Refinancing An Alpaka Farm?
prospective client wants to refi existing alpaka farm; presently lives on property; about to go into foreclosure? how does one approach this?
prospective client wants to refi existing alpaka farm; presently lives on property; about to go into foreclosure? how does one approach this?
A lot more information is needed including why is he going into foreclosure, how is his credit, how much equity, income, etc.
thank you for responding so quickly; will have answers today.
Have the asked the bank about a short sale?
Can you place ad in local paper to find Rent to Own with a Deposit of up to $10,000 and who can make the monthly payments, plus cashflow to you? Get renter to make their own repairs and get their own home inspection for a trade on a $5,000 lowered purchased price of $165k or whatever you choose. Hope that helps a bit.
Canda
In truth, I wish it were possible to do this as I have some renters I would love to go after for repairs after they left, but the truth is the landlord can not do this.
The Landlord can not make tenants pay for remodelling the house. Popcorn ceiling was there before they moved in and it is not their cost to replace. Unless these items were intentionally damaged by the tenant (Drove a car over existing landscaping, punched holes in the wall, kicked in the doors etc.) there is no case for landlord to charge them these fees.
Also, Landlord can not use the security deposit for rent if it was merely late. The lease would specify a late fee, which can be charged to the security deposit, but not the entire deposit. Now, if they missed the payment entirely, then the Landlord can take the deposit to cover the unpaid rent.
I suspect that the true amount owed by the tenant is somewhere less than the $10 being sought. There should be a list of true damages, not just a wishlist of remodel items to sell the property. By the way, how long were the tenants in the home?
Thanks.
JS.
Thank you guys very much for the reply!
I just found out that there one year lease was up in Sept 07 and the never signed or verbally stated a new lease the owners just kept collecting money. Well then all of a sudden they decided to sell. My friend stated that after they moved they had a carpet cleaner coming to perform the cleaning at least, but the owner had already changed the locks and sent them an email threatening of going to court. I started to laugh at the landscape repair they wanted them to do as well, when the yard had no grass from the start. This property is located in Suffolk VA! Plus he stated that no deposited were returned, they just said that they used it on a late payment.
[addsig]
The landlord sounds like a non-professional, opportunistic nit-wit.
Well it was his first time renting...
But it was his wife who were sending out the emails for them to pay up the $10k or "face court judgement and garnish wages"... Her exact words!!!
_________________
HB Inc
[ Edited by hbinc2000 on Date 09/09/2008 ]
Thank you very much ceinvests...
Well, I just found out that the owners wrote an email explaining that they (the owners) did the walk through with an rehab company and the damages were written in the form of an email to my friend. Then she explained that they had 5 days to come up with the money, but they will settle for $4000 and call it all even.
My friends never asked for the deposit back because they figured they would have to cover normal wear and tear carpet and wall cleaning. They got a date that they had to be out and they moved out on that date. Then few days later, he received the email of damages & facing of court and garnish wages if they didn’t pay!
All the items listed fall under normal wear and tear unless they had an unapproved pets or really savage kids. They should send the landlord a letter disputing the charges and leave it at that. until and unless the landlord proceeds.
Did the landlord do a walk-through with them when they left? How long after they left did he send the email? There are time limits attached.
He told me yesterday that the owners contacted them out of the blue and explained that the home would be sold. They had 2 weeks to be out from the time they received the letter. From that point he said they clean up and moved out. There where no substantial damages, but only the normal wear and tear. They did not have any pets and his kids (boys) are 16 and 5. He stated that when he set up the appointment to clean the carpet is when he noticed that they had come and changed the locks. Two days later is when the email came about this amount large amount. They never did a exit walk through together. The owner walk through with an rehab company and they gave him those figures. Like I stated earlier, the owners were asking for $10,000, but verbally said he would settle the matter for $4000. That is when he felt something was wrong.
[addsig]
NewKid, could you elaborate why any direct written communication to clarify any specific requests, accountings, or copies could be a problem for this tenant?
Maybe you are clear that the landlord is potentially violating laws here and in making a threat has created a hostile relationship. Is that it?
I saw an attempt to create fear and bargain for dollars that are probably not deserved. I also saw verbal communication, then a final email. Can I assume that you see injustice in the threat and therefore time to involve an attorney?
Thanks for your insight.
Ce
Update...
Well Mr. Merchant that is what he did. He contacted a lawyer and explained his situation. The lawyer told him to discontinue any more contacts with the owner and about the repairs. All communications will come thru him for now own and also they are going after the deposit as well.
[addsig]
Quote:
On 2008-09-16 13:53, hbinc2000 wrote:
Update...
Well Mr. Merchant that is what he did. He contacted a lawyer and explained his situation. The lawyer told him to discontinue any more contacts with the owner and about the repairs. All communications will come thru him for now own and also they are going after the deposit as well.
Do keep us posted. I think a lot of us will be interested to hear how this one turns out.