Question by pj: Can anyone explain what a “quick sale” of a house is and how does it work?
Best answer:
Answer by Donny
http://answers.google.com/answers/threadview?id=769390
The “quick sale” is generally used to pass real estate between family where there is NO contest as to what the contractual responsibilities would be between the parties.
What do you think? Answer below!
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Question by Blondie8918: How does repossession work if the item was given away?
My sister was given a refrigerator by her sister in-law a year ago. They are no longer speaking. Her sister in- law called her today and said she need the refrigerator back. Also her and her father haven’t been paying for the refrigerator. Her father passed away early may. (not sure if this is any help)! Her sister in-law threatened to call the cops saying that she stole the refrigerator.
So can the Company who they rented the refrigerator from come and repossess the refrigerator?
Best answer:
Answer by Zach
The police can’t do anything about it, because the refrigerator was given to her sister-in-law and that would come out. This is purely a civil matter between your sister and sister-in-law. If the bill is not being paid for the refrigerator, the company could come and repossess it, but if it is in your sister’s name, your sister’s credit is the one that will suffer.
Add your own answer in the comments!
How Do Quick Sale and Rent Back Companies Work?
For those people requiring a quick sale or wanting to sell and rent back their properties there is now a whole plethora of specialist homebuying and rent back companies to chose from. The problem is that until regulation comes in (which will hopefully be shortly after the FSA have finished their investigation in the practices and best way to regulate the sector) then many unscrupulous companies will be allowed to exist.
How does the quick sale process work
The home buying company will buy your property directly from you. They are not an estate agency of middleman and they take full ownership of the property. They will typically offer you between 75-85% of the market value of the property in exchange for a quick (4 weeks or less) guaranteed sale. They will then rent out the property or sell it on.
Given the buying and selling costs are about 5% each then these companies may only make 5% profit on each property if bought at 85% and less if they can not sell it for months. This is why they need to buy at a discount.
How does rent back work
If you need to sell but want to stay in your property (i.e. because you need to pay off arrears or avoid repossession for example) then renting back your property could be the ideal solution.
This involves you selling the property to a specialist company and then them renting it back to you (most home buying specialists offer this service). The sale price will normally be between 75-85% of its market value just like in a quick sale situation.
The rent you would be charged would be similar to the market rent of that property. This rent normally works out less than previous mortgage payments and loan outgoings so that the person stays in the their property and reduces their outgoings.
When you rent back your property will most normally be on an assured shorthold tenancy agreement (AST). This is the standard contract between tenants and landlords. The maximum term of this contract can only be 12 months so it is imperative this has a clause added to this agreement giving you the right to renew this contract on it expiry. They should also specify how much the rent will increase each year (normally with inflation or set % amount).
A good company will insert a right to renew clause in the tenancy agreement. This gives the tenancy the right to renew their tenancy each year as long as conditions are met (i.e. the rent is paid, the property is kept in satisfactory condition).
Be careful which company you deal with
Anyone who says they can show you how to “Sell your property in 7
days or less for full market value” is LYING!! They just want to get into your front door and soon the offer of buying at full market value disappears. If you think about it, how could they make such an offer and make money as a business and why would they not just go to estate agents and buy up all the properties in the
windows? If it sounds to be good to be true it normally is!
Some unscrupulous companies have tarnished the image of sale and
rent back by evicting tenants when they did not want to leave. Please contact previous customers of the company and check online for reviews of them to make sure you are not dealing with such a company. Also check to see if they are a member of a recognised association which has a strict code of conduct such as the National Association of Sale and Rent Back (NASRB).
Why would a rent back company throw me out?
The vast majority of rent back companies love having previous owners stay in the properties for the long term as they do not have to advertise for new tenants each year and have periods when their property is empty.
In addition, sale and rent back tenants treat the property with great care as it still s feels like their house and not rented accomodation. They tend to respect properties better than normal tenants and most companies do not want to lose them.
Also, a good sale and rent back company will give some assurances about future increases in rent. For example, they may stipulate that rents will only increase with inflation each year or at the same rate as market rents. This should be in the contract. If not, there is a danger they could increase the rents massively each year to the point where it is effectively forcing their tenants out.
Option to Buy Back
Some companies will also give you the option to buy back your property at a fixed price in the future. This is agreed before you sell and this contract is registered at the land registry. This gives you a legal right, but not obligation, to buy your property at a preagreed price over a set timeframe.
Regulation of sale and rent back
The Office of Fair Trading are conducting a study that will determine whether existing consumer laws can keep homeowners adequately informed and protected, and could recommend that sale and rent back is fully regulated. Any further protection will be great for reputable companies and rent back customers.
Carl Robinson is an experienced property consultant and investor from the UK. If you want a quick home sale visit Quick Home Buyers for a free report on how to sell your property quickly.
Question by love the journey: How does home foreclosure work?
If you fail to make your mortgage payments, can the bank garnish your wages for the payments?Or do they just take repossession of the home and auction it off themselves?And if they just auction it and can’t sell it for enough to cover the remaining mortgage amount, can they come back and sue you for that, even if you no longer have access to the home?I’m asking because I need to know…if a person decided to deliberately stop making payments on their home mortgage because the home will not sell on the market quick enough and they have to move out of state, what are the repurcussions?(Besides bad credit)The goal is to just get rid of the house, regardless of the loss in profit from the sale of it, and regardless of how it will effect the homeowner’s credit.Please provide any information pertaining to this.
Best answer:
Answer by Rex
They don’t garish wages for it duing foreclosure, although I would think they can after the fact.
They take possession and are presently simply selling most of them. They sell them short and while they can get hte rest of the money out of you they typically have not been. Altough typically people work with them, your idea is not typical and they very well may sue you for the rest of the money, plus all of the expenses. They would win, as you obviously did borrow their money and you obviously did not repay the money that you took.
You are better off contacting them and telling them that you want to default and try a “short sale”. If you are working with them they agree to take a loss for a specific amount and you sell the house for that. While it is not that great for your credit they will leave you alone.
Know better? Leave your own answer in the comments!
Question by TERRI F: What is a quick sale(for a house) and how does it work?
going through divorce and can’t afford the house, or the payments told that I can call bank and tell them and not make any payments and put house up for sale and hope for the best. thanks
Best answer:
Answer by boston857
It’s a/k/a as a short sale. It is a pre-foreclsoure measure and basically means that all proceeds of sale go to the lender…….you don’t get anything out of the sale.
What do you think? Answer below!
The Wide Scope of Work as a Legal Assistant
The Wide Scope of Work as a Legal Assistant
The legal profession is not limited to lawyers or judges only. It is much beyond what you can think about. One of the most important legal professions today is the job of legal assistant. The legal assistants are also known as paralegals. Paralegals or the legal assistants are the ones who are so trained that they can assist lawyers in delivering the legal services. Legal assistants perform a vital role in providing legal services by helping lawyers draft documents, prepare for trial and perform other legal duties. They work in corporate law departments, private legal firms, for the government and other law practicing areas under the guidance of an attorney. About 7 out of 10 paralegals work for legal firms while others work for corporations and government agencies. The paralegals, however, cannot give any legal advice or represent a client during the court proceedings or sign documents that are filed with courts or even establish legal fees.
Qualification Required
Paralegals or the legal assistants don’t have any formal paralegal training, says A. Harrison Barnes. The legal assistants should possess a 2-year associate’s degree, a 4-year bachelor’s degree and a paralegal certificate. Legal assistants who have a bachelor’s degree in paralegal studies have the maximum prospects of getting a suitable job. Most legal assistants advance their legal careers through a paralegal certification. They just need to clear an examination and have one year of experience in this field.
The paralegals, says A. Harrison Barnes, need to undergo some courses in their degree program that teach them the fundamentals of law and also the specific details and skills that are required to perform their task. Some of these courses are family law, court rules, draft contracts and forms, legal terminology, civil litigation, real property law, legal writing, research and analysis, civil practice and procedures.
Skills Required
Together with their paralegal degrees, students also acquire the skills that are required to perform well in their legal job. They must have gained an excellent knowledge of legal terminology, substantive law, state and federal rules of law procedures. They should have the capability to analyze and solve problems. They must have the faculty of critical thinking along with writing skills and human relation skills. Organizational skills, too, are very much required especially in order to handle so many case files and exhibits that may number in hundreds. Communication skill is also very important for a legal assistant for they are the ones who interact with experts, witnesses, clients, vendors, other lawyers and court personnel. They also should have the ability to perform strong research which is required to prepare research memorandums, according to A. Harrison Barnes.
Salary and Job Prospects of Paralegals
According to A. Harrison Barnes, the owner of the famous job search portal, BCGAttorneySearch.com, the opportunities in the paralegal field are in plenty. In fact it is ranked as part of the 20 best jobs in the United States of America. The main reason for the growth in the paralegal field is the healthy legal market and the job attrition. The increase in demand is also increasing the legal fees and this is why the clients are resorting to the legal assistants than the highly priced lawyers. The increasing load of the cases is also increasing the demand for paralegals.
The job prospects in the field of legal assisting are increasing on a daily basis. Thus, more and more students are getting attracted to this field. Even the salary of the paralegals is a reason that is attracting the students, says A. Harrison Barnes. If you have enough experience, academic qualifications, and a favorable practice environment and are located in a good area, then you can expect an attractive salary for yourself. The average salary of a paralegal is ,496. The median national salary of the legal assistants was ,600 in May, 2007. Legal assistants with special skills can also draw an annual salary in six figures.
The best way to grab a legal assisting job is through the help of A. Harrison Barnes’s BCG Search.com. This job search engine is one of the best in the recruiting field. It is the place where you can get yourself your dream job as a paralegal. They have a team of more than 40 experienced lawyers who guide the clients in every way to get the most deserving job. The team works 24 hours a day and 7 days a week to help their clients get the desired results.
BCG Search has A. Huge database where jobs from all over the world are updated on a daily basis, thus allowing the clients access to all the jobs in the paralegal job market. It is guaranteed that you will be very satisfied by the services provided by them and will definitely score a good paralegal job for yourself.
A. Harrison Barnes is the founder and CEO of CareerMission, the parent company of more than 120 job-search websites, employment services, recruiting firms and student loan companies. CareerMission (originally Juriscape) employs several hundred employees in 14 offices throughout the United States, Asia, and Europe. These companies were literally started from Harrison’s garage several years ago after Harrison quit his job.
Picasso work top sale at record-breaking British auction
A celebrated masterpiece by Pablo Picasso sold Wednesday at Christie’s auction house in London for 34.8 million pounds, in an auction that set a record for the amount of money made at a British art sale.
Read more on AFP via Yahoo! News
Artist’s open house sale for charity
A FUNDRAISING open house showcasing international greeting cards created by Bahrain-based British artist and illustrator Gill Goode will be held today.
Read more on Gulf Daily News
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