All Forum Posts by: Rob Anderson

So a little background. I purchased a house in sept of 2014. Earlier this month I get a phone call at my work from a local company that deals in water softeners. They tell me that the water softener at the house I purchased in Sept of last year is a lease unit and that I can begin paying 25 a month for it, they can pick it up, or I can pay off the remaining balance of 1600 dollars. He has sent me a copy of the previous owners contract and it is a Lease to own contract with an agreed to purchase price, each month half the payment goes to rent and half goes towards the paydown of the remaining balance. There's nowhere in the house contract that mentions transfer of ownership of the water softener or anything for that matter about the water softener. 

So I guess my question is how should I proceed? Should I pay them and go after sellers for my money? or is this something I should disregard and the company needs to go after the previous owners to fulfil their contract? or should I just charge it to the game and move on?

I have tried to be as descriptive as possible without being too long winded, I have got to believe that I'm not the first to have dealt with something like this. 

Thanks and Adv!

. . . What he said ^^^^^

It is also standard to be in position to purchase the property if you can not find a buyer to transfer contract to. . . or atleast it used to be

I have prior engagements until seven, but will swing by after that. 

Welcome to BP and to Champaign. Good luck with starting in wholesale. As far as your buyers list goes... I'm always looking for the next property, so you can feel free to put me on your list as well. The spot right above Hornbeck will work just fine ;)

I would be interested in viewing this data less the commercial stats. For instance. 2011 data for additions in urbana is almost exclusively info pertaining to carle foundation hospital. but none the less a great asset.

Ask and you shall recieve

http://www.100abandonedhouses.com/

The real question is are you willing to let the deal fall thru over 3%. If the answer is No. Pay it and smile all the way to the bank. If the answer is Yes. Then contact the buyer and make them aware of the situation. Find out if they have signed and agreement with the RE agent. If they have give them the option to pay the fee. If they haven't advise them to seek an attorney for the rest of the transaction. 

Hey @Anthony Hornbeck 

First off let me say I do use this as well but with the understanding that is a kind of a backdoor tax exemption and would most likely not hold up if you were questioned on it. . . Here is why. "This annual exemption is available for residential property that is occupied as the principal dwelling place of the owner, or a lessee; with a legal or equitable interest in the property; with a single-family residence; and who is liable for the payment of the property taxes on the leased property"  To break it down more. If you would really want this exemption to hold up if questioned your tenant would either have to be on the deed or have equitable interest in the property such as being a beneficiary of the property through a trust or something similar. Im sure neither of which will ever be the case. 

With that in mind, here is how I have it written.

Resident shall be liable for the payment of real estate taxes with respect to the residence, in accordance with the terms and conditions of Section 200/15-175 of Chapter 35 Illinois Compiled Statutes, as amended (35 ILCS 200/15-175,(1994). The permanent real estate index number for the residence is available via the Champaign Assessor's Office for the property address at ...

Hope this helps! oh we still need to grab a drink sometime. I'll be in touch

Seriously... You post with no follow up post. Im dying here. What's the rest of the story? Are you landlord in ISIS?

 Thank you for again reiterating my point. I agree 100%