help me and my mom PLEASE

[shannonm]

State-California

Please read this entire situation and thank you in advance.

A family friend who was dying, approached me and my mom to purchase a duplex in LA that she was willed to from her deceased mother and it was in trouble with REAP...city of LA housing...they had so many violations at the duplex, (both units are rentals) and they didn't have the money to get out of the violations...so it went it the escrow account where the tenants only had to pay 1/2 rent until the violations were repaired. They offered us an unbelievable price so we took it. We didn't want to go through a broker so we had a real estate acquantance said they would help do the paperwork for $500.00. This began last june 2005. The papers were drawn up and supposedly "recorded"...however 3 weeks after this began - by the way we have no credit problems and our income was more than sufficient. Anyway, we were told no one would fund us until it came out of the REAP escrow account....so we took out an equity loan from the buyer for $60,000 and had all the violations fixed and got it out of reap. Now, the acquantance, who is charging us $20.00 per day for that loan...is saying there is paperwork problems because the duplex and the will and the recording of both owners deaths...long story short - we still dont own and want to get away from this guy are we too deep in bed with him or can we take our papers elsewhere...further we have already put 3000.00 into redoing one of the units in 2005, we will be able to claim this on taxes? thank you for your advice

[shannonm]

State-California

Please read this entire situation and thank you in advance.

A family friend who was dying, approached me and my mom to purchase a duplex in LA that she was willed to from her deceased mother and it was in trouble with REAP...city of LA housing...they had so many violations at the duplex, (both units are rentals) and they didn't have the money to get out of the violations...so it went it the escrow account where the tenants only had to pay 1/2 rent until the violations were repaired. They offered us an unbelievable price so we took it. We didn't want to go through a broker so we had a real estate acquantance said they would help do the paperwork for $500.00. This began last june 2005. The papers were drawn up and supposedly "recorded"...however 3 weeks after this began - by the way we have no credit problems and our income was more than sufficient. Anyway, we were told no one would fund us until it came out of the REAP escrow account....so we took out an equity loan from the buyer for $60,000 and had all the violations fixed and got it out of reap. Now, the acquantance, who is charging us $20.00 per day for that loan...is saying there is paperwork problems because the duplex and the will and the recording of both owners deaths...long story short - we still dont own and want to get away from this guy are we too deep in bed with him or can we take our papers elsewhere...further we have already put 3000.00 into redoing one of the units in 2005, we will be able to claim this on taxes? thank you for your advice[/quote]

[HomeGuru]

Originally Posted by shannonm

State-California

Please read this entire situation and thank you in advance.

A family friend who was dying, approached me and my mom to purchase a duplex in LA that she was willed to from her deceased mother and it was in trouble with REAP...city of LA housing...they had so many violations at the duplex, (both units are rentals) and they didn't have the money to get out of the violations...so it went it the escrow account where the tenants only had to pay 1/2 rent until the violations were repaired. They offered us an unbelievable price so we took it. We didn't want to go through a broker so we had a real estate acquantance said they would help do the paperwork for $500.00. This began last june 2005. The papers were drawn up and supposedly "recorded"...however 3 weeks after this began - by the way we have no credit problems and our income was more than sufficient. Anyway, we were told no one would fund us until it came out of the REAP escrow account....so we took out an equity loan from the buyer for $60,000 and had all the violations fixed and got it out of reap. Now, the acquantance, who is charging us $20.00 per day for that loan...is saying there is paperwork problems because the duplex and the will and the recording of both owners deaths...long story short - we still dont own and want to get away from this guy are we too deep in bed with him or can we take our papers elsewhere...further we have already put 3000.00 into redoing one of the units in 2005, we will be able to claim this on taxes? thank you for your advice

**A: do we have to read it twice?