not extend the contract and based on what you have written she would not), is to sue. Make sure you can document EVERYTHING otherwise you won't even get that back. Take photos of EVERYTHING in the property that needs to be repaired as well.
This question is too complex to answer at any great length in this forum, please feel free to contact me directly if I can be of any further assistance...I have 12 years in the mortgage business, and I know what I am talking about.
-Em
2007-07-30 17:59:04 · answer #1 · answered by emeraldseye 4 · 0⤊ 1⤋
If you have a purchase agreement you can force her to sell you the house on the terms of the agreement. You shouldn't have put money into someone else's house unless you had an iron clad agreement in writing. How long before your loan has to finish or you lose the house? No contract are so open ended you can wait forever. I would get the loan closed and buy the house for the amount you agreed to. She can't raise the price after you have a contract.
$65,000 around here wouldn't get you a vacant lot so replacing a few things and some repairs would make it worth 300K in a few weeks so I would buy it.
2007-07-30 17:41:18 · answer #2 · answered by shipwreck 7 · 0⤊ 0⤋
First, it was your CHOICE to put $5,000 into a place that you did not own. It appears that your landlord gave you permission, and gave you breaks on the rent to offset that cost. It's no different had no just paid the rent and made no repairs.
Making repairs on a property you don't own doesn't create an ownership in any sense of the law. Because it appears your landlord gave you breaks on the rent, your landlord paid for the repairs.
I have no idea of whether or not $65K for the home is reasonable or not...in my city, depending on the lot size and location...that could be considered a steal and wouldn't stay 10 minutes on the market before an investor purchased it.
Sorry, a judge would say you are out-of-luck.
You don't have to buy the house...you can move...no one is forcing you.
PS: I have seen mold problems so bad that the entire house had to be destroyed. Don't assume you can fix all mold problems.
2007-07-30 21:42:53 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋
I would pay $65,000 in a second for a house that would be worth millions after I put out $250,000 to fix the problems. I would not pay $0.05 for a house that I can't sell for $0.04. In order to answer your question, you have to tell use where the house if located, how much homes are worth in that area, and what it would probably cost to fix the house. In some areas, the land alone could be worth $65,000.
2007-07-31 08:42:19 · answer #4 · answered by Anonymous · 0⤊ 0⤋
the 1st element is to locate the source of the water subject. there's no eay fix. you may try making use of bleach and use a fan so the section dries out. the different element what sort of drywall is on the partitions and ceiling. general drywall will carry mositure which mildew will strengthen. the mildew greater suitable than probable has progression in the back of the partitions and ceiling.
2016-10-01 02:01:26 · answer #5 · answered by cronican 4 · 0⤊ 0⤋
it sounds like 25,000 dollars is all that is need to fix up the house.the mold an mildew less then 500 dollars,1500 to repair the roof,2000 to fix up the bathroom.15000 heating system. 4000 for a paint job.hold her to the purchase agreement. get a good real estate legal eagle.
2007-07-30 19:48:08 · answer #6 · answered by endgame1915 3 · 0⤊ 2⤋
It sounds like that place is a money pit. I'm sure you would end up spending a lot more on it than you think you will. Especially since it sounds like it isn't up to code at all.
2007-07-30 17:36:49 · answer #7 · answered by Andrea B 3 · 0⤊ 0⤋
Sounds a little expensive to me.
Thanks,
Perry
http://www.creditcardofferworld.com
2007-07-30 17:46:01 · answer #8 · answered by Perry H 2 · 0⤊ 0⤋
Burn it down so she gets nothing.
2007-07-30 17:37:10 · answer #9 · answered by Anonymous · 0⤊ 2⤋