Can somebody please check out this home???
- Thread starter biscuitninja_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
zovall_IHB
New member
hey bix, here are the Private Remarks for that property:
"PROPERTY ON LEASED LAND IN THE COURTS FOR DISPUTE.POSSIBLE INCREASE FOR LAND PAYMENT AMOUNT. LAND LEASE ADJUSTMENT PROPOSED AMOUNT WAS APPRAISED AT $2,200 A MONTH.ANY NEW BUYERS WILL HAVE TO DISPUTE THIS AMOUNT ON THEIR OWN.ONCE THE NEW BUYERS HAVE SETTLED THE LAND LEASE PAYMENT DISPUTE WITH THE LAND OWNERS,IT WILL THEN BE RETRO ACTIVE BACK TO BUYERS TIME OF POSSESSION.LEASE PMT IS $44.00 A MO AT THIS TIME.THIS IS ALSO A SHORT SALE SUBJECT TO LENDER'S APPROVAL.BUYERS TO VERIFY ALL. "
"PROPERTY ON LEASED LAND IN THE COURTS FOR DISPUTE.POSSIBLE INCREASE FOR LAND PAYMENT AMOUNT. LAND LEASE ADJUSTMENT PROPOSED AMOUNT WAS APPRAISED AT $2,200 A MONTH.ANY NEW BUYERS WILL HAVE TO DISPUTE THIS AMOUNT ON THEIR OWN.ONCE THE NEW BUYERS HAVE SETTLED THE LAND LEASE PAYMENT DISPUTE WITH THE LAND OWNERS,IT WILL THEN BE RETRO ACTIVE BACK TO BUYERS TIME OF POSSESSION.LEASE PMT IS $44.00 A MO AT THIS TIME.THIS IS ALSO A SHORT SALE SUBJECT TO LENDER'S APPROVAL.BUYERS TO VERIFY ALL. "
IrvineRenter_IHB
New member
That explains why it is $90/SF.
jbatzmaru_IHB
New member
Why would anyone buy a lease land condo to start with? it is like buying a mobile home. you have to pay the bank for the loan, pay the land own for your place to sit on it. heck it is just like renting. just that you pay more for something and you have to take care of it too.
southoctracker_IHB
New member
Why would anyone buy a lease land condo to start with?
Well, it's a lot cheaper than actually buying the full property. I personally wouldn't do it either, but I can understand why some short-sighted people wouldn't think too much ahead and do it anyway.
Plus, the land owner doesn't have to renew the land lease if it's up - and in that case you're in trouble...but IIRC this almost never happens unless there is a good reason - plus the lengths are usually very long.
Well, it's a lot cheaper than actually buying the full property. I personally wouldn't do it either, but I can understand why some short-sighted people wouldn't think too much ahead and do it anyway.
Plus, the land owner doesn't have to renew the land lease if it's up - and in that case you're in trouble...but IIRC this almost never happens unless there is a good reason - plus the lengths are usually very long.
biscuitninja_IHB
New member
What?... wow, that just stupid on the land owners part. Unless they slowly want everybody out of there.... then it makes sense. Otherwise its going to sit for a l.o.n.g. time. Pay 2200 a month with nothing related to the house.... I bet the land owners are drinking more of their own Kool-Aid....
-bix
-bix
NewToOC_IHB
New member
That's a steep land lease amount for a condo right? Maybe the area is zoned for commercial use too?
caycifish_IHB
New member
Oh, that complex was really cheap, relatively speaking, 2 years ago, too. In fact, it is due to finding listings there that I now know about leased land situations. And know to stay away.