Thread: About PicRealty... Just very curious

Hi Again Everyone,

Thank you very kindly for all of your input.

And especially to Yogibrood. Thanks a million.

Great explanation.

I do own my $100,000 property (5 years); and yes, I do pay a monthly mortgage; and yes, it is my primary place of residence. But $10,000 is a bit much right now. And my Pipsinc income has not yet grown to that much.

So, I'll just sit around a bit longer, pray much, hope a lot, and wait until I am fully able to participate.

One thing I absolutely will not do, and that is to take out a second mortgage, in order to hasten my participation in PicRealty. Never! Ever!

Not on your life!

But PicRealty is a terrific idea.

Thanks again, everyone. I will keep watching and reading the posts here.

Regards,

Sidneiye

Originally Posted by truepipster

The legal papers look incomplete to me.. I read them over for a friend
What is you house burns down during this period?
Also this is binding for 18 months.
the english is so badly written that it makes the legal writing even harder to read. so it is speculation as to what it is really saying.
I am a Realtor and I would not do this.
There is too much left out .
Good luck to those who do.
hopefully a better explaination or better written paperwork will be presented.

As far as ownership and current ongoing mortgage goes, the house has to remain "insured" and better to be insured according to the index laid down for the location where the home rests on....

Even if it burns down one day, with 10 more months to go before all dues are settled with PicRealty and the next day, PicRealty closes shop for good.... if the property isn't adequately insured, a new rebuild isn't likely to either, not unless you cough up the rest with your own funds.

YB.

I just got a home equity loan, not a mortgage, but I have to pay the bank every month for 10 years on the loan. And the house is the collateral for the loan just like with a mortgage. The bank had to do a mortgage search, and had to make sure that the value of the house was greater than the loan.

I wonder if this would qualify for the P--Reality service? Any thoughts about this?

Unfortunately, it won't but if you do find a buyer to take over pretty soon, that will speed up on your next pick by Malibu perhaps... :D :D

YB.