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Spring Hill, FL I am trying to sell a house that they tenants have been in for about 5 years. At first my daughter was handling the property, until I found she hadnt paid the taxes in 4 years. Both our names are on the deed. House has $33,000 mortgage on it. OK so tenant wants to buy house. I have dropped the rent over the years from $750.00 to $300. because they have 8 kids and he doesnt work much. But they kept the house clean. And I have much too big of a heart. Oh the house also has a sink hole. Would think about $88.000. And the HVAC just died. I dont want to put anymore $$ into this house. I told them I cant sell it to them because of the non working unit. They said their lender (who approved them) they have $11,000. for all costs. told them that mean that they have lived in the house for 5 years that they do not have to have appraisal or inspection done. Is this right? It doesnt make much sense to me. If anyone wants to jump in here, I would really appreciate it. I inherited two houses and I cant wait to be rid of them.
If they have been living in the house for 5 years, they may decide not to do an inspection, but they can't waive appraisal. If they're getting a loan from a bank, there will be appraisal.
More help needed... Buyer says that the Lender said as long as there is no activity on the sink hole, they are ok to get a mortgage. I'm just getting the feeling this lender is not "Right". Any thoughts??
More help needed... Buyer says that the Lender said as long as there is no activity on the sink hole, they are ok to get a mortgage. I'm just getting the feeling this lender is not "Right". Any thoughts??
IMO, as long as their lender is willing to loan them the money, it doesn't matter if they are "right". That's the buyer's concern, not yours.
I suggest that you consult with a real estate attorney. Have them draw up the sales contract, and advise you along the way. You'll want to follow Florida's laws on disclosures and I wonder if the unpaid taxes will complicate matters. After four years, I'm surprised the home hasn't been claimed by the city/county and sold at auction. You want to be sure that isn't in process.
After four years, I'm surprised the home hasn't been claimed by the city/county and sold at auction. You want to be sure that isn't in process.
After 3 years of unpaid taxes, the county will put the tax certificate up for auction. Bids are for the max interest rate the successful bidder can charge on the property owner for the unpaid taxes. After a period of time, the owner of the tax certificate could foreclose on the property owner, if they choose to do so. That’s my loose understanding of it, anyway.
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