Re: need to sell house - UPDATE #2 How much were the tax liens for? you said originally that you would be lucky to get 45-50,000$ for the house, so $30,000 may not be bad if they will pay off $10,000 in liens You should definitely counter asking for more, and also check a few more investor's offerings...the average of what they offer should close to the true market value. Also you have second cabin that could be sold for whatever giving you a little more money good luck!
Re: need to sell house - UPDATE #2 What is the value? Yes, I would most certainly negotiate for more. Poker face!!! Rental issue-if you'll have the cash try negotiating with the potential landlord to pay 6 months in advance or a higher security due to your credit scores. Also, proof that the liens are paid or being paid would help. Best of luck!!!!
Re: need to sell house - UPDATE #3 Thanks again for the replies! My son-in-law is going to talk to this man either this evening or tomorrow. He (my son-in-law) is quite familiar with this kind of purchase as he did it himself once and knows exactly how many $$ would have to go into our home for the investor to turn a nice profit. He's going to try to get him to up the price somewhat (get the offer in writing) and then I can use that when I have some others come to look at the house. As for selling the cabin, after my husband passes on I will live there 7 months out of the year and the other 5 months with my daughter. However, as soon as I get this current mess under control I plan on signing it over to her to avoid future problems way down the road, when I'm my hisbands age. Now in regards to renting.. Would there be such a thing where I could set up an "escrow" account with the landlord or something for six months rent at a time? I really appreciate you following this saga with me because I don't have anyone else to discuss it with. I'm trying not to say much to my husband so it won't affect his health in a negative manner.
Re: need to sell house - UPDATE #3 You might not be doing your daughter any favors by signing the cabin over to her now. I know this wasn't exactly what you are asking about now, but I wanted to throw this in. If you sign it over to her now, when she sells it, she will have to pay taxes on the difference between the value when you sign it over and the value when she sells it. If you wait and leave it to her in your will, it goes to her at the value on the day you die, and when she sells it she only pays taxes on any increase after that. It just saves some money. There are also ways of setting it up in a trust to avoid probate, but that's a different matter entirely. And it doesn't sound like the value of your estate would be enough to trigger the probate limits in many states.
Re: need to sell house - UPDATE #4 Thanks for the reply about the cabin. Actually it will be turned over to my daughter in trust for my granddaughter. This is something that has been in our family since 1952 and hopefully will remain in our family for more generations to come. I'll be sure to ask a lawyer about any tax consequneces though. As for the house - well, there "may" (keep your fingers crossed) be good news on the horizon. My sister has her house up for sale also and is using our old family lawyer to handle matters. She mentioned to the lawyer that I wanted to do a quick sale on my place for cash and he said his grandson might be interested. A day or two went by but I didn't hear anymore. Then my sister found out the deal on her house fell through (buyers couldn't get a mortgage) which leaves her with a house that may be sitting empty when she moves south later this month. So, she was talking to the lawyer and mentioned that I had gotten an offer of $35,000 (she padded it a bit) and he immediately called me to make an appointment for his grandson to come look at the house this evening. He came (luckily my son-in-law was here to point out all the potential and the other good points), looked it over really good and said he would be calling me tomorrow. He left and about a half-hour later he called and wanted to come back with his wife and baby. (Seems they want the house for themselves as they're currently renting and can't afford much in the housing market right now.) They seemed quite happy when I said I wanted to have the deal DONE and be OUT of here in no more than a month. (I'm wondering if they have a lease they don't want to renew?) They wanted to know what I was asking and I said $50,000. They asked if I would be willing to accept an offer lower than that because it was more than they could go with the needed repairs and such and I said yes. They seemed happy with that - said they would go home and crunch numbers (as well as talk to Grandpa - the source of the cash) and would be calling me either tomorrow or Sunday with an offer. They already assume I have an offer of $35,000 so hopefully I'll end up in the $40,000 range or so. Not a lot of money for sure, but if it gets us out of this jam and out from under the costs of trying to live here I will be one very happy person! Also, since my sister's deal fell through on her house, she said we can "rent" her place for a small amount (thus giving us a reference) for however long it takes to find an apartment we want or until her place is sold. I sure hope this all comes together. I only weigh under 100 lbs. now and I've lost 5 lbs. this week alone from lack of sleep and inability to eat. The stress is killing me! Never again will I EVER be in this kind of position! Thanks for letting me rant here - it's better than troubling my husband with all of this.
