Real Estate

howie is going to marry the woman who was the webmaster for bsb in 2000, ugh she is so ugly and from what fans say who met her a real witch, howie is a multimillionaire i hope he plans on having a pre nup or he could end up getting taken, she is non famous and works as a realestate broker.

I guess Howie must be seeing things that all the fans don’t see, he is attracted so much that he wants to marry her.

Maybe it’s all about jealously from those who wish ,THEY were in her shoes Hmmmmmmmmmm?? ♥

Does anyone know anything about Mini realestate. I was told that a husband and wife both took a realestate course and go around posting and selling vacant property. They also both are doing a travel agency from home. I was told that there is such good $ in it that they both quit there real jobs and are making around 500k a year anyone know how to get in to this.

I can’t say that I know anything about mini real estate, but after having been in the business (real estate) for more than 10 years on the lending side, I have seen and heard just about everything.

People cannot post and sell vacant property without owning the property – it is IMPOSSIBLE for someone to sell something that does not physically belong to them, that is what title researching is for. There is a little thing called mortgage fraud and it will send you to jail for a LONG LONG time.

I’ve seen recently too an informercial about bying up property at tax sales – you can do this, but not as easily as this informercial would like for you to think.

There is no such thing as a get rich quick scheme, if there were don’t you think EVERYONE would be rich?

Keep your nose to the grindstone and save, if you have a bit of extra money invest it in a short term CD with a high yield.

Take it from me, the real estate market is going soft because interest rates have been going up, and people aren’t buying anymore, or refinancing. Defaults are at all time highs, mostly because people bought too much of a house on an Interest Only fixed rate (5 years or less), or even worse on an ARM (Adjustable Rate Mortgage) and now they can’t afford the new payment.

-Em

what?

My uncle is the executor of my grandparents estate and the Will states the the assest are to be devided equally between my father and him (a strait 50/50). My uncle has refused to communicate with my dad and has sent letters to the realestate agent and title company demanding that they write one check for the propertiy being sold to him; moreover, he tells them that they cannot give him (my father) the name of the estate attorny(who drafted the Will), nor the title company or any information whatsoever regarding the sale of this property, or the other property that is listed.
What he is planning to do is keep a 100% of the proceeds so he can buy a house cash as he has been living with my grandparents, and feels that although my father has a mortgage he should not. Then when and if the cabin sells ( the second property) split that with my dad to even things up, whenever that happens.
This is in Minnesota

In what state is probate occurring?

EDITED BASED ON ADDITIONAL INFORMATION:

By the way, the entire probate code can be found here:
http://www.revisor.leg.state.mn.us/revisor/pages/statute/statute_chapter_toc.php?chapter=524
Under Minnesota Probate code(s) you have the right to demand the executor submit a Performance Bond as per the following:

524.3-605 DEMAND FOR BOND BY INTERESTED PERSON.
Any person apparently having an interest in the estate worth in excess of $1,000, or any creditor having a claim in excess of $1,000, may make a written demand that a personal representative give bond.

The demand must be filed with the court and a copy mailed to the personal representative, if appointment and qualification have occurred. Thereupon, the court may require or excuse the requirement of a bond. After having received notice and until the filing of the bond or until the requirement of bond is excused, the personal representative shall refrain from exercising any powers of office except as necessary to preserve the estate.

Failure of the personal representative to meet a requirement of bond by giving suitable bond within 30 days after receipt of notice is cause for removal and appointment of a successor personal representative. An interested person who initially waived bond may demand bond under this section.
History: 1974 c 442 art 3 s 524.3-605; 1975 c 347 s 49; 1986 c 444

You also have recourse under the following:
524.3-713 SALE, ENCUMBRANCE OR TRANSACTION INVOLVING CONFLICT OF INTEREST; VOIDABLE; EXCEPTIONS.
Any sale or encumbrance to the personal representative, the personal representative’s spouse, agent or attorney, or any corporation or trust in which the personal representative has a substantial beneficial interest, or any transaction which is affected by a substantial conflict of interest on the part of the personal representative, is voidable by any person interested in the estate except one who has consented after fair disclosure, unless

(1) the will or a contract entered into by the decedent expressly authorized the transaction; or

(2) the transaction is approved by the court after notice to interested persons.
History: 1974 c 442 art 3 s 524.3-713; 1986 c 444

And FINALLY, it seems that the representative may be in violation of the following:

524.3-715 TRANSACTIONS AUTHORIZED FOR PERSONAL REPRESENTATIVES;
EXCEPTIONS.
Except as restricted or otherwise provided by the will or by an order in a formal proceeding and subject to the priorities stated in section 524.3-902, a personal representative, acting reasonably for the benefit of the interested persons, may properly:

(1) retain assets owned by the decedent pending distribution or liquidation including those in which the representative is personally interested or which are otherwise improper for trust investment;

(2) receive assets from fiduciaries, or other sources;

(3) perform, compromise or refuse performance of the decedent’s contracts that continue as obligations of the estate, as the personal representative may determine under the circumstances. In performing enforceable contracts by the decedent to convey or lease land, the personal representative, among other possible courses of action, may:
(i) execute and deliver a deed of conveyance for cash payment of all sums remaining due or the purchaser’s note for the sum remaining due secured by a mortgage or deed of trust on the land; or
(ii) deliver a deed in escrow with directions that the proceeds, when paid in accordance with the escrow agreement, be paid to the successors of the decedent, as designated in the escrow agreement;

(4) satisfy written charitable pledges of the decedent irrespective of whether the pledges constituted binding obligations of the decedent or were properly presented as claims, if in the judgment of the personal representative the decedent would have wanted the pledges completed
under the circumstances;

(5) if funds are not needed to meet debts and expenses currently payable and are not immediately distributable, deposit or invest liquid assets of the estate, including moneys received from the sale of other assets, in federally insured interest-bearing accounts, readily marketable
secured loan arrangements or other prudent investments which would be reasonable for use by trustees generally;

(6) acquire or dispose of an asset, including land in this or another state, for cash or on credit, at public or private sale; and manage, develop, improve, exchange, partition, change
the character of, or abandon an estate asset;

(7) make ordinary or extraordinary repairs or alterations in buildings or other structures, demolish any improvements, raze existing or erect new party walls or buildings;

(8) subdivide, develop or dedicate land to public use; make or obtain the vacation of plats and adjust boundaries; or adjust differences in valuation on exchange or partition by giving or receiving considerations; or dedicate easements to public use without consideration;

(9) enter for any purpose into a lease as lessor or lessee, with or without option to purchase or renew, for a term within or extending beyond the period of administration;

(10) enter into a lease or arrangement for exploration and removal of minerals or other natural resources or enter into a pooling or unitization agreement;

(11) abandon property when, in the opinion of the personal representative, it is valueless, or is so encumbered, or is in condition that it is of no benefit to the estate;

(12) vote stocks or other securities in person or by general or limited proxy;

(13) pay calls, assessments, and other sums chargeable or accruing against or on account of securities, unless barred by the provisions relating to claims;

(14) hold a security in the name of a nominee or in other form without disclosure of the interest of the estate but the personal representative is liable for any act of the nominee in
connection with the security so held;
(15) insure the assets of the estate against damage, loss and liability and the personal representative against liability as to third persons;

(16) borrow money with or without security to be repaid from the estate assets or otherwise; and advance money for the protection of the estate;

(17) effect a fair and reasonable compromise with any debtor or obligor, or extend, renew or in any manner modify the terms of any obligation owing to the estate. The personal representative on holding a mortgage, pledge or other lien upon property of another person may, in lieu of foreclosure, accept a conveyance or transfer of encumbered assets from the owner thereof in satisfaction of the indebtedness secured by lien;

(18) pay in compliance with section 524.3-805, but without the presentation of a claim, the reasonable and necessary last illness expenses of the decedent (except as provided in section 524.3-806 (a)), reasonable funeral expenses, debts and taxes with preference under federal or state law, and other taxes, assessments, compensation of the personal representative and the personal representative’s attorney, and all other costs and expenses of administration although the same may be otherwise barred under section 524.3-803;

(19) sell or exercise stock subscription or conversion rights; consent, directly or through a committee or other agent, to the reorganization, consolidation, merger, dissolution, or liquidation of a corporation or other business enterprise;

(20) allocate items of income or expense to either estate income or principal, as permitted or provided by law;

(21) employ persons, including attorneys, auditors, investment advisors, or agents, even if they are associated with the personal representative, to advise or assist the personal representative in the performance of administrative duties; act without independent investigation upon their
recommendations; and instead of acting personally, employ one or more agents to perform any act of administration, whether or not discretionary;

(22) prosecute or defend claims, or proceedings in any jurisdiction for the protection of the estate and of the personal representative in the performance of duties;

(23) sell, mortgage, or lease any real or personal property of the estate or any interest therein, including the homestead, exempt or otherwise, for cash, credit, or for part cash and part credit, with or without security for unpaid balances, and without the consent of any devisee or heir unless the property has been specifically devised to a devisee or heir by decedent’s will, except that the homestead of a decedent when the spouse takes any interest therein shall not be sold, mortgaged or leased unless the written consent of the spouse has been obtained;

(24) continue any unincorporated business or venture in which the decedent was engaged at the time of death (i) in the same business form for a period of not more than four months from the date of appointment of a general personal representative if continuation is a reasonable means of preserving the value of the business including good will, (ii) in the same business form for any additional period of time that may be approved by order of the court in a formal
proceeding to which the persons interested in the estate are parties; or (iii) throughout the period of administration if the business is incorporated by the personal representative and if none of the probable distributees of the business who are competent adults object to its incorporation and retention in the estate;

(25) incorporate any business or venture in which the decedent was engaged at the time of death;

(26) provide for exoneration of the personal representative from personal liability in any contract entered into on behalf of the estate;

(27) satisfy and settle claims and distribute the estate as provided in this chapter;

(28) foreclose a mortgage, lien, or pledge or collect the debts secured thereby, or complete any such proceeding commenced by the decedent;

(29) exercise all powers granted to guardians and conservators by sections 524.5-101 to 524.5-502.
History: 1974 c 442 art 3 s 524.3-715; 1975 c 347 s 55; 1986 c 444; 2004 c 146 art 3 s 42; 2006 c 221 s 21

That is all I can give you for now. I would need more exact information. I would suggest however that you contact the real Estate agent’s broker (or have your attorney do so) and inform them that the sale of the home MUST comply with the above statute otherwise, they are notified that any further proceeding without establishment of an escrow in favor of all parties with standing to inherit under the will, will be in clear violation of the Probate code and will serve to include the Broker in the eventual lawsuit.

I want to buy a building. (You usually find buildings like these in cities). The top floor or two floors is the residence/apartment and the bottom floor is a store). What is this called? Does anyone know of the tax implicatons of such structure? Would I go to a real estate agent who specializes in commercial realestate?

I believe they are referred to as mixed use buildings and are classified as commercial structures. Your local agent would have access to these type of properties if they are norm in your area.

I’m planning on moving to San Anotnio to renevate and sell houses and keep some of them for rentals. Does anyone have some info that leed me in the right direction? Also How is it living in SAn Antonio?

Hi Jessica, I live in San Antonio and the real estate is cooling off but not experiencing the drop in real estate market like in Dallas and other cities. People will say "NORTHSIDE! NORTHSIDE! NORTHSIDE!" but I think it’s a overbuilt market that is very susceptible to the overall national downturn in real estate. There are actually some great fixer uppers in the Southeast side. Any neighborhood along I37 south of Southcross out towards Military Drive. Good deals to be made down there. I also suggest checking out neighborhoods in the NOrth Central area. That would be north of downtown, East of I-10 but West of Hwy 281 and no farther North than about Basse Rd.

Also check out www.sareia.com

It’s the website for San Antonio Real Estate Investor Association. It’s basically a business association catered to people like you (and hopefully me one day).

Good luck. I love living in SA. I’ve lived in other towns but San Antonio is my home.

what is the average income of real estate salesperson and realestate broker

you can’t go by averages, because they include people with Realtor licenses that aren’t active.

however, as a realtor, you should expect to make no less than 75k/year. Many make WAAY more than that, like 75k for selling just ONE house.

Also, if you plan on going in to this line of work, make sure that you’ve made arrangements to not make ANY money for at least 6 mos. Whether it’s living with parents/friends/significant other, or if you’ve saved up enough dough. It can take months to sell a single home (especially in today’s buyer’s market), and then at least 30 days to close, when you’d get your cut.

The thing about a commision only sales plan, you get out what you put into. If you are resourceful, good with words, make friends easily, can follow a procedure or create one for yourself, then you should do very well.

Ok, so I know I am…I’m the one who broke it. The thing is, it is a flowery pattern glass. I broke the small window pane, at the bottom. There is a larger one above it, still perfectly fine. By law I have to fit safety glass in, and it doesn’t come in the old original pattern. The realestate said I’d have to pay to fit new glass for the unbroken top piece as well, so they both match.
Does that seem right?

Yes, you want the door to look decent.

You may be able to have a piece crafted, do not assume you need tempered glass, you usually do not on a framed door. If you are within 5 feet of stairs, yes, but otherwise check.

They asked that, I said that’s personal and not part of the house I have for sale. Can they find out how much I owe on this house?
Thx, Teran – that’s the type of info. I need. Appreciate it.
Thx for the additional info. All great advice and information. Thx. for taking the time to answer.

As an investor, I always ask what the notes are (including taxes and insurance) and what the outstanding mortgage balance is. If the seller is unwilling to divulge this information, it’s obvious that this is NOT a motivated seller and I’m on the phone with someone who is not a prospective client.

I make at least two offers on a property. One, an all cash offer won’t be affected by the balance or the note, because it’ll be 70% of Full Market Value (FMV) minus the repairs. If you owe more than that, you probably won’t sell it to me (some do, however to avoid foreclosure).

I’ll make you a FULL PRICE offer if you’ll keep your existing financing in place while I get one of my buyers qualified to refinance and cash you out. In that case I need to know the monthly payment in order to see if I can even get enough from my buyer monthly to cover the note. ARMs and other bad loans make that difficult sometimes. In those cases the seller may be willing to continue paying a portion of the payment until the refinance occurs. They’d prefer to pay $500/ mo instead of the $1800/mo they now pay.

It always depends on the seller’s motivations.

HTH

my brother is repairing one an he dosnt know wehat hes doing the other one my other brother is gona buy taxes an ins an utilitys are being payed out of the estate an neither house was listed yet. there was enough money from the stocks an ins that was cashed in an put in a bank acct to hire the repairs i get no imfo on any of the bill shouldnt i have been notifyed about all repairs an shouldnt these houses been listed in realestate by now what can i do the money is being wasted because its not being handled properly.

If your brother was appointed as (and has been certified by a probate court as) the official executor for your mother’s estate then there will have to be a final accounting to the probate court in order to make a final judgement as to the distribution of assets in the estate. That does not mean that your brother has to get your permission or even inform you of every penny he spends in order to, say, prepare property for sale by the estate in order to convert the property into a cash asset of the estate. Different states do have some exceptions regarding claims of bad faith expenditure claims against an executor(s). The best thing to do is to consult with an attorney who is experienced in probate matters. If you challenge your brother’s handling of your mother’s estate, then you *must* make sure that there is no clause in her will regarding challenges by anyone named as a receipient of property from her estate. Some people will add such a clause to the effect that will eliminate your rights to any of her estate if you file a challenge. Best to consult with an experienced attorney.