503
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 29 Mar 2024
503 points (97.5% liked)
News
21742 readers
3410 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. Trolling is uncivil and is grounds for removal and/or a community ban.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
It's hilarious u think these shady developers hired a title company 🤣🤣🤣
If that house had a mortgage then the lending bank almost certainly required the use of one. If it had a construction loan it too probably required a title search and certification.
I could be wrong, but I thought you couldn't get a mortgage for a house that isn't already in a livable condition. That would have come after the thing was completed.
It may not be the same in the US, but in the UK, you can mortgage a new build project.
The company releases money in stages as the build progresses, normally.
In the US this could be done with a short term variable loan called a construction loan that releases money in stages as the build progresses. Once finished if it's not being paid off it would be refinanced into a more traditional mortgage. Mortgages are often pretty different in the US vs UK, most US mortgages are for fixed rates for 30 year terms whereas most UK mortgages are fixed for a much shorter period and then go to variable rates. So you'd be hard pressed to get a bank to agree to a fixed rate 30 year mortgage for a house that doesn't exist yet.
Developers don't mortgage individual houses, they were still trying to sell the house to someone according to the video, and offered to sell it to her at a discount.
Again, all in the video with all the answers :)
The video doesn’t appear if you default to reader view.
Montgomery Burns Slant ~~Drilling~~ Housing Company?
they would have had a title company when they bought the land. Building a house on a plot they didn't own after that doesn't involve a title company. It was surveyors they apparently cheaped out on.