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I just received a certified letter from the landlord(s) that our month-to-month lease will terminate on Sept 30, 2010. I have lived here since August of 2002, 8 years now. We are behind on our rent, but I want to at least buy the house because the landlord passed away about a year ago and now her children have it. It was rumored that they have to sell it or will they probably put it on the market. The house was appraised around $35,00 - $50,000 a few years back. It was just now appraised about a month ago, but I don't know the true value yet, but I know it's not more than $50K, if that.
When I first bought the book the Real Estate Millionaire and Profit From Real Estate, I was told buy one of the team reps that I needed to at least work on my credit score so when I joined the program to get me in a home in about 30 days or so, they could work with me on some type of payment plan. It's been a year now, and my credit score have been going up, and by my estimation, this Sept or Oct, my credit score will be somewhere around 750 - 800. But I have until Sept 30 to be out of here. I would like to simply make them an offer which would cover the back rent that we owe, and we'll be responsible for the repairs to be made here. We have problems here that they've been neglecting for years and it has been costing us big time when the utility bills came in... water bill and gas bill.
I'm willing to have to make the repairs myself, as long as I'm paying to own it. I do not want to give them any back rent and then they still want us to move. Thaty's waaaaayyy too much money to just give them and not being assured of where I'll have to move to. I also don't want to have to go to court either. It'll definitely put a damper on the credit report. I'm sure I could work something out, but I don't know the approach to take, and I know they wany m-o-n-e-y. Here's my financial situation.
* I'm self employed, and I usually take home around $1,000 - $2,000 per month, but my wife brings home around $1,400 - $2,000 per month.
* I have 2 credit cards that report monthly to the credit bureaus. One card I've had for 12 months now and have never made a late payment and they gave me an increase about 6 months ago, and I just now applied for another credit increase. I'll know something within a week or two. The one card has a $350 limit. The other card is about $300 limit and I only had it a few months now, and I just found out that they don't do credit increases. They do report to the credit bureaus. I have more than 70% available on each card.
* I have no new debt and my credit score have been going up since this time lase year. The same is for my wife.
* I only have a few hundred dollars at hand, but I have some silver that I can pawn. My wife gets paid every other week, (next Friday), take home around $1,000.
* I have never owned a house in my life. This is my first attempt.
* I never applied for any bank loans or any first time homebuyer loans.
I haven't been applying for anything that would get me denied and affect my credit score. I was hoping for a way for my wife and I to get a loan or work out something so we can own the house. $50,000 isn't much to own a home, but I don't even have that. The good news is that I do receive income and so does my wife. And worse comes to worse, in order to raise the money, I can work longer hours.
I was hoping that maybe they will accept a good down payment and I can pay off the house probably within 6 - 12 months. For the eight years we have been here already, plus paying them all the rent, we would have already giving them $38,400... and the property is not worth more than $50,000. I'm willing to pay a fair amount so that I don't have to be forced to have to move. But if we do have to move, I'll give them a few hundred dollars as making payments of the back rent as long as they don't take us to court for the back rent.
I know I don't have long to go, but if someone knows how I can make them an offer, I'd really like your help. I don't want to have to move. Not just yet. I'd rather fix it up, then rent it out and move elsewhere to a bigger place.
Any help would be appreciated.
Kevin
I Have Till Sept 30 To Vacate - I Need Some Help or Advice
Posted on: Thu, 08/26/2010 - 18:12
I Have Till Sept 30 To Vacate - I Need Some Help or Advice
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i see you have only been here (dg.com) about a month. do you have any of deans books ?? i'm a newbie and not sure what to tell you. but i can tell you others will chime in here after while man. but i do want to wish you the best.
good luck and never give up never !!!!!!!!!!
walt
Hi Walt,
I've been a member here since last year sometime in July.
something will work out. Somehow.
Kevin
after they kick you out. Once they tell you, then base your argument to stay around that.
I think they would take you more seriously if you had their back money in hand, plus something more in terms of a downpayment, but if you don't, make sure when you talk to them, you do so very clear and concise and no "ummms.." and "um wells..". Your hesitation or showing of lack of what you know will make their decision alot easier to say no and will only confirm their initial decision.
In the meantime you might seriously want to start looking for another place and expecting the worse, which is most likely the reality of things.
Wish the best for you.
Get a contract off of this site. Forms and Documents on the left side menu. Work out a payment plan with the kids for now. Include a little extra each month for back rent or pay it up now. Once you have established a good payment record with them then apply for a bank loan. Go to a mortgage broker now and ask what their requirements are.
Pay off those cards. Save some money and make it happen. I bet they don't want the hassle of a sale (you mentioned neglected repairs) or of tenants.
Get estimates on the repairs and use that as a bargaining tool. The kids would have to make the repairs in order to get top dollar. These days buyers don't want to have anything to do when they move in except put their bags down and pick up the remote.
Keep us posted.
Lauri
" The only difference between me and successful people is they started before me."
by Shane
Explain to them your intends but also that you know the problems that are within the house and it would be easier for them to allow you to improve the property and live in it than for them to try and sale in a down market in which they would not get the entire value of the home. Also you need to assure them that the past rent balance is not a common thing and that they will receive their payments in a timely manner. If you stand firm on the fact that you are going to pay the back payment owned as well as keeping them current, also your knowledge of the property is of paramount importance then hopefully they will see this is the best option. Once you can get an agreement get it on paper for here on out no verbal agreements also you need to make sure to get invoices for everything you purchases for the home as well as invoices for the rent. This is a really tough situation and hopefully this helps.
One's dream is another's reality
Hi Kevin ~
I think that the first thing you need to do is "find out" whether this house (where you now live) is in PROBATE, or not. (You say the landlord passed away and now her children have it ... but perhaps they were on the deed as joint tenants.)
My suggestion -- go online in your county and simply look up the deed of the property (for starters) to see what names are listed there. This step will also tell you other great information pertaining to the history of the property value.
You should not rely on "rumors" re: whether they HAVE TO sell it. That is a very big piece of information that definitely affects your position -- and the amount of leverage you have.
It's possible that they have been ORDERED to sell it by the court (to pay off their mother's debts, taxes, etc.) It is also possible that the house is not in PROBATE and they simply DESIRE to sell it --- in order to split the profit from the sale between themselves.
Knowing the sellers' motivation is at the VERY HEART of where you stand. (This is true with any case, not just probates, of course.) Empower yourself by discovering their mission.
If you learn the house is in probate ... consider visiting the FORUM on this website called 'PROBATE PROFITS' (category: Everything Else) simply because it lets you understand their predicament a little better. This will help you, I think, to make a successful offer and win this house!
I bet you can even persuade them to let your delinquent payments also serve as your down payment ... Stranger things have happened !!!
Good luck ~
Sherri