Who here is a real estate expert?

[Tony D'Amato]

What shythole neighborhood does she live in to have a house only worth 75 to 100k in Southern California?

What shythole neighborhood does she live in to have a house only worth 75 to 100k in Southern California?

Those were my estimates, dipshyt. I will find u and make bacon out of your corpse, u pink bish

 

[88m3]

Need to talk a lawyer who does estate planning, Breh.


There's several factors with this that people don't even think about including putting your relatives Medicare at risk.



It can be done legally/properly but you'll need to put some real thought and effort into it.

 

[无名的]

Those were my estimates, dipshyt. I will find u and make bacon out of your corpse, u pink bish

Your word isn't worth shyt, just like your aunt's house.

She got duped on her financing. Nice to know stupidity runs in the family.

There are too many holes in this story to even help you.

 

[Tony D'Amato]

Your word isn't worth shyt, just like your aunt's house.

She got duped on her financing. Nice to know stupidity runs in the family.

There are too many holes in this story to even help you.

U will die soon

 

[Consigliere]

I mean... what value are you trying to capture? Best case scenario?

How much of it is going to be eaten by pre-existing debt?

 

[Tony D'Amato]

Like all things in life...it depends...obviously everyone's situation is different, especially when it comes to finances. Some things you should consider:

1. Actual value? You need to do the research to determine what the local real estate market looks like. Are other properties selling and possibly being rehabbed? Any new construction? If it's obvious that gentrification is coming and the value will quickly rise then obviously it makes sense to try and keep it. Otherwise you'd be crazy to wrap that mortgage and upkeep costs around your neck - especially if you yourself want to purchase your own home in the near future. I would get the opinion of at least 4-5 realtors.

2. How many family members would be willing to make payments? Where will the money to cover the 270k mortgage payment? If you know it's going to be a financial heavy lift to maintain the mortgage and upkeep, be wary of over stretching yourself/ ruining your credit.

3. You may want to consider possibility of renting the property. A lot of renters are willing to pay a premium for a single family home bc of the space etc. Again you need to be sure of what the market can support. They have property sites geared specifically towards single family home rentals. See what comparable properties are renting for. Take into account any money you have to put in to get the place in rentable condition. That might be a way to hold onto the property while waiting for values to rise.

4. If you decide to keep it then consider refinancing if you can get a lower rate than what grandma was paying.

5. Is family member in danger of imminent death? If so consider what her will might say or whether she even has one. What if she becomes incapacitated? All of these situations can leave you in a difficult position even if you decide you want to keep the property.

First thing, get a sense of the current value and the generally accepted forecast for that area in the next 3-5 years.

I've seen her mortgage, she pays under 2k monthly. Not bad imo. Her kids seem to think the house is valued over 200k. I still think she owes more than the house is worth. Definitely need to get a professional to assess the value.

Good lookin on the advice breh.

 

[Tony D'Amato]

I mean... what value are you trying to capture? Best case scenario?

How much of it is going to be eaten by pre-existing debt?

I don't think selling it would be profitable. I've come to the conclusion they should either move in and keep up the payments or just let the house go.

Maybe they can refinance, get lower monthly payments, rent out the property after making upgrades amd can make a small profit I guess, but that seems like a lot of work.

 

[Consigliere]

I don't think selling it would be profitable. I've come to the conclusion they should either move in and keep up the payments or just let the house go.

Maybe they can refinance, get lower monthly payments, rent out the property after making upgrades amd can make a small profit I guess, but that seems like a lot of work.

Don't be afraid to walk away.

Without having seen the house, land, or location, I'm assuming this isn't a top of the line property. And I'm betting for $270k you could buy multiple comparable homes in a less expensive area and finance their renovation.

Unless the house has sentimental value or is in a pending development zone don't be afraid to walk away.

 

[Maschine_Man]

I've seen her mortgage, she pays under 2k monthly. Not bad imo. Her kids seem to think the house is valued over 200k. I still think she owes more than the house is worth. Definitely need to get a professional to assess the value.

Good lookin on the advice breh.

she's paying 2k monthly for her mortgage

Owes 200k still plus another 70K for a second mortgage and the home is only worth 100K?

something's not adding up.

how much land does she actually own? how big is the house?


I bought my house a few years ago for 320K and my mortgage is only $1600, and that is adding more to the principal monthly.

I think you can do better somewhere else.

 

[无名的]

she's paying 2k monthly for her mortgage

Owes 200k still plus another 70K for a second mortgage and the home is only worth 100K?

something's not adding up.

how much land does she actually own? how big is the house?


I bought my house a few years ago for 320K and my mortgage is only $1600, and that is adding more to the principal monthly.

I think you can do better somewhere else.

A 2k monthly payment on a 100k house and he says not bad. I'm dead.



Burn the fukking thing to the ground, send her abroad and say she died in the house to collect the insurance money because that's the only way you're not fukked.

 

[Tony D'Amato]

she's paying 2k monthly for her mortgage

Owes 200k still plus another 70K for a second mortgage and the home is only worth 100K?

something's not adding up.

how much land does she actually own? how big is the house?


I bought my house a few years ago for 320K and my mortgage is only $1600, and that is adding more to the principal monthly.

I think you can do better somewhere else.

Its a lot of land. Like another house could fit on the land.

She pays like $1700. She doesn't struggle to pay it.

And I said that 100k was my estimate. I wouldn't pay more than 100k for just the house. The only thing Im certain of is that she owes more than the house is worth. There is a house in the neighborhood that sold for 400k, but that house is fukking huge and built recently, but sits on less land. This house was built in like the 60s, but remodeled in the 90s.

I hear about people paying 2k in rent. Hell, they'll charge u 1k+ to live in Nickerson Gardens out here. My sister pays over 3k monthly mortgage.

 

[Tony D'Amato]

A 2k monthly payment on a 100k house and he says not bad. I'm dead.



Burn the fukking thing to the ground, send her abroad and say she died in the house to collect the insurance money because that's the only way you're not fukked.

Yo pasty azz really want some attention this morning, this is what happens when u put a leash on your kids.

 

[☑︎#VoteDemocrat]

:TrollTrump:

 

[Maschine_Man]

Its a lot of land. Like another house could fit on the land.

She pays like $1700. She doesn't struggle to pay it.

And I said that 100k was my estimate. I wouldn't pay more than 100k for just the house. The only thing Im certain of is that she owes more than the house is worth. There is a house in the neighborhood that sold for 400k, but that house is fukking huge and built recently, but sits on less land. This house was built in like the 60s, but remodeled in the 90s.

I hear about people paying 2k in rent. Hell, they'll charge u 1k+ to live in Nickerson Gardens out here. My sister pays over 3k monthly mortgage.

it really doesn't matter how much you spend on the mortgage if the value isn't worth it.

if it really is valued at 100K, and paying 1700 month.....there is negative value.
1700 /month should net you a house around $350K.

another question... how much longer does she have on her amortization?


and you say a lot of land? what is a lot of land? an acre? 5 acres?
what is the frontage?
how deep does it go?

how many sqft is the current house?

 

[Tony D'Amato]

On

it really doesn't matter how much you spend on the mortgage if the value isn't worth it.

if it really is valued at 100K, and paying 1700 month.....there is negative value.
1700 /month should net you a house around $350K.

another question... how much longer does she have on her amortization?


and you say a lot of land? what is a lot of land? an acre? 5 acres?
what is the frontage?
how deep does it go?

how many sqft is the current house?

I have no clue about any of that. All I can say is another house can fit on the land and still have room.

I think she paid over 300k in the 90s to buy it.