I keep reading about how the people who "walked away" from there homes are going to get money form some big lawsuit. Well, what about those who didn't walk away, even though we couldn't afford the home, like me? Here is my situation...in brief:
I'm in a Catch 22 position, and it is just not fair that there is nothing I can do, no way I can get assistance. I was one of the one's who couldn't afford a house, was told I could by realtors, (and she was sweating bullets trying to get me financed), and I even told her I no longer wanted the house. The Building inspector said the house was in great shape and a great deal verbally. On paper he wrote differently. The day before I even moved in, I had to replace the roof. Now, 7 years and $45,000 worth of debt used to fix this dump up so I can try to sell it. (Today , the house will be plumber is coming to give me an estimate on replumbing the house just so I can get the bath remodeled. I mean, totally gutted. My only bath. Have to borrow money to get a room at Motel 6. Where is my pay off? I make my mortgage payments religiously, even if I have to borrow the money. The house cost me $38,000.00. I have put 45K into it, and have at least another 20K to go before I can put it on the market. All borrowed money. Where is my payoff? I am disabled, get below the poverty level in SSD, and rely on foodstamps. When I sell this house, and pay off my debts, and have nothing left but debts that haven't been paid, what do I do then? I really need some advice here! P.S. I tried to post pics but I guess they were too big.This message has been edited. Last edited by: JulianaMoon,
Juliana, I completely understand your frustration and, perhaps, it will make you feel better to know that many other people are sitting in exactly the same chair you are today. However, even without knowing what "lawsuits" you are talking about, I can tell you that most of the better known settlements being talked about today, are NOT ones that are awarding individuals for making bad choices; they are ones intended to punish lending institutions for not following the rules.
In your case, it seems that your lending institution did follow the rules; you simply made the choice to move forward with the purchase even though you, yourself, say that you couldn't afford it. Can't blame your real estate agent for helping you achieve what you wanted to achieve - buying this house.
As for the inspection issues and subsequent problems, did you receive a copy of the inspector's report prior to or at closing? That is mandated by law so I have to believe that you did see the report especially since you proceeded to have the roof replaced before moving in.
Bottom line, we all make bad choices sometimes; I'm sorry that this one turned out to be a very expensive one for you. But you can't really blame anyone else for the situation ~ you are the one who wanted to buy this place and did buy the place. Whether or not you could afford it is simply an expensive lesson to learn but no one else is responsible for your choices.
On the positive side, sounds like you are making the necessary repairs to this property so you can sell it and move on. I wish you well ~ please keep us up-dated as you progress through this process. It's hard, we all know just how hard it is to start over; many good thoughts being sent your way.
Bottom line is, as you said, you knew you could not afford the house, yet you let a realtor talk you into buying it anyway. And now you are suffering the consequences of making a bad decision.
Stop making excuses and sell the house as is and get what you can from it.To continue to go into debt on this money pit is foolhardy to say the least and you are only compounding your problem.
Don't look for others to bail you out of a situation you went willingly into by looking for the proceeds from a lawsuit you "heard about".
some realtors just want there paycheck and don't care how they get it .I see that more and more now then ever before .The markets down and it is not going to come back for a long time in some areas and you may be listening to contractors also that all they want is your money also.I see that here you need this done you need that done and it will cost this much ,check there work carefully and get references and check the prices for every thing they are going to do and check when they do the work it is being inspected and if they say you don't need permits check that out and if they lie RUN RUN FAST .They always pad the bill and then get there discount on what they buy .Make sure they are licensed because if they get hurt you are responsible .There is really no way out of this mess that is clear cut and not much the government can do .I tell people if you think it is wrong it usually is . Sorry this happened to you and some realtors need a conscience .Think realtors if it was your children would you do that to them .
Your issue is 7 years old and is with the real estate agent who sold you the house. Not only did the agent put undue pressure on you, she did not review the written report from the home inspection.
Sorry you worked with a less than honorable agent. Your problem back then - you let yourself be talked into a property you couldn't afford and knew it. Once the contract reached a certain point - you then got cold feet. Guess what? You had a legal binding contract to purchase and you were at that point liable for damages.This message has been edited. Last edited by: Charming,
What is it that you think you have to do to your home to be able to market it? Why would you gut the bath if you can't afford that type of remodel? $65000 remodel in 7 years for a $38000 home...I hope the area and property warrants that.
Oh, my goodness, this does not sound good. I am so sorry you're going through all this.
Yes, I agree, why remodel it? Can you just sell it as is and be done with it all? What are comparable homes selling for in your immediate area?
Thanks for pointing our the OP's comment about replumbing to remodel the bath. If it is functional why spend more money on a "dump"?
I also came back to comment on actions during the bubble and problems that are being or should be fixed at the state level.
I know a lot of agents who got caught up in the whole - The bubble is going to last forever insanity. A number of established agencies and quite a few start ups did not survive the recession and it was not because of the lack of business, it was financial failure due to the owners and agents over investing in real estate. They so believed it would last forever they jumped in, both feet. Now they are in foreclosure and bankruptcy and some even in legal trouble due to their mishandling of money.
The OP is having a problem I will never ever cause a buyer to have because I do not offer financial services to clients. I give buyers a list of local and national banks and mortgage companies if they do not already have someone they are working with. I tell them upfront, to use whichever company works best for them. Today, most agents won't even take a buyer out to show homes if they do not already have preapproval for a mortgage. If a buyer is having trouble getting a mortgage, then perhaps they should wait a while or look at smaller houses.
The same with home inspectors and closing attorneys. I have a list of people I've worked with over the years and I tell buyers talk to these people but if you have a preference, please use them. Sometimes they choose another service provider and I've added them to my list, sometimes it has been a disaster. If I feel a service provider on my list is not working out they are removed. A good conscientious Realtor is working in the best interest of their client. Nothing else is allowable under our code of conduct.This message has been edited. Last edited by: Charming,
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