Can someone explain this MLS Listing?

[roopi]

I was browsing and came across this.

http://beta.realtor.ca/propertyDetails.aspx?PropertyId=13785683

What exactly does 'PURCHASE PRICE IS FOR A REGISTERED HALF INTEREST ON TITLE. EQUITY POSITION ONLY' mean? :confused:

[lint]

sounds like a divorce sale and they want someone to buy out their partner

[mr2mike]

You're buying out someone's portion of the property?
You'll have no rights as to renos, moving in, nothing. You're a silent partner.

Move on... I wouldn't touch it.

[revelations]

You invest in a dump in the NE hoping to have it increase in value. Sort of like a HELOC but with someone else owing the home instead.

[roopi]

Originally posted by mr2mike
You're buying out someone's portion of the property?
You'll have no rights as to renos, moving in, nothing. You're a silent partner.

Move on... I wouldn't touch it.

I had zero interest in buying into it. Just curious what it meant.

:thumbsup:

[flipstah]

I've been seeing some of those lately. Usually, it's an investment property that you get 'equal' share on.

Usually a pain from what people have told me.

There's one listed in the NW and on Bowness and they look lame. :zzz:

[corsvette]

Holy f@$% I wonder what the inside looks like considering the outside looks like a dump.

[D. Dub]

Good god that house redefines ugly.

[pheoxs]

Originally posted by flipstah
I've been seeing some of those lately. Usually, it's an investment property that you get 'equal' share on.

Usually a pain from what people have told me.

There's one listed in the NW and on Bowness and they look lame. :zzz:

I'm curious how it works though as well. Not interested in buying but curious.

I saw one where it was a half equity sale for ~100k and the house was probably worth ~350k.

How does it work in this case? Do you rent the house out and split the income? Is this usually because the other party doesn't want to sell or?

I remember a thread on reddit about something similar, a guy inherited a half equity from his father but the ex-wife was loaded and didn't want to sell, but didn't want to rent it either, so he was stuck just paying property taxes on something he couldn't do anything with.

[Weapon_R]

This is usually the result of a severed joint tenancy - where one joint tenant has asked to sell his share of the property and/or is being forced to do so. The problem is that this interest is still subject to the registrations against title so it usually kills the appeal of getting a one-half interest for so cheap.

[Strider]

... Mar?

[ercchry]

saw one with a dumpy old house in Montgomery, the lot was MASSIVE though at it was $200k, i was getting excited till i reached that line in the listing :banghead:

[JordanLotoski]

That is a big mess, Thats what that listing is. A legal nightmare.

So you purchase half the property, then want to sell down the road and you have to battle it out in court if the current 50% owner doesnt want to sell.

Ive seen a few of them over the past few years.

[Tik-Tok]

Originally posted by Strider
... Mar?

Beat me to it :rofl:

[guessboi]

Holy. This is a nightmare in many ways.

[mr2mike]

To go along with this nightmare listing. A personal story, I had a place for rent. Lady showed up, loved the house, wanted to rent it. Then she wanted to meet before she signed the papers. She shows up and proposes that I sell her half of the property where she pays me for it through her rent?!? She was insane. I was not interested. But I've seen people try this move.

[roopi]

Originally posted by mr2mike
To go along with this nightmare listing. A personal story, I had a place for rent. Lady showed up, loved the house, wanted to rent it. Then she wanted to meet before she signed the papers. She shows up and proposes that I sell her half of the property where she pays me for it through her rent?!? She was insane. I was not interested. But I've seen people try this move.

Sounds like a rent to own proposal. I've never heard of rent to own half though. :rofl:

[flipstah]

Originally posted by roopi


Sounds like a rent to own proposal. I've never heard of rent to own half though. :rofl:

She wanted the D.

[jwslam]

BUMP

Someone please explain THIS listing?
http://beta.realtor.ca/propertyDetails.aspx?PropertyId=13960008

[ercchry]

Originally posted by jwslam
BUMP

Someone please explain THIS listing?
http://beta.realtor.ca/propertyDetails.aspx?PropertyId=13960008

someone doesnt want to pay to demo their old home for an infill so they are fishing for some sucker to pay them to take it away

[Xtrema]

Originally posted by ercchry


someone doesnt want to pay to demo their old home for an infill so they are fishing for some sucker to pay them to take it away

I heard someone was willing to give the house away for free to save the demo fees.

Don't think there was any takers.

Same deal with done on the log cabin (show home?) that has been on the corner of 14th St and Kensington Rd. That was gone pretty quick.

So does anyone know how much it cost to move that 1950, 1400 sq ft home? $30K? $50K?

[cam_wmh]

Originally posted by Xtrema

Same deal with done on the log cabin (show home?) that has been on the corner of 14th St and Kensington Rd. That was gone pretty quick.

Quick? Wasn't that cabin for sale for at least 6 months of last year?

[90_Shelby]

Originally posted by cam_wmh


Quick? Wasn't that cabin for sale for at least 6 months of last year?

It was for sale for a very long time, I bet 1 - 2 years. It was also moved only a few blocks away, 19st just north of kensington road.