How to Get Money Back When Buying Real Estate
June 22, 2010
If you have the knowledge there are many ways you can get some money back from the seller when
buying real estate. One of these ways is to get the seller to pay for the closing cost. The closing cost may not be a lot of money compared to the price of the property so it is a good thing to negotiate. If a
seller is eager to sell a small thing like closing cost will not let him or her leave the bargaining table.
Another way you can get some money back from the seller when buying real estate is getting the seller to pay for the taxes for the rest of the year in witch you are buying the property. Again this will not be a lot of money compared to the property witch makes it a good thing to put on the bargaining table. One last way to get some money back from the seller when buying real estate is getting the seller to pay for the things that need to be repaired or replaced. This can be a lot or a little, it all depends on the shape the property is in. This is harder the get a seller to agree to than the first two, but it is not impossible to find a seller that will. If the property needs a lot of work it is good idea to see if you can get the seller to pay for half or more of the repair cost.
All ways make sure that if you do get the seller to agree to give you back any money for any reason that you get it in writing. It is a good way to make sure every one is on the same page. Getting money back when buying real estate is not an easy thing to ask for, but if you know what to ask for it can make the process a whole lot easer. This is a good way to help you to save a lot of your hard earn money.
A good web site where you can see more information on topics like this is Real Estate Facts which is highly recommended. Thank you and enjoy.
Kevin Cox
http://www.articlesbase.com/real-estate-articles/how-to-get-money-back-when-buying-real-estate-111346.html
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8 Responses to “How to Get Money Back When Buying Real Estate”
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I lent a friend 40k for a real estate transaction, can I get it back?
They used the money for a down payment on real estate they bought. There is no formal contract between us. Since then our friendship has gone down hill. They are selling the real estate and I want to make sure I get my money out of it when it sells. Can I lien the real estate they bought for the amount they owe? Or can i do nothing since there is no formal contract?
This person is a member of my family, a mistake yes, but it is what it is. I do have a canceled check, but thats it.
Hire an attorney so they can keep track of the money and get the proceeds from the sale of the real estate.
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You need a good lawyer fast! Do you have anything that documents the money transfer? e.g. a canceled check?
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You have no options. They have to have signed a note and a deed of trust for you to put a lien on.
Sorry! Basically you have no proof that you lent them anything.
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22 years mortgage business.
Not even an IOU on a napkin? This is a hoax post, right?
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Wrack your brain to think of any and all evidence you may have of the loan. You have a copy of a personal check. Does the memo indicate it was a loan? If you have evidence that the money was a loan and not a gift, you can bring a civil action against them for conversion. The person who said a lien may be placed on a deed of trust is wrong. A deed of trust is virtually the same as a mortgage. A lien may not be placed on a mortgage which is a document that evidences a loan made by a lender (usually a bank) to a borrower (usually for realty). They also indicated that a promissory note was required. Wrong again. A prom. note is not the only document that evidences a debt. Besides, it would not be they who held such a note but instead the lender. Not surprisingly, they’re also wrong that you have no options—indeed it is difficult to conceive of sucha situation in which there were no "options". If via the lawsuit, a judgment is obtained, a writ can be used for various remedies including a lien on realty but this will undoubtedly take longer than completion of the sale of their house (though you can place a lien on the next property they own). However, your main and immediate problem is finding evidence that they received money from you. A less serious problem, but a serious problem nevertheless, is finding evidence that that money was intended to be a loan and not a gift. Why has the relationship soured? Is there no repairing it? Can you fake being OK with them until they pay you or begin repaying you (this would be evidence of a loan versus a gift thus, if you can cajole them into making some payment(s), you possibly have some evidence). Also, are these people so morally destitute that they believe it’s OK to beat you out of $40K? Do you have any leverage against them? Is there anything you possess that you can use to "encourage" them to pay. Be careful here; the law protects jerks like your former friends with extortion/blackmail laws. My feeling is that truth should be a defense in such a case (extortion). However, that does not help you here and now. You need a plan to compel or coax them into paying something; even if you can get them to sign an agreement to pay back a very small amount per month, then you have evidence that 1) you gave them money and 2) they owe you that money as it was a loan and not a gift. If you don’t have sufficient evidence of the loan already, concentrate on getting them to sign something like the aforementioned. I wish you the best and wish I had friends as hospitable, helpful, loyal and generous as you.
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a law degree from Pepperdine, a license to sell real estate and vast experience
You can record ANYTHING at the court house. They don’t care what it is as long as it conforms to their recording guidelines (1 inch margin on top, bottom & both sides).
Get a generic lien form, a copy both sides of your cancelled check. You will need the legal description of the property. Then file it. It will cloud their title enough that the title insurance company will want explanation & hopefully a payoff.
It’s better than nothing. Hopefully, there was a notation in the memo line that said "loan" or "down payment".
We’ve recorded listing agreements against some properties years ago just because a seller pulled a stinky.
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dumb ass…….
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