In Real Estate we do get to see a side of people that sometimes have great news with good ideas that can turn into sad songs .. I look and think this could be a book or perhaps a movie. Here are a few stories, all of which are true. Sometimes truth is stranger than fiction as many people only see the good in others especially those they love.
My client told me she and her daughter had patched things up . She was going to have a grandbaby. Oh, how wonderful I had her townhouse listed for sale and she was going to buy a small condo but things had changed . She was going to move in with her daughter and her husband. She saw a vacant house for sale, would I please check and see how much it was listed for she wanted to purchase it. She would put it in her daughter’s name it had four bedrooms and it was big enough for all of them . I asked her why she wanted to do that and she scolded me and said not to worry, she had the money and wanted her grandchild to have a home. We settled her townhouse used the bulk of her money to buy this house in the daughters name . There was no use talking to her it was her wish.
Six months later I received a call from this sweet lady hysterical woman crying. It seemed this wonderful daughter had changed the locks on her. She was at a hotel and wanted to know if I could take her dog. Well of course I would at this time I lived in a big house with a big yard and was more than happy to help her.
The next story is about a woman looking to buy a condo for her son. He had a great job and wonderful credit. There was one problem he was also on the title of her condo. She did not have a mortgage so I suggested we take him off title. Oh no she said my other children are all well to do and he really has nothing so if I die I want him to have my condo as an investment. It would not interfere with him purchasing so we let it be. We found a great condo for him and all was well. He had no problem getting a mortgage .
Eight years later she called me. I don’t know what to do my son is behind in his mortgage and has not paid his condo fees. Now they say they can take my condo if I do not bring his condo fees up to date. Here this wonderful son was no longer so wonderful. He got mixed up with the wrong crowd and with drugs . The way the condo docs read if his mother did not pay the back condo dues they could come after her property because he was part owner of her condo . She had to pay all his back condo dues which he had not paid for several years.
Hi, my Boyfriend and I are going to buy a house and I promised you I would buy it from you . It turned out both of them had been married before. They decided on a condo first floor in Philadelphia. They were going to put it in his daughters name. They would pick it out after that I was to deal with the daughter. She was a doll and everything went smoothly. I talked to my friend, we were friends since we were in grade school. I told her she needed to see a lawyer to draw up an agreement in case he passed away. They were living together in this condo now for about six years . They were not married, but engaged. They did have a lease but she was paying to put a new kitchen in, remodeling and condo that was not hers. She said she would but never did talk to that attorney . Unfortunately, the boyfriend passed away, The daughter decided to sell the condo in Delaire Landing. She was out all the money she had put into this property which was a considerable amount of money.
The last story Grandma called guess what my granddaughter loves us so much she is going to take care of us now that we are older. We are going to sell our over 55 community condo and buy a house with the proceeds. Here is what we will need. Now from experience I am leery and say look I know you love your granddaughter but things happen. You can do this, but you need to consult an attorney and draw up a legal document. Please I have seen many of these situations turn sour and you need to protect yourself. Grandma is a friend of my family since I have been a child and in all good conscience and from all I have learned over the years I had to speak up. I sent her to an attorney, but she did not listen. I did not take the listing nor did I find her the house. She just wasn’t listening to me or the attorney I sent her to.
The beautiful single house went into the Granddaughter and the fiance’s name. With-in one year the living arrangements became intolerable. Grandma and Grandpa are now living in a lovely apartment complex. They are convinced they will get their money back.
Happy endings are that all these people were able to pick up the broken pieces of their lives. They deeply were hurt that their life savings were taken from them by people they loved and trusted. They stared over with smiles on their faces decided it was just money and went on with their lives . What strong people they are I do see them and admire them for their strength and faith. Maybe you know them, perhaps they are you ? Maybe your friends or neighbors someone you knew? This happens more than you think and what a miracle it is that these people have such courage and never complain .
Because that money they have learned is not the secret to happiness at all. There are many people, especially these days that I know that have these living arrangements it is called multi generation living and it can and does work quite well. They think it out and consult attorneys have contracts drawn up so that everything and anything that could happen is covered in a every legal way
Don’t think it could not happen to you because it could I have seen it happen to the nicest people you would ever meet. Situations change and no one knows what can happen under stress or duress . Plan right for the future, heed my advice. As I said these situations could have been avoided if they were done correctly if they had the foresight. It is important to think these situations out.
Buying a house, it is one of the most important purchases you will ever make there are some things that need to be thought out and not jumped into especially when taking title if it is not in the standard sense.
What a sad song, but they made it better. Some no longer have contact with their family member as they would only bleed them dry. The other well convinced they will be repaid. We used to many years ago use a phrase Buyer Beware .