Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-28-2014, 09:58 PM
 
820 posts, read 1,206,971 times
Reputation: 1180

Advertisements

Someone could purchase it by paying the taxes...
Reply With Quote Quick reply to this message

 
Old 08-29-2014, 01:07 AM
 
Location: Coastal California
230 posts, read 388,057 times
Reputation: 981
Zillow is notoriously wrong on values.

If your relative passes away, there may be hospital/medical bills that must be paid. In California, Medi-Cal can place a lien on real property.

Prior to agreeing to 'take over' this home, make sure that all final expenses of your relative have or will be paid. Find out the balance today for the back taxes, any mortgages or other liens. Talk to a Realtor or appraiser for a realistic value of the home in its 'as is' condition.

Sorry you are going through this difficult time.
Reply With Quote Quick reply to this message
 
Old 08-29-2014, 01:21 AM
 
Location: Las Vegas
14,229 posts, read 29,970,145 times
Reputation: 27686
I'd get an appraisal and sell it "as is". Depending on where the home is located you may walk away with 100K. The home belongs to an individual who died so there is no disclosure.

Just come to grips with the fact you will NOT get 320K. You can probably count on 50K for sure.
Reply With Quote Quick reply to this message
 
Old 08-29-2014, 07:27 AM
 
5,048 posts, read 9,585,378 times
Reputation: 4180
Quote:
Originally Posted by cully View Post
Staying with reverse mortgage for now. Here's why.

One day grandma didn't have to make any more payments. She may have believed the mortgage was "cancelled" or may have expressed it that way. In NY over 70 years of age...no more payments on a reverse mortgage so it would appear the old mortgage was cancelled. Yes...more specifics, etc but generally the idea especiallyn of an older person not totally into this stuff. (and, no, I don't think 70 is old at all)

Next thing, when there is a default such as with taxes, a lender must allow the borrower to cure any default.

Brings us to the next thing. The taxes.

I believe this is regarding a home in NYC. If that is so, here's what I most recently about tax liens in NYC and how quickly they work.

For a single family home, taxes and realated charges must be at least 3 years past due. Yeah.

Then there's the notice.

Then 8 weeks or more later the city files for foreclosure.

2 weeks after filing or more there is the "Notice of Foreclosure" sent out.

At least 10 weeks or more after filing there is the Final Judgement.

The city will not auction a property for at least four more months...at least...after the Final Judgement.

If the city has not sold the property you can still get it back for two MORE years with a release fee and all taxes and charges or by partipating in an installment plan.

Seems like even up the Final Judgement it could be 4 years or so.

Now, about the amount...$30,000. That can easily acrue in four years in NYC. Or three years with additional fees.
PS If this is two family, same applies.
Reply With Quote Quick reply to this message
 
Old 08-29-2014, 07:33 AM
 
Location: I live wherever I am.
1,935 posts, read 4,765,217 times
Reputation: 3317
Quote:
Originally Posted by MemoryMaker View Post
So a relative who sadly is going through a health crisis owns a house that ACCORDING to Zillow is worth about $320k. Homes in the neighborhood generally range from $200k-$400k.

However, the house has some MAJOR issues:
- The house owes $30,000 in backtaxes (our region has sky-high taxes)
- The school district has declined and is mediocre/well below-average.
- This neighborhood has slightly-declined and borders a really bad area
+One good thing is that the mortgage has been cancelled on it since the homeowner was elderly.

The house also:
- Needs new (large) driveway, new (large) garage door and overall updating/facelift.
- Needs new roof (raccoons in ceiling of both floors)
- Floors are uneven at various parts throughout the house
- Porch leaks
- The ceiling of the family room, garage and lower bathroom leaks
- Both kitchens need serious updating (the home's a 2-family home)
- Needs electrical work b/c several lights don't turn on (probably either due to raccoons biting wire or water damage)

This cost to fix this home would probably EASILY exceed $100k+. We like some things about this home b/c it is a very large home and when it's fixed up, it could EASILY be the nicest home on the block; and we spent the last 15/yrs in this home.

We just don't know if we should take ALL this on!? (or just somehow walk away)
And we don't know if it'll be a good long-term investment!?
You're asking if you should be given a house? Good grief, Charlie Brown! SELL THE HOUSE for whatever you can get out of it and that's your gift. Let's assume that everything you said is true. $100K+ for repairs and $30K for taxes. Perhaps a good estimate of what the house will cost, to bring up to "good salable condition" for any ordinary family, would be $150,000. If it's worth $320,000, let's reduce that by a bit for what you said about the neighborhood and call it $300,000. Subtract from that the costs and call it $150,000. List it for $130,000 and see what happens. You'll probably get a home flipper or investor to buy it, and heck, if you can't sell it for $130K, keep dropping the price until you do sell it. If you price it right and list it with a realtor who is part of the MLS, it will sell overnight. Any money in your pocket from the sale of that house is gravy... and furthermore, you won't have to pay estate or inheritance tax on that $320K Zestimate - only the actual amount of money you were able to get out of the sale of the house. Even if you only net $80-90K from the sale, heck, I'd take that gift in a heartbeat!
Reply With Quote Quick reply to this message
 
Old 08-29-2014, 09:16 AM
 
5,291 posts, read 5,216,211 times
Reputation: 18658
Why do people give any credence to a Zillow estimate? Last time Ive looked, Ive never known Zillow to physically look at a single house on their website.
Reply With Quote Quick reply to this message
 
Old 08-29-2014, 10:22 AM
 
4,567 posts, read 10,625,503 times
Reputation: 6725
1. Zillow is always wrong.
2. Long live Zillow! LOL.

Even if zillow is wrong, its a good ballpark most of the time.
Reply With Quote Quick reply to this message
 
Old 08-29-2014, 12:22 PM
 
4,901 posts, read 8,721,368 times
Reputation: 7117
Quote:
Originally Posted by Scooby Snacks View Post
+1. Zillow is the most useless real estate site there is. .
I look at Zillow a lot because it has much larger pictures than realtor.com or trulia. Not to mention that sometimes they will have more pictures. I also like the feature of being able to move the map around and zoom in on a particular area to see only what is available in that area. It also lists homes sometimes that are not listed on realtor.com. (so does trulia) I pay no attention to the Zestimates.
Reply With Quote 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.


Reply
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:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6. The time now is 10:33 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top