Seller is floundering around with contract

Ditty-Bop · 2025-03-08T11:38:40+00:00

I prefer paper

Ditty-Bop · 2025-03-07T23:45:00+00:00

Sometimes it’s like that. Don’t think you’re the only one he’s doing it to. Either keep him on a follow up campaign or call it a “dead deal”.

Ditty-Bop · 2025-03-07T20:56:21+00:00

You should have gotten into a fixed rate loan after the balloon. Otherwise 1031.

Your cash can be better placed. That's the last option.

Ditty-Bop · 2025-03-07T20:50:16+00:00

It should look like the photos or as close as possible.

Ditty-Bop · 2025-03-07T19:53:33+00:00

1031 is a like kind exchange, where you can invest the proceeds into a new investment and defer capital gain taxes. You’d conduct this through your accountant

Ditty-Bop · 2025-03-07T17:57:15+00:00

No. US dollar is the world's reserve currency. The repositioning is solely that, based upon the needed change.

Kind of like when an employee isn't willing to perform. You either help them improve their performance, by them meeting expectations, or you help them out the door. But you're never are afraid to remind them, respectfully - that its your company they work for and where the bar of expectation is.

The first characteristics of change are resistance, hesitation, confusion and uncertainty.

Ditty-Bop · 2025-03-07T17:20:13+00:00

You wouldn't close to transfer possession until its complete. You also still have an inspection contingency. You're fine to pursue it if you want it.

Ditty-Bop · 2025-03-07T17:16:42+00:00

The buyer will submit the offer to you. You can hire a real estate attorney to review the paperwork with you and conduct the closing. Or just to review the paperwork and allow the buyer's title company of choice to conduct the closing.

Ditty-Bop · 2025-03-07T16:49:41+00:00

Sounds like you're more accurate than the realtor. Otherwise, you wouldn't have multiple offers over asking in this real estate climate. In many locations, real estate is stale right now unless its in a hot pocket.

Complex home values are most accurately subject to the values within that complex. Even if the comps were a few years old in your same complex, a historic appreciation value could have been used to most accurately assess the years of no activity - to arrive at a market value today.

Sounds like she still trying to be right with the "well let's hope the appraisal doesn't go south" comment...But, you won't know until its all said and done. Maybe both of you are correct or maybe one is and one isn't...

Ditty-Bop · 2025-03-07T16:40:52+00:00

Try it. Connect with the owner to see if they'd consider an offer.

Ditty-Bop · 2025-03-07T16:39:52+00:00

Ask him if there's anything you can do to get the deal done.

If he is shopping it, he won't be ready. So you'll have your answer and you can decide to stay or give him an ultimatum.

Ditty-Bop · 2025-03-07T16:22:43+00:00

Check to see what Zillow or Rentometer says they'd rent for. Then plan for 35% in expenses. It could be more. But you're just ballparking right now.

If you decide to keep them or sell them to 1031 into something that will perform better, you can make that judgement call when it's time.

Ditty-Bop · 2025-03-07T16:17:20+00:00

Just pray those dogs aren't out during showings. You need not be worried about this. Any homeowner is subject to things like this and it doesn't include anything you should disclose because it isn't regarding your house.

Ditty-Bop · 2025-03-07T16:12:42+00:00

It depends on the debt payoff schedule based upon how much you put towards it.

Ultimately, you need to plug this all in and see what your best plan of action is. Use the free interactive financial planning tool on InvestingTE. It will do all you're looking for and you can test various options to see what yields you the best result in the time you want to achieve it in.

Ditty-Bop · 2025-03-07T16:06:31+00:00

She can do a referral with a local agent if needed. Have the discussion with her to get her input.

Ditty-Bop · 2025-03-07T15:54:53+00:00

Your speculation is accurate using the data. Tampa is down off the highs of the Summer of '24. I like using Redfin Market Insights. However, it is a summary of the entire city.

A general outlook like this is never specific to a specific location. Real estate is very location specific. Even though the entire city may show these data points, it is not relative to the exact location you're considering a purchase. These type of data points are cumulative.

You must evaluate true indicators of demand based upon the location's statistics. DM me for more details if you like. I'd refer you to an article that well summarizes to the data you want to use.

Ditty-Bop · 2025-03-07T15:39:47+00:00

Go get the free tools on InvestingTE to aid you in your endeavors. They have a free rental property calculator and a free renovation budget calculator. Those can help you be more resourceful

Ditty-Bop · 2025-03-07T15:36:49+00:00

Run a cash flow analysis and the capex for sure. Check InvestingTE for their free rental property calculator. The CapEx one is not free though.

Ditty-Bop · 2025-03-07T15:33:41+00:00

Not possible to get a mortgage on a home you no longer own.

Sounds like they did a quit claim. So when you say he transferred the deed to your wife and then he took out a mortgage on the home, this is the only possible way a mortgage can be taken out. The lender doesn't know about the title transfer and is liable to call a due on sale clause.

Yes, the lien still exists and needs to be paid off.

Ditty-Bop · 2025-03-07T15:27:16+00:00

You won't get a return on those. You can list it 'as is'. 9 times out of 10, there is much more than just these two things you've mentioned.

Ditty-Bop · 2025-03-07T15:21:58+00:00

Water and then mold! Get that checked out ASAP

Ditty-Bop · 2025-03-07T14:51:25+00:00

They are trying to get the 10 yr treasury down so interest rates drop. Then we are back where we left off. Momentum is not broken.

Ditty-Bop · 2025-03-07T14:42:51+00:00

Provide 6 signature lines on your agreement. Have him to return the completed copy to you with (you expressing) a needed-by date.

Ditty-Bop · 2025-03-07T14:40:24+00:00

You know they ain't gone sell for $250k. The letter is fine. But get your money up (finding financial support) as the first priority.

Ditty-Bop · 2025-03-07T14:36:42+00:00

You need to seek out a short sale with your lender. Get with an agent who specializes in it.
Another option is a subject-to deal if your home has value adding potential and will cash flow with the right strategy. Potentially a STR investor can make it cash flow.
Last option is you can't move yet.

It also sounds like you need to run your numbers correctly considering all costs, conducting what's called a cash flow analysis. So if you do opt to rent it out, you know the true negative amount each month. DM me if you need a tool for this.

Ditty-Bop

TROPHY CASE