U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > California > Sacramento
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 09-16-2012, 01:18 AM
 
Location: Mid-South Tn
39 posts, read 28,627 times
Reputation: 89
Clevelandgal and Aquaboy both confirmed what I was thinking, so we'll take some time and do it right without putting ourselves in legal jeopardy. Thanks for the input from everyone.
Quick reply to this message

 
Old 09-17-2012, 10:15 AM
 
653 posts, read 762,284 times
Reputation: 293
just look at the lending. If they are coming in with 3% or less down, they are likely not an investor. If they have less than 20% down, it is not a 2nd residence and therefore likely not an investor. If they are paying PMI, they are likely no investor. These are tells, and your realtor will certainly know the terms of the buyers offer and should be easy to determine if you pay attention to the details. Do they want a 90 day escrow? No flipper wants a long escrow, market could turn in meantime. Are they asking YOU to replace the carpet during escrow? That does not sound like the investors I know.
Quick reply to this message
 
Old 09-17-2012, 11:20 AM
 
Location: Mid-South Tn
39 posts, read 28,627 times
Reputation: 89
Quote:
Originally Posted by hydro View Post
just look at the lending. If they are coming in with 3% or less down, they are likely not an investor. If they have less than 20% down, it is not a 2nd residence and therefore likely not an investor. If they are paying PMI, they are likely no investor. These are tells, and your realtor will certainly know the terms of the buyers offer and should be easy to determine if you pay attention to the details. Do they want a 90 day escrow? No flipper wants a long escrow, market could turn in meantime. Are they asking YOU to replace the carpet during escrow? That does not sound like the investors I know.
Those are all excellent points. Thanks.
Quick reply to this message
 
Old 09-17-2012, 02:10 PM
 
Location: Bryte, CA
1,966 posts, read 2,713,404 times
Reputation: 1311
Quote:
Originally Posted by Aquaboy View Post
Carmichael has racial CCR's but they were made illegal by the Fair Housing Act and the Supreme Court.
Do you have a reference to back up your statement?

I've considered buying several houses in Carmichael. Not one of them had a racial CCR.
Quick reply to this message
 
Old 09-17-2012, 02:11 PM
 
Location: Bryte, CA
1,966 posts, read 2,713,404 times
Reputation: 1311
Back to the original topic, there is a possibility you could write a deed restriction prohibiting certain activities, such as a requirement that the property be owner-occupied.
Quick reply to this message
 
Old 09-17-2012, 03:13 PM
 
Location: Grass Valley,CA.
1,005 posts, read 1,203,048 times
Reputation: 501
Quote:
Originally Posted by KC6ZLV View Post
Do you have a reference to back up your statement?

I've considered buying several houses in Carmichael. Not one of them had a racial CCR.
You wont see them on newer homes, and the SCOTUS made them illegal anyways. They basically restricted ownership in the area to white, Christian people. That was before 1948.
Quick reply to this message
 
Old 09-17-2012, 03:17 PM
 
Location: Grass Valley,CA.
1,005 posts, read 1,203,048 times
Reputation: 501
Racist Language Found in California County's Home Ownership Documents | Fox News

Old news, but here it is.


http://legal-dictionary.thefreedicti...ng+Act+of+1968

Interesting reading on CC&R's.
Quick reply to this message
 
Old 09-17-2012, 03:25 PM
 
Location: Grass Valley,CA.
1,005 posts, read 1,203,048 times
Reputation: 501
Quote:
Originally Posted by KC6ZLV View Post
Back to the original topic, there is a possibility you could write a deed restriction prohibiting certain activities, such as a requirement that the property be owner-occupied.
Good idea, Bill. Any experts here? Nina? Is this legal?
Quick reply to this message
 
Old 09-17-2012, 07:53 PM
 
442 posts, read 466,599 times
Reputation: 247
The problem with that type of deed restriction is who is going to enforce it later? In a condo complex, the condo promoter can insert a deed restriction and the Home Owners Association generally serves as the party responsible for enforcement of these deed restrictions, so that makes these deed restrictions binding. But this type of deed restriction puts limits on the transferability of property. Let's say you sell this property to a young couple as you wish. Five years later, they need to sell the property but the market is tough and the only person interested in buying the property is an investor. So in this situation who will enforce the deed restriction. My hunch is that this situation now the young couple and the investor who want to sell this property will take the matter to court and try to get the deed restriction removed. Maybe the court will enforce it or will subpoena you as the beneficial third party to the deed restriction to make you defend the deed restriction or more like since both parties to the suit want the deed restriction dropped they court will strike it as an infringement on transferability of the property, with the consequence that basically you just screwed up the ability of the young couple to take some equity out of her time owning the property because it went to lawyers fees.

While I appreciate the idea of trying to look out for your neighbors, fundamentally neighborhoods change over time. Sometimes they increase the number of owner occupants and sometimes they decrease the number of owner occupants. But if the economic vitality of the neighborhood changes at some point in the future where the property is worth more to a landlord as a rental property than to a homeowner as an owner occupied property, then perhaps you are helping the couple more by not putting this type of deed restriction on the property.
Quick reply to this message
 
Old 09-18-2012, 09:33 AM
 
Location: El Dorado Hills, CA
2,974 posts, read 3,697,907 times
Reputation: 2760
I agree. In the end, you get to choose who gets to buy your house but I don't think it wise to try to do a deed restriction. There have been a lot of great suggestions on how to determine if a potential buyer will be owner occupied. Since you said your house is in great condition it should sell at a premium compared to the neighborhood. That alone will likely deter investors as they are looking for below market properties.

Good luck with your sale. It's awesome you are concerned about the neighborhood even after you leave. I'm sure that you will make a good choice.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > California > Sacramento
Similar Threads
View detailed profiles of:

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top