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The only confusion is on your part if you think all opinions are created equal - random personal/layman's opinions vs professional opinions given by experts on the topic who present themselves here as experts/professionals.
Professional opinion and professional advice are very close cousins.
A licensed, professional real estate agent posting here in their professional capacity as a real estate expert and giving opinion on matters related to real estate is giving a professional opinion and that will be understood by everyone to be a professional opinion. Not just some random layman's opinion. And a real professional does not throw around opinions willy-nilly when they are operating in their professional capacity.
Again. Opinion versus advice. Doesn’t matter how close of cousins they are, they are not the same. Particularly when there is no fiduciary duty involved. You continue to ignore this piece.
Like any advice on the internet- professional or not - you’re getting what you pay for.
This is something that should have been suggested earlier in this thread. When a real estate broker is not used for a property purchase, at least hire a title company to do a search on the deed and buy their insurance, to cover anything that might be missed and put the ownership in jeopardy.
New progress -- my wife mentioned this to her mother, and mother-in-law is interested in stepping in to do this deal for me. My mother-in-law is a real estate investor, and actually is hunting for a property in the 1~1.5 mil range (this is only moderate price level in SF bay area), so she can easily divert $300K to do this deal.
I don't know if this is apparent in my original post -- by having *relative* do this, there is implied trust and good will between the parties; even if one party yield some profit to the other party, or one party missed a profit opportunity because of this, it's not a big deal. I have done the same for other relatives. This is what family is about, at least for our family.
Even so I will not abuse that good will. I will have my mother-in-law buy the property and place it under her name. In this round of buying, we will do all the due diligence that comes with buying a house (title search, etc). Then when the time comes, I will buy it from her.
With this, going back to my original question, when the time comes for me to repay my mother in law and take the title, based on the suggestion here I can just contact a title company, maybe the one we use for this initial purchase, and pay the appropriate fee for the service. Is this correct?
And if so, any idea approx. how much I can expect to spend for this?
If she is buying it herself first, in other words the title is in her name then there is always a chance that you won't buy it from her. She should only do this if she doesn't mind the possibility of ending up with it.
If she is buying it herself first, in other words the title is in her name then there is always a chance that you won't buy it from her. She should only do this if she doesn't mind the possibility of ending up with it.
Not only am I gonna buy it from her, I am gonna buy it from her at a 20% premium within a year, or the market value if it's even higher (I doubt that's gonna be the case though).
I don't care if the value fluctuates down; I am buying this for the long run.
I will also give her the option to keep it if she ends up liking the property. Realistically my wife and I are gonna end up with the property anyway at some point.
well, first I'm not in CA so I have no idea how much either a title company, escrow agent, or attorney costs. I can say I've never heard their charges being more than 1% of the transaction amount, but if you're in the $1MM value range, still shouldn't exceed $5K FOR WHAT YOU'VE DESCRIBED.
However, let's talk about this "can't get a loan because there's a mobile home..." angle you stated.
Are you basing this on another of your many posts, the one where several folks said you can't get a loan for a mobile home? You won't know whether you can get a loan until you speak with a lender that is familiar with YOUR situation and your financial picture. And assuming you can indeed get a loan, you surely wouldn't be paying 20% interest.
However, end of the day - your questions, again:
No, you do not have to use an agent.
The cost for using an appropriate service for all these closings shouldn't be too expensive.
Not only am I gonna buy it from her, I am gonna buy it from her at a 20% premium within a year, or the market value if it's even higher (I doubt that's gonna be the case though).
I don't care if the value fluctuates down; I am buying this for the long run.
I will also give her the option to keep it if she ends up liking the property. Realistically my wife and I are gonna end up with the property anyway at some point.
Actually in any case a lender should always ask themselves if they wouldn't mind ending up with it. I recommend she has someone local help her determine the value first if she does go through with this thing.
My gut feeling after reading this post here is that she shouldn't. Is sounds like you may just renig on the whole thing and just plan on inheriting this when she passes. Horrible thing to do to your mother in law.
Actually in any case a lender should always ask themselves if they wouldn't mind ending up with it. I recommend she has someone local help her determine the value first if she does go through with this thing.
My gut feeling after reading this post here is that she shouldn't. Is sounds like you may just renig on the whole thing and just plan on inheriting this when she passes. Horrible thing to do to your mother in law.
I'm quite surprised that as a real estate agent you are so sensitive to the estate planning topic. I am a financial advisor myself (on the securities side) and I live and breathe this topic daily.
Maybe crude but it is what it is. If we don't inherit properties then we inherit cash and stocks.
I'm quite surprised that as a real estate agent you are so sensitive to the estate planning topic. I am a financial advisor myself (on the securities side) and I live and breathe this topic daily.
Maybe crude but it is what it is. If we don't inherit properties then we inherit cash and stocks.
If your future planning depends on inheritance you think you are getting its a bad plan and I would hope you aren't advising other people that way.
Where did you get that my future planning "depends on inheritance"?
You said so in your post. if you figure you will end up with what your mother in law has right now you are looking at it that way.
I'm starting to agree with some of the other posters on here who think all of this is a potential disaster.
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