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I had a "this deal is available on this date only, take or leave" that corresponded with the absolute worst timing and most uncertainty and I'm stuck with a crappy rate, though the total amount isn't overwhelming. I suspect it'll be years before it'll be worthwhile to refinance.
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Apr 21, 2024 19:31
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Hadlock posted:I wonder if the lease you have is "too low" and so the appraisal they got was way lower than what they offered. Shortening your lease and re listing it with the higher rent would drag the average way up, probably close to what the person offered to buy it was Our landlord had not raised our rent in 7 years. So we are well below market. The proposal to us was to cancel the lease and then sign a 2 month 8 day lease with the same rate with the buyer to be. Which I guess means their plan was to create a legal fiction for the lender that the house had no lease so they could pretend our apartment would be market rate? Honestly, the plan makes no sense and we’ve given up on trying to make sense of things given how they escalated when we asked questions and started saying “no.”
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Apr 21, 2024 23:47
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That sounds less like "legal fiction" and more like "fraud".
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Apr 21, 2024 23:59
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They are probably trying to make it look like that's a short-term placeholder rate and not the rate thats been going on for 7 years straight. It's shady.
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Apr 22, 2024 02:16
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I’m curious, why would the bank even care about this? Wouldn’t they be able to see the end date on the existing lease, and know that the new owner could raise the rent to whatever market rate is at that time?
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Apr 22, 2024 14:18
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Man_of_Teflon posted:I’m curious, why would the bank even care about this? Wouldn’t they be able to see the end date on the existing lease, and know that the new owner could raise the rent to whatever market rate is at that time? Read the thread title.
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Apr 22, 2024 14:22
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Because they don't know if the low rent is just the landlord being lazy/cutting good tenants a deal/etc or if the rent is really that low in the area, which impacts the assessment. By playing games with the lease, they are trying to say "See, look at these comps, that's what the value really is. The current lease is just a short term thing to fill a gap, you can ignore it." It's a lot harder to do that on a lease from the Obama administration. I mean if the lease is identical it doesn't hurt OP, but I'd definitely ask for money back or a free month or something if I were to sign now.
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Apr 22, 2024 14:24
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I suspect that the crazy stupid idea is being pushed by an underwriter who is trying to make the loan easier to resell.
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Apr 22, 2024 14:33
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Maybe something to do with how you can calculate rental income as part of your income for getting the loan?
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Apr 22, 2024 14:41
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The buyer probably doesn’t qualify for the loan based on their own income and needs a market rate lease to qualify. The problem is that the current leases is below market rate and doesn’t bridge the gap fully. They can’t just unilaterally cancel the lease so that’s why the OP is getting all this pressure to sign a new one, or just leave cause suddenly everyone is being a dick. They should absolutely hold the line but they aren’t gonna out last the next renewal regardless of what happens.
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Apr 22, 2024 16:15
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tumblr hype man posted:The buyer probably doesn’t qualify for the loan based on their own income and needs a market rate lease to qualify. The problem is that the current leases is below market rate and doesn’t bridge the gap fully. They can’t just unilaterally cancel the lease so that’s why the OP is getting all this pressure to sign a new one, or just leave cause suddenly everyone is being a dick. They should absolutely hold the line but they aren’t gonna out last the next renewal regardless of what happens. OP is moving out in 3 months. Just bought their own place.
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Apr 22, 2024 16:39
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And (not a lawyer) but I imagine given their own real estate attorney saying "don't sign that loving thing" there's no net financial incentive for OP because it could result in them being party to fraud. Or simply just a "that sounds like a you problem"
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Apr 22, 2024 16:51
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I like how everyone showed the worst of their character. Realtor being a slimeball. Landlord being overbearing throw their weight around. Buyer being pathetic guilt tripper. No one just being forthright
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Apr 22, 2024 18:04
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Epitope posted:I like how everyone showed the worst of their character. Realtor being a slimeball. Landlord being overbearing throw their weight around. Buyer being pathetic guilt tripper. No one just being forthright You never get to find out what a person is really like at their core until a bunch of money is on the line.
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Apr 22, 2024 18:10
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Eric the Mauve posted:You never get to find out what a person is really like at their core until a bunch of money is on the line. Inheritance.txt Nybble posted:And (not a lawyer) but I imagine given their own real estate attorney saying "don't sign that loving thing" there's no net financial incentive for OP because it could result in them being party to fraud. Or simply just a "that sounds like a you problem" They wouldn't be party to fraud if the lease terms were correct and valid. But not getting mixed up in up unless there's some benefit is probably still a good idea.
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Apr 22, 2024 20:15
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I think as a general rule you should not sign contracts for which you receive zero consideration or benefit. The other parties have put lots of pressure on doingitwrong but none of them seem to have offered any actual thing of value in exchange.
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Apr 22, 2024 23:52
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Leperflesh posted:I think as a general rule you should not sign contracts for which you receive zero consideration or benefit. In fact, such contracts are not valid. I know this is well obfuscated in this situation, but it's black letter contract law.
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Apr 23, 2024 01:41
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Hey we have a situation with our loan, it would help us a lot if you would cancel the old lease and sign this new split version. We'll give you x bucks. Without any of the shenanigans. How much would x have to be?
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Apr 23, 2024 02:26
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According to contract law it would be $1, because that is the "default" mark of having been given "consideration". So yeah, this is why you don't sign things without having your own lawyer. This poo poo doesn't make a lot of sense in a plain language reading (even and especially when written in what looks to be plain language) and it's all arcane rituals.
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Apr 23, 2024 02:30
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