Devalue a home?

#21
Well nobody is in the house now and the furniture is over 50 yrs old in there. Everything has to be gutted. The realtor came in, took pics asked a few questions and then he was out. Dunno. We'll hv to wait it out. I'll keep everyone posted. Thank you all
 
#22
So the appraiser called fo 490K for the home!!!!!! OMG. I have no clue what to do now. I don't know if I can afford to buy these cockroaches out and try to sell my co-op upstate. The market sucks now. oh boy......
 
#23
So the appraiser called fo 490K for the home!!!!!! OMG. I have no clue what to do now. I don't know if I can afford to buy these cockroaches out and try to sell my co-op upstate. The market sucks now. oh boy......
Do you have a copy of the full appraisal? If so, you can hire your own appraisal co. for a few hundred dollars and it might appraise a little lower.

What is your end goal here? Do you want to keep the house? What is a reasonable agreement?

You are not stuck, if it is an estate, you have your rights, don't give in or panic.
 
#24
Do you have a copy of the full appraisal? If so, you can hire your own appraisal co. for a few hundred dollars and it might appraise a little lower.

What is your end goal here? Do you want to keep the house? What is a reasonable agreement?

You are not stuck, if it is an estate, you have your rights, don't give in or panic.
Dunno if I can do that now since they want this to come to an end. We got ours a few months ago from a real estate agent and I know its different from a bank appraisal. I heard its lower but i'll have to inquire about it.

Yes, I want to keep the house but it needs WORK. I mean like if I hired someone, at least 75K in work..just the upstairs main floor. The basement is probably about another 30K in renovations. If I keep it, i'll do it myself but jezus, my cousins are damn cockroaches. I just found out that one of the newphews went bankrupt (chap 7?) recently. Bastards...
 
#25
My cousin had to deal with his two brothers. He takes care of his elderly parents; one was in a nursing home and the other he supported. The mother tells him he'll get the house (which is fully paid off), but she doesn't make out a will. She dies, then the father dies a couple of years later, so one brother swoops in and wants his share of the house. The other couldn't care less, but he wouldn't turn it down if it were offered to him. Now my cousin had to mortgage the house to pay off his brothers because he refused to sell the house. What he should have done was sell it and take his third and buy a condo, but he really liked the house.
 
#26
My cousin had to deal with his two brothers. He takes care of his elderly parents; one was in a nursing home and the other he supported. The mother tells him he'll get the house (which is fully paid off), but she doesn't make out a will. She dies, then the father dies a couple of years later, so one brother swoops in and wants his share of the house. The other couldn't care less, but he wouldn't turn it down if it were offered to him. Now my cousin had to mortgage the house to pay off his brothers because he refused to sell the house. What he should have done was sell it and take his third and buy a condo, but he really liked the house.
Sounds like what i'm going through.

Here's an update. The cousins wanted an appraisal and they got it. They valued the house at 490K!!!!!! if you saw the condition it was in, no bank appraisal would give you a mortgage on this house. Anyway we got our own appraisal and waiting. The cousins want at least 200K or we are trying for 195K.

This is turning into a mess and I feel like curling up in a ball and crying. Seriously.
 
#27
Don't give in, but it may lead to having to hire an Attorney.

Make they buy you out at that price. You may have to show the inability to afford a mortgage to pay them off or a court may force the sale.
 
#30
Scott,
if i can afford it, i will buy the house. First I have to sell my place upstate (co-op), (anyone interested? LOL) then take out another mortgage. Seeing the way the market is going, i don't know what I'm going to do. I even hate thinking about this topic. It really hurts my insides when I'm typing away. arghhhhhhhhhhhhhhhhhh

(wanting to go outside and scream)
 
#31
couple questions....

i have a few ideas for you, but need some info. need general idea where house is located (just say a town). how many bedrooms, what are the property taxes?

Genius is on to a good idea....if you cant afford to buy them out, but the RE agent is saying it is worth nearly $500k, let the agent try to sell it....set the contract at some ridiculous price (say $550k). RE agent wont get that, but if you see bids come in reotely close to $500k you can pocket some decent money if you get that price. you will have to accept/reject any offer, and if the offers come in lower than the contracted price, you have no obligation to sell. If you are correct about the value of the house, you will either get zero bids, or they will be closer to $400k. Either way, dont play it so you are openly adversarial with your douchebag cousins.....when they see it is not easy/quick money, you will get the upperhand in the negotiating.

If it plays out that way, i have some ways for you to borrow money to make the purchase without having to sell your upstate place....keep us posted. goodluck
 
#32
Update

OK, here's the update. Decided to buy out my cousins. House was worth 425 (but actually 475), bought the 2 nephews/cousins out for little bit less than 1/2. I have a house now. Cousins are no more, we want nothing to do with them. I'm in debt. Mongering days will be slow and non existant. All in all, I'm a home owner. Doesn't make sense but at least its over for my dad. He couldn't sleep over this. He should have took grandma to change the will. Oh well. Live and learn.

Thanks for everyone's ideas/help on this. Much appreciated.

Kicks
 
#33
So rent the place out to a few providers. Providing they do not work out of your house. Check Zillow.com to see the property values in the neighborhood. See if you can fix up the basement make it your own pad for now and rent out the rest. Tha market will come back and you will make out in the long run. Family and $$=SUCK
 
#34
Congrats to me on hitting 1000 posts.
Thanks to all of you for your mongering advice and suggestions. Now if only I could find a Kennys or 183 Bowery in C-town??
Still working on kicking the prostatitis- they keep saying its stress and finding a permanent job so that I can upgrade my mongering..................
 
#35
No way. I can try to rent out the basement but there is no kitchen there. Besides its a split level ranch, and I can't convert it due to regulations, etc. I'll have to suck it up or find a roommate.
 
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