Which areas in CC are ';good'; for buying house up to $250K and which to stay away from? School districts: which one is better? Big shopping malls: are there any in CC?Corpus Christi: buying home in good area?
Your price range is very doable. Corpus is a spread out city and picking a neighborhood will depend on your work location. Has all the big city amenities. Suggest you contact a local Realtor there to guide you. Downtown area close to Shoreline Blvd has quaint older homes within walking distance to the sea wall and has all the central tourism features plus close to shopping, major medical and the best schools. Bay area has many converted weekend type homes with piers, good schools and malls. Very laid back and summers are entremely hot, humid and mosquito filled. Wonderful fishing, cultural events and close to Padre Island, Port Aransas. Always something to do and the folks are super friendly.
Sunday, August 22, 2010
Unsure what to do about buying home.?
i have rented a home for the past year my landlord is intrested in selling to me. i do not have good credit. how do rent to own homes work? are these homes already preselected by banks for rent to own? could i do my house as a rent to own?Unsure what to do about buying home.?
read a bookUnsure what to do about buying home.?
Talk to your landlord. If he agrees he may apply your rent payments as a down payment and when you have enough equity, you could apply for a loan and pay the landlord off. An agreement would have to be drawn up spelling everything out. An attorney should be consulted
A rent to own is usually with the original owner holding the mortgage and title until the property is paid for. This should still be done with a lawyer's know-how. A payment schedule can be set up with a current interest rate applied. Banks usually don't have too much to do with it, since the owner holds the mortgage. However, beware, there could be some downfalls. If you default on payments, you could forfeit the purchase of the home, and all money paid would not be refunded to you. Also, some holders of the title make a stipulations that you can not do any home improvements or alterations to the property until the mortgage is paid in full. You will have to decide at that point if you want to wait the term of your mortgage (maybe up to 20 years) before you do any major remodeling. The terms and conditions should all be worked out legally with a lawyers advice.
I doubt that's what your landlord has in mind. If you were living in a rent to own house (which i have never heard of) then he would have told you up front...nobody would pay their mortgage for somebody else.
He wants to sell it to you. If you get a good mortgage rate and a good deal on the house there is a chance you will pay about (probably a little more) what you are paying in rent.
Talk to your landlord.
ok read the first 5 answers and they are all over the place, pay attention:
1. pay all rent by check, keep copies of the rent checks front and back of cancelled check showing paid on time as agreed, RECEIPTS DO NOT CUT IT, whether its this property or any property, mortgage brokers will help you with what is called a rent receipt program,
2. be sure you have a signed lease/option to purchase that has been in effect for minimum one year
3. be sure it states a sales price, and what you want to try to negiotate is a price less than the appraised value of the home. there fore you will have some equity in the property value when you go to conclude the purchase.
4. maintain good credit, scores must be at least a minimum of 600 for this program with no charge offs or collections in the past 12-24 months, no bankruptcys, foreclosure, or repos allowed.
5. dti debt to income should not be over 40% of monthly income, this means car payments, credit cards, principal, interest, property taxes, and homeowners insurance cannot exceed a total of 40% of gross monthly income, say you make 2000 a month 40% would be 800, does not involve utilities, food, clothing, etc, ie. when you take out car payment 200 a month, credit cards 100 a month, property tax 100 a month home owners 60 a month ur left with 340 a month for which you wont buy much maybe 35-40000 house. Figure $7.00 per thousand per month with good credit as a payment principal monthly, good luck, by the way i do not know of a bank that will do a rent to own situation, this is mostly handled by secondary lenders through a mortgage broker, be carefull, lots of them are scam artisteyeliner eye application
read a bookUnsure what to do about buying home.?
Talk to your landlord. If he agrees he may apply your rent payments as a down payment and when you have enough equity, you could apply for a loan and pay the landlord off. An agreement would have to be drawn up spelling everything out. An attorney should be consulted
A rent to own is usually with the original owner holding the mortgage and title until the property is paid for. This should still be done with a lawyer's know-how. A payment schedule can be set up with a current interest rate applied. Banks usually don't have too much to do with it, since the owner holds the mortgage. However, beware, there could be some downfalls. If you default on payments, you could forfeit the purchase of the home, and all money paid would not be refunded to you. Also, some holders of the title make a stipulations that you can not do any home improvements or alterations to the property until the mortgage is paid in full. You will have to decide at that point if you want to wait the term of your mortgage (maybe up to 20 years) before you do any major remodeling. The terms and conditions should all be worked out legally with a lawyers advice.
I doubt that's what your landlord has in mind. If you were living in a rent to own house (which i have never heard of) then he would have told you up front...nobody would pay their mortgage for somebody else.
He wants to sell it to you. If you get a good mortgage rate and a good deal on the house there is a chance you will pay about (probably a little more) what you are paying in rent.
Talk to your landlord.
ok read the first 5 answers and they are all over the place, pay attention:
1. pay all rent by check, keep copies of the rent checks front and back of cancelled check showing paid on time as agreed, RECEIPTS DO NOT CUT IT, whether its this property or any property, mortgage brokers will help you with what is called a rent receipt program,
2. be sure you have a signed lease/option to purchase that has been in effect for minimum one year
3. be sure it states a sales price, and what you want to try to negiotate is a price less than the appraised value of the home. there fore you will have some equity in the property value when you go to conclude the purchase.
4. maintain good credit, scores must be at least a minimum of 600 for this program with no charge offs or collections in the past 12-24 months, no bankruptcys, foreclosure, or repos allowed.
5. dti debt to income should not be over 40% of monthly income, this means car payments, credit cards, principal, interest, property taxes, and homeowners insurance cannot exceed a total of 40% of gross monthly income, say you make 2000 a month 40% would be 800, does not involve utilities, food, clothing, etc, ie. when you take out car payment 200 a month, credit cards 100 a month, property tax 100 a month home owners 60 a month ur left with 340 a month for which you wont buy much maybe 35-40000 house. Figure $7.00 per thousand per month with good credit as a payment principal monthly, good luck, by the way i do not know of a bank that will do a rent to own situation, this is mostly handled by secondary lenders through a mortgage broker, be carefull, lots of them are scam artist
Should Congress pass a law defining the family? Then start programs to help young family's,buy homes, cars,
and schooling for their kidsShould Congress pass a law defining the family? Then start programs to help young family's,buy homes, cars,
yesShould Congress pass a law defining the family? Then start programs to help young family's,buy homes, cars,
Hell no!
no. government needs to stay out of the personal lives of its citizens
Shouldnt they first define a person and the right to clean water, sanitation, health care and education first??
No. a family can be any group of people that come together in love and respect for each other, support each other and are committed to maintaining the relationship.
how much do you want government intruding into your life?? i , personally, don't think the government should have the right. Red China has defined to its people what a family should be and punishes the families that don't conform by fining them, taking away privileges, etc.
No, I think that job belongs to parents.
No. Why would congress make it harder for single people to get these things? Congress should really do something about the budget defecit, and the fact that the dollar keeps falling in value against the euro. Then, to preserve democracy and keep us from falling back into a feudal system, they should stop accepting bribes. Did i say bribes, I meant ';Corporate Campaign Contributions.'; After they accomplish that, then they can debate the merits of making it harder for single people and the elderly to buy homes than it is for young families.
yesShould Congress pass a law defining the family? Then start programs to help young family's,buy homes, cars,
Hell no!
no. government needs to stay out of the personal lives of its citizens
Shouldnt they first define a person and the right to clean water, sanitation, health care and education first??
No. a family can be any group of people that come together in love and respect for each other, support each other and are committed to maintaining the relationship.
how much do you want government intruding into your life?? i , personally, don't think the government should have the right. Red China has defined to its people what a family should be and punishes the families that don't conform by fining them, taking away privileges, etc.
No, I think that job belongs to parents.
No. Why would congress make it harder for single people to get these things? Congress should really do something about the budget defecit, and the fact that the dollar keeps falling in value against the euro. Then, to preserve democracy and keep us from falling back into a feudal system, they should stop accepting bribes. Did i say bribes, I meant ';Corporate Campaign Contributions.'; After they accomplish that, then they can debate the merits of making it harder for single people and the elderly to buy homes than it is for young families.
Where can you buy home decor related to being a pilot?
I'm married to a pilot and want some cute things to put in our new house! There has to be somewhere that you can get anything from shower curtains to doormats related to the airline industry.Where can you buy home decor related to being a pilot?
Most online pilot shops have a section for general home decor (wall clocks, props, wall art, bar glasses, lamps, throw blankets ect). Search for ';pilot store';.
These sites are some of the best:
http://www.boeingstore.com/
http://www.aviationposters.com/
http://www.wingsamerica.com/
http://www.historicaviation.com/
This link has a lot of decorator items, including a shower curtain, but it is not a jet. It's an old fashined style aircraft- http://www.patchmagic.com/style_pages/Ai鈥?/a>
Also try the airlines own in house store. Every carrier has at least a small company shop. You may find some nice collectables to display there.Where can you buy home decor related to being a pilot?
As an interior decorator, when I have a client that wants to use themes in a home I always advise them to use it in moderation. You may want to put in neutral items and then just add in a few themed things such as a pillow or a model plane on a shelf, or some wings as a tieback for the curtains. The best place to find things like this is at the airport in the gift shops. You can also find some things at Ross and Marshalls. Don't overdo it, but have fun decorating your new home.
Most online pilot shops have a section for general home decor (wall clocks, props, wall art, bar glasses, lamps, throw blankets ect). Search for ';pilot store';.
These sites are some of the best:
http://www.boeingstore.com/
http://www.aviationposters.com/
http://www.wingsamerica.com/
http://www.historicaviation.com/
This link has a lot of decorator items, including a shower curtain, but it is not a jet. It's an old fashined style aircraft- http://www.patchmagic.com/style_pages/Ai鈥?/a>
Also try the airlines own in house store. Every carrier has at least a small company shop. You may find some nice collectables to display there.Where can you buy home decor related to being a pilot?
As an interior decorator, when I have a client that wants to use themes in a home I always advise them to use it in moderation. You may want to put in neutral items and then just add in a few themed things such as a pillow or a model plane on a shelf, or some wings as a tieback for the curtains. The best place to find things like this is at the airport in the gift shops. You can also find some things at Ross and Marshalls. Don't overdo it, but have fun decorating your new home.
Where can I buy home furniture online at affordable price?
I'm trying to purchase online some furniture for my apartment but I don't know what site should I logon to do so; Can I find some good deals compare to in store shopping?
Thanks for your answers.Where can I buy home furniture online at affordable price?
Shop at Directly Home, also they have 10% off coupon at http://www.coupon-code.biz/Home---Garden鈥?/a> to save some moneyWhere can I buy home furniture online at affordable price?
i found a great place to buy furniture online its very reasonable
and has some great products www.theonlinefurniturestore.co鈥?br>
hope this helps.
The internet is a wonderful place to find deals on furniture. Try this site if you like modern furniture.
http://www.bigmodern.com
Craigslist!
Try:
http://www.homelement.com
or for more: http://www.efurnituresale.com
craigslist.org or recycler.com
Thanks for your answers.Where can I buy home furniture online at affordable price?
Shop at Directly Home, also they have 10% off coupon at http://www.coupon-code.biz/Home---Garden鈥?/a> to save some moneyWhere can I buy home furniture online at affordable price?
i found a great place to buy furniture online its very reasonable
and has some great products www.theonlinefurniturestore.co鈥?br>
hope this helps.
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The internet is a wonderful place to find deals on furniture. Try this site if you like modern furniture.
http://www.bigmodern.com
Craigslist!
Try:
http://www.homelement.com
or for more: http://www.efurnituresale.com
craigslist.org or recycler.com
Is hotpropertyinturkey.com good web site for buying home abroad?
I want to buy a holiday home. Is this web site is good for buying:
http://www.hotpropertyinturkey.com Is hotpropertyinturkey.com good web site for buying home abroad?
does sound good, do I have to change religion? not that it's a hassle - but I just want to come as I am...
http://www.hotpropertyinturkey.com Is hotpropertyinturkey.com good web site for buying home abroad?
does sound good, do I have to change religion? not that it's a hassle - but I just want to come as I am...
I bought home last year. I wonder what expenses from my escrow closing statement are tax deductable?
I know, points I paid, interest I paid and property tax I paid druing year of 2007 are tax deductable.
However, while buying the house, I also paid, inspection fee, appraisal fee, notary fee, county tax, escrow fee, underwriting fee, hazard insurance, title fee, processing fee etc.
I wonder if any of those are tax deductable?
Answer and insight to this will be greatly appreciated.I bought home last year. I wonder what expenses from my escrow closing statement are tax deductable?
All of those fees are added to the cost (cost basis) of the home. That means that when you sell, you will have less of a taxable profit - although none of it will probably be taxable. (Unless they change the tax laws) They are not deductible.
So save that stuff for the future.
However, you can write off the interest you paid and points (if it is not on a 1098 Form already) and the property taxes paid, as you already noted.
This IRS should be mighty helpful:
(It is IRS Pub 936, Home Mortgage Interest Deduction)
http://www.irs.gov/pub/irs-pdf/p936.pdf
And this is an easy read:
http://www.countrywide.com/purchase/hb_t鈥?/a>
Congratulations on the purchase of a new home!I bought home last year. I wonder what expenses from my escrow closing statement are tax deductable?
No, the other fees you mention aren't deductible.
If you are paying PMI you can deduct that.
C.P.A. time...call one and relax that its being done correctly and most important nothing was missed on your behalf!
During tax season about a month ago, I saw a lot of ads for two different computing systems that did your taxes for you. The one branded Turbo Tax had all the deductions. It is probably available in Office Depot or Best Buy.
However, while buying the house, I also paid, inspection fee, appraisal fee, notary fee, county tax, escrow fee, underwriting fee, hazard insurance, title fee, processing fee etc.
I wonder if any of those are tax deductable?
Answer and insight to this will be greatly appreciated.I bought home last year. I wonder what expenses from my escrow closing statement are tax deductable?
All of those fees are added to the cost (cost basis) of the home. That means that when you sell, you will have less of a taxable profit - although none of it will probably be taxable. (Unless they change the tax laws) They are not deductible.
So save that stuff for the future.
However, you can write off the interest you paid and points (if it is not on a 1098 Form already) and the property taxes paid, as you already noted.
This IRS should be mighty helpful:
(It is IRS Pub 936, Home Mortgage Interest Deduction)
http://www.irs.gov/pub/irs-pdf/p936.pdf
And this is an easy read:
http://www.countrywide.com/purchase/hb_t鈥?/a>
Congratulations on the purchase of a new home!I bought home last year. I wonder what expenses from my escrow closing statement are tax deductable?
No, the other fees you mention aren't deductible.
If you are paying PMI you can deduct that.
C.P.A. time...call one and relax that its being done correctly and most important nothing was missed on your behalf!
During tax season about a month ago, I saw a lot of ads for two different computing systems that did your taxes for you. The one branded Turbo Tax had all the deductions. It is probably available in Office Depot or Best Buy.
If the real estate market crashed because borrowers bought homes with hardly any money down, why is FHA ...?
program still promoting buying homes with 3.5%? Couldn't that lead to another bad spell down the road?If the real estate market crashed because borrowers bought homes with hardly any money down, why is FHA ...?
People buying homes and getting mortgage loans with little money down was a large part of the problem. Getting in with little money affects the market and the transaction in many ways. Less down means less equity, a bigger mortgage payment, perhaps a higher interest rate, less than desirable financing alternatives, etc. Buying with little down can have a mushroom effect. Back in the hey day of sub-prime, countless borrowers bought homes with zero down, got 2 mortgages, and had an adjustable rate. So many of these homeowners are in trouble now.
The FHA program was started with the idea of the 1st time homebuyer and average America in mind. So, it would conflict with the primary program goals to change the program in any major way.
FHA is experiencing problems now with about 15% of all loans being at least one month behind (just read this yesterday). FHA does collect mortgage insurance from the borrowers to cover losses however. Hopefully that fund has the proper reserves on hand.
There is news out there now that FHA may be making changes to the program in early 2010. The minimum down payment might rise to 5% and the maximum seller contribution could drop from 6% to 3%. There could be other changes as well.
So this seems to say even FHA realizes changes need to be made. I have been doing FHA loans for 9 years and FHA changes like the wind anyhow. News of a change is par for the course.
Anyone wanting to buy a home and use FHA should step up to the plate and get things started.
Hope this helps.If the real estate market crashed because borrowers bought homes with hardly any money down, why is FHA ...?
Those homes are insured by the Federal government, so there is not the same risk. However, that does NOT mean that there is no risk at all. FHA loans have been around for a VERY long time....well before everyone went insane thinking that their $150,000 house was worth half a million bucks and well before the market came back down to reality. Generally these borrowers go through a MUCH more rigorous screening process, than traditional loans.
FHA is currently undgergoing some major changes (see links below) that, once passed, will require the buyer have more of a vested interest in their purchase. Currently, there are no credit score requirements, 3.5% down and up to 6% in seller contribution. Consideration is being given to change that requiring credit score requirements, 5% down and a maximum seller contribution of 3%. Sounds like a Conventional Loan if you ask me, although...
...the differences between Conventional and FHA will be in other areas, like with appraisals. Instead of going back 6 months, they'll only be able to go back 4 months. This is not a proposed rule, but one that will be effective 1 Jan 2010. More about it and other FHA changes in links below.
FYI: The real estate market crashed for several reasons. Predatory lending and lack of disclosures to name just a couple. Now we have a serious problem with mortgage servicing companies preferring to foreclose rather than help owners via short sales because allowing a home to foreclose is proving to be more lucrative. See it for yourself on www.youtube.com and input Mortgage Servicer's Secret. Click into the video picturing the redhead: former employee of EMC (Bear Stearns) who eventually left the company because she was reprimanded for ';trying'; to help homeowners. Sadly, we've moved from predatory lending to predatory mortgage servicers. Why can't the government keep up with these predators?
FHA takes a good look at your income taxes and if they do not see the right numbers to back up a approved loan they will not insure the loan and the loan will not fund.The insurers are being real careful who they insure.It is wise to make sure your buyers are paid up on their income taxes and they have been filed for the last two years properly so the wheels of progress continue to close deals.
That's not the main reason for the crash. Poor loan underwriting (giving loans to people who couldn't afford them) and securitization of mortgages (along with poor underwriting of those securities) were the main reasons.
No because the guidelines to qualify for an FHA loan are much more difficult than the no money down loans from a few years ago.
it crashed because of all the adjustable rate mortgages. great rate for the first cpl years, then the payments increased and ppl couldnt afford themeyeliner eye application
People buying homes and getting mortgage loans with little money down was a large part of the problem. Getting in with little money affects the market and the transaction in many ways. Less down means less equity, a bigger mortgage payment, perhaps a higher interest rate, less than desirable financing alternatives, etc. Buying with little down can have a mushroom effect. Back in the hey day of sub-prime, countless borrowers bought homes with zero down, got 2 mortgages, and had an adjustable rate. So many of these homeowners are in trouble now.
The FHA program was started with the idea of the 1st time homebuyer and average America in mind. So, it would conflict with the primary program goals to change the program in any major way.
FHA is experiencing problems now with about 15% of all loans being at least one month behind (just read this yesterday). FHA does collect mortgage insurance from the borrowers to cover losses however. Hopefully that fund has the proper reserves on hand.
There is news out there now that FHA may be making changes to the program in early 2010. The minimum down payment might rise to 5% and the maximum seller contribution could drop from 6% to 3%. There could be other changes as well.
So this seems to say even FHA realizes changes need to be made. I have been doing FHA loans for 9 years and FHA changes like the wind anyhow. News of a change is par for the course.
Anyone wanting to buy a home and use FHA should step up to the plate and get things started.
Hope this helps.If the real estate market crashed because borrowers bought homes with hardly any money down, why is FHA ...?
Those homes are insured by the Federal government, so there is not the same risk. However, that does NOT mean that there is no risk at all. FHA loans have been around for a VERY long time....well before everyone went insane thinking that their $150,000 house was worth half a million bucks and well before the market came back down to reality. Generally these borrowers go through a MUCH more rigorous screening process, than traditional loans.
FHA is currently undgergoing some major changes (see links below) that, once passed, will require the buyer have more of a vested interest in their purchase. Currently, there are no credit score requirements, 3.5% down and up to 6% in seller contribution. Consideration is being given to change that requiring credit score requirements, 5% down and a maximum seller contribution of 3%. Sounds like a Conventional Loan if you ask me, although...
...the differences between Conventional and FHA will be in other areas, like with appraisals. Instead of going back 6 months, they'll only be able to go back 4 months. This is not a proposed rule, but one that will be effective 1 Jan 2010. More about it and other FHA changes in links below.
FYI: The real estate market crashed for several reasons. Predatory lending and lack of disclosures to name just a couple. Now we have a serious problem with mortgage servicing companies preferring to foreclose rather than help owners via short sales because allowing a home to foreclose is proving to be more lucrative. See it for yourself on www.youtube.com and input Mortgage Servicer's Secret. Click into the video picturing the redhead: former employee of EMC (Bear Stearns) who eventually left the company because she was reprimanded for ';trying'; to help homeowners. Sadly, we've moved from predatory lending to predatory mortgage servicers. Why can't the government keep up with these predators?
FHA takes a good look at your income taxes and if they do not see the right numbers to back up a approved loan they will not insure the loan and the loan will not fund.The insurers are being real careful who they insure.It is wise to make sure your buyers are paid up on their income taxes and they have been filed for the last two years properly so the wheels of progress continue to close deals.
That's not the main reason for the crash. Poor loan underwriting (giving loans to people who couldn't afford them) and securitization of mortgages (along with poor underwriting of those securities) were the main reasons.
No because the guidelines to qualify for an FHA loan are much more difficult than the no money down loans from a few years ago.
it crashed because of all the adjustable rate mortgages. great rate for the first cpl years, then the payments increased and ppl couldnt afford them
I want to start a business that buys homes that need renovation?
how/were do i startI want to start a business that buys homes that need renovation?
You are about 15 years late. The market is falling at this time. I used to buy HUD houses on closed bid, do some cosmetic repair and re-sell them and did quite well but in the last year the market is crap. I have recently unloaded all I owned and am waiting for the housing market to upturn. You can still do it but your profit margin will not pay for your labor.I want to start a business that buys homes that need renovation?
My suggestion is you should watch shows like Flip this House, and Weekend Warriors for the rest of this year, and see if it still appeals to you, cos most of those folks are in way over thier heads, taking on more than they have skills for, getting in to marital trouble if the partner isn't really on board, and realizing it is nowhere near as easy as it sounds, and more often than not, not realizing anywhere near as much as they thought they should earn for it, when they get in over thier heads and wind up hiring contractors to get themselves straightened out, and having to pay a mortgage on the extra house along with thier own house at the same time. Then see if the idea still appeals to you after you have spent time looking at what others go through. It is a trendy thing right now, but you really need to know what you are doing, and you really need skills of your own if you want to make a decent profit. You should also be sure that the housing market is solid in your area before you start, the housing market is not good in our area right now, it is definitely a buyer's market.
Hello, I did that for a few years and the way I got started was to visit several realtors and talk with them. I found two of them that would steer certain properties my way. I had a good profitable relationship with them. But that worked for me, maybe it was just dumb luck.
Healthnut
Do you have funds? do you have the skills needed to fix them up? These are the first and most important two questions.
You are about 15 years late. The market is falling at this time. I used to buy HUD houses on closed bid, do some cosmetic repair and re-sell them and did quite well but in the last year the market is crap. I have recently unloaded all I owned and am waiting for the housing market to upturn. You can still do it but your profit margin will not pay for your labor.I want to start a business that buys homes that need renovation?
My suggestion is you should watch shows like Flip this House, and Weekend Warriors for the rest of this year, and see if it still appeals to you, cos most of those folks are in way over thier heads, taking on more than they have skills for, getting in to marital trouble if the partner isn't really on board, and realizing it is nowhere near as easy as it sounds, and more often than not, not realizing anywhere near as much as they thought they should earn for it, when they get in over thier heads and wind up hiring contractors to get themselves straightened out, and having to pay a mortgage on the extra house along with thier own house at the same time. Then see if the idea still appeals to you after you have spent time looking at what others go through. It is a trendy thing right now, but you really need to know what you are doing, and you really need skills of your own if you want to make a decent profit. You should also be sure that the housing market is solid in your area before you start, the housing market is not good in our area right now, it is definitely a buyer's market.
Hello, I did that for a few years and the way I got started was to visit several realtors and talk with them. I found two of them that would steer certain properties my way. I had a good profitable relationship with them. But that worked for me, maybe it was just dumb luck.
Healthnut
Do you have funds? do you have the skills needed to fix them up? These are the first and most important two questions.
Need finance help on buying home?
filed bankrupt 7yrs ago since then have 2 repos and bad credit, would like to buy home with a credit score of 610 and 15% would I be able to ?Need finance help on buying home?
Try http://www.debtreliefprogram.esuperfind.鈥?/a> not sure if they'll service your area but at least they are not a scam.Need finance help on buying home?
Not normally. But if you agree to buy one of the bank's own repo's, they might just do it to get the house sold. Watch for one of the repo's that has sat on the market for 6 months; and watch for the sign that the bank will finance their own property. Make your offer. Get the keys and move in..
If I was the lender I'd hit you with a big stick!
No, I am just joking, OF COURSE I would lend you money, even at 10% I am sure you have mended your horrible, HORRIBLE ways.
So good luck and I hope you succeed :)
you would almost certainly need assistance with something like an FHA or other insured or guaranteed loan.
ONLY 2 repos after the bankrupt? You'll be SAILING. Go dude go, America is all YOURS %26gt;%26gt;%26gt;
Possibly. Banks ARE scraping the barrel right now.
:)
Well, if I were the lender, I wouldn't loan you any money. Good luck.
Try http://www.debtreliefprogram.esuperfind.鈥?/a> not sure if they'll service your area but at least they are not a scam.Need finance help on buying home?
Not normally. But if you agree to buy one of the bank's own repo's, they might just do it to get the house sold. Watch for one of the repo's that has sat on the market for 6 months; and watch for the sign that the bank will finance their own property. Make your offer. Get the keys and move in..
If I was the lender I'd hit you with a big stick!
No, I am just joking, OF COURSE I would lend you money, even at 10% I am sure you have mended your horrible, HORRIBLE ways.
So good luck and I hope you succeed :)
you would almost certainly need assistance with something like an FHA or other insured or guaranteed loan.
ONLY 2 repos after the bankrupt? You'll be SAILING. Go dude go, America is all YOURS %26gt;%26gt;%26gt;
Possibly. Banks ARE scraping the barrel right now.
:)
Well, if I were the lender, I wouldn't loan you any money. Good luck.
Buying Home in Different State?
My wife and I currently live in Northern California and are both gainfully employed making roughly $80,000 a year. We are now considering moving to Texas and would like to purchase our first home.
Unfortuantely, we wouldn't have jobs out there for at least our first few months. My question is a fairly simple one.
Can we qualify for a loan based on our current income even if it's in another state?Buying Home in Different State?
Absolutely not. No income, no loan. You have to get jobs in Texas before you will qualify for a loan there. Hopefully, you get jobs in a similar field, this can significantly reduce the time you will have to wait to qualify for a new mortgage.Buying Home in Different State?
Not if you are not employed, but ask your lender. If you have been with your bank or credit union for a long time they might give you more leeway.
That is COMPLETELY up to the individual lenders. You have to ask THEM.
Unfortuantely, we wouldn't have jobs out there for at least our first few months. My question is a fairly simple one.
Can we qualify for a loan based on our current income even if it's in another state?Buying Home in Different State?
Absolutely not. No income, no loan. You have to get jobs in Texas before you will qualify for a loan there. Hopefully, you get jobs in a similar field, this can significantly reduce the time you will have to wait to qualify for a new mortgage.Buying Home in Different State?
Not if you are not employed, but ask your lender. If you have been with your bank or credit union for a long time they might give you more leeway.
That is COMPLETELY up to the individual lenders. You have to ask THEM.
Do I have to have a real estate license to buy homes, fix them up then sell them?
No you don't. You need a license only when you are representing someone else in a transaction and you have no equitable interest in the property.
Since agents are representing others, and collecting a fee for their service, they have to be licensed. Why? Because they are supposed to be the expert, and prevent their customer from making mistakes.
Since they are giving advice and assisting with the biggest purchase that person might make, they need a license so that there is a consequence for not doing the right thing, and so a buyer/seller will know that the person representing them has appropriate training.
When you buy a house to fix up, you have an equitable interest in the property. This gives you full and legal right to sell it your yourself. That's why you can sell a house for sale by owner.
There are advanced real estate investment strategies where you don't have to buy the house and still sell it for a profit. You can do this through real estate options.Do I have to have a real estate license to buy homes, fix them up then sell them?
No, you don't. It's just like you are buying a house for yourself or selling it for yourself. Enjoy!Do I have to have a real estate license to buy homes, fix them up then sell them?
No, stick it to the man!!
Not at all. The first step is finding a property to fix, fixing the property, then selling the property. Involved are numerous steps: (1) how to find one (2) how to know if it is priced right (3) what it would be worth when fixed up (4) deciding which upgrades would make the home more valuable (5) obtaining estimates for things you can't fix yourself (6) knowing what costs will be involved in the purchase and sale of the property (7) calculating if this would be a good investment (8) knowing how to negotiate a successful contract to purchase (9) knowing the steps to bring the property to a successful transfer of deed. Following needed repairs and upgrades, the property is ready for sale, which include: (1) pricing the property right for the market conditions and neighborhood (2) knowing how to market the property to the right target (3) knowing how to budget advertisement and knowing the costs involved in the sale (4) negotiating a successful sale (5) steps to take to reach a successful transfer of deed.
If you're not an expert in each of these items, you should consider hiring a Realtor. As your buyer's agent, an experienced Realtor is an expert in the above items. The Realtor's fee is built into the mortgage and if the money weren't built in to pay your buyer's agent, it would go to the seller's agent per their original contract together. As well, when you go to sell the property, the agent will often lower his commission as a courtesy.
Since agents are representing others, and collecting a fee for their service, they have to be licensed. Why? Because they are supposed to be the expert, and prevent their customer from making mistakes.
Since they are giving advice and assisting with the biggest purchase that person might make, they need a license so that there is a consequence for not doing the right thing, and so a buyer/seller will know that the person representing them has appropriate training.
When you buy a house to fix up, you have an equitable interest in the property. This gives you full and legal right to sell it your yourself. That's why you can sell a house for sale by owner.
There are advanced real estate investment strategies where you don't have to buy the house and still sell it for a profit. You can do this through real estate options.Do I have to have a real estate license to buy homes, fix them up then sell them?
No, you don't. It's just like you are buying a house for yourself or selling it for yourself. Enjoy!Do I have to have a real estate license to buy homes, fix them up then sell them?
No, stick it to the man!!
Not at all. The first step is finding a property to fix, fixing the property, then selling the property. Involved are numerous steps: (1) how to find one (2) how to know if it is priced right (3) what it would be worth when fixed up (4) deciding which upgrades would make the home more valuable (5) obtaining estimates for things you can't fix yourself (6) knowing what costs will be involved in the purchase and sale of the property (7) calculating if this would be a good investment (8) knowing how to negotiate a successful contract to purchase (9) knowing the steps to bring the property to a successful transfer of deed. Following needed repairs and upgrades, the property is ready for sale, which include: (1) pricing the property right for the market conditions and neighborhood (2) knowing how to market the property to the right target (3) knowing how to budget advertisement and knowing the costs involved in the sale (4) negotiating a successful sale (5) steps to take to reach a successful transfer of deed.
If you're not an expert in each of these items, you should consider hiring a Realtor. As your buyer's agent, an experienced Realtor is an expert in the above items. The Realtor's fee is built into the mortgage and if the money weren't built in to pay your buyer's agent, it would go to the seller's agent per their original contract together. As well, when you go to sell the property, the agent will often lower his commission as a courtesy.
Is the 8000 tax credit given to those who buy homes from jan 1 2009 til july 1 or nov 30?
The deadline is December 1st, 2009 as of now. They may extend it in the future but for right now its December 1st, 2009.
One key thing that people are leaving out is this. You must CLOSE on the home by the deadline. So if you put in an offer on November 25th, it gets accepted on the 25th, and you close on December 2nd, you will not get the credit.
Also, the tax credit is 10% of the homes purchase price up to a maximum of $8000. There are also income guidelines that are covered in another answer to your question.Is the 8000 tax credit given to those who buy homes from jan 1 2009 til july 1 or nov 30?
http://www.federalhousingtaxcredit.com/
';A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid. ';Is the 8000 tax credit given to those who buy homes from jan 1 2009 til july 1 or nov 30?
First-time homebuyers who purchase a home between 12/31/08 and 12/1/09. Phaseout starts at $75k/$150k and ends at $95k/$170k.
When you file your 2008 or 2009 tax returns, make sure you claim the maximum benefit under this provision. Individuals who purchased a home in 2009 and already filed a 2008 return claiming a $7,500 credit based on prior law should amend their return to claim the balance of the credit (up to $500).
Christine EA Master Tax Advisor
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.
http://www.hrblock.com/tax_professionals鈥?/a>
Get more info here too:
http://www.housingmarketfacts.com/8000
One key thing that people are leaving out is this. You must CLOSE on the home by the deadline. So if you put in an offer on November 25th, it gets accepted on the 25th, and you close on December 2nd, you will not get the credit.
Also, the tax credit is 10% of the homes purchase price up to a maximum of $8000. There are also income guidelines that are covered in another answer to your question.Is the 8000 tax credit given to those who buy homes from jan 1 2009 til july 1 or nov 30?
http://www.federalhousingtaxcredit.com/
';A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid. ';Is the 8000 tax credit given to those who buy homes from jan 1 2009 til july 1 or nov 30?
First-time homebuyers who purchase a home between 12/31/08 and 12/1/09. Phaseout starts at $75k/$150k and ends at $95k/$170k.
When you file your 2008 or 2009 tax returns, make sure you claim the maximum benefit under this provision. Individuals who purchased a home in 2009 and already filed a 2008 return claiming a $7,500 credit based on prior law should amend their return to claim the balance of the credit (up to $500).
Christine EA Master Tax Advisor
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.
http://www.hrblock.com/tax_professionals鈥?/a>
Get more info here too:
http://www.housingmarketfacts.com/8000
Is there anyone that buys homes in Beverly Hills, FL? Living in CO, renter moved out, I can't make payments.?
Ranch home, stucco, 2br, 1ba, 1 car garage, carpet and tile, lg family room with wood burning fireplace. Washer and dryer, microwave, refrigerator, stove, dishwasher. Quiet area, close to civic center. Home is listed with realtor at $79,900, but has not sold due to economy and many homes for sale in area. Have opportunity to rent home, but mortgage holder will not work with me regarding reduced payments. I am on social security. Is there anyone that buys homes in Beverly Hills, FL? Living in CO, renter moved out, I can't make payments.?
Why are you asking us? It is your realtors job to find a buyer.Is there anyone that buys homes in Beverly Hills, FL? Living in CO, renter moved out, I can't make payments.?
Just ask the concerned persons, I hope you will find a positive result, good luckfacial body eye application
Why are you asking us? It is your realtors job to find a buyer.Is there anyone that buys homes in Beverly Hills, FL? Living in CO, renter moved out, I can't make payments.?
Just ask the concerned persons, I hope you will find a positive result, good luck
Is it better to buy homes straight from the bank ?
It is hard to find out when a bank is ready to sell unless you have a connection. I have had the most luck by finding an owner that wants out, and then contacting the bank to purchase.Is it better to buy homes straight from the bank ?
The VAST majority of lenders use Realtors to liquidate their REO properties.
The VAST majority of lenders use Realtors to liquidate their REO properties.
Where can i buy homes in Florida /ask BRF 561-733-2121?
Bid For Assets .com-Or call a Realtor in Florida and have them Email you a list.
Selling Condo and buying home?
Im in a condo now and im about 70k under what i bought it for. What are my options for getting out of this mortgage and into a bigger place?Selling Condo and buying home?
Unless you are totally financiall secure I would stick where I am. Right now the economy is back and it is a buyers market but what if you loose your job or have health problems? What ever you buy will probably cost more. Do you have an emergency fund to take care of everything and is your job definitely secure. Those are a few things to htink about. Just my opinion.....Selling Condo and buying home?
u have few;
a; see if the lender will put a moratorium on your payments till the
values go back up.
b; find an investor and sell part of the house to them.
c; see if you can swap your [original value] equity to someone
else for what they have that you want--someone who has
a house with a mortgage you can afford.
None, unless you can cover the difference.
Unless you are totally financiall secure I would stick where I am. Right now the economy is back and it is a buyers market but what if you loose your job or have health problems? What ever you buy will probably cost more. Do you have an emergency fund to take care of everything and is your job definitely secure. Those are a few things to htink about. Just my opinion.....Selling Condo and buying home?
u have few;
a; see if the lender will put a moratorium on your payments till the
values go back up.
b; find an investor and sell part of the house to them.
c; see if you can swap your [original value] equity to someone
else for what they have that you want--someone who has
a house with a mortgage you can afford.
None, unless you can cover the difference.
What is the future of buying home for family that makes 30,000.00 in a year?
Depends where you want to live. You could buy a nice place on your income in small town Canada - no problem.What is the future of buying home for family that makes 30,000.00 in a year?
It is not how much you make but how you use what you make and if you have paid bills on time for a long time. How much you make is only the start.What is the future of buying home for family that makes 30,000.00 in a year?
Rosy indeed, if you live in an affordable area. I live in SW MO and someone with that income could easily buy a decent place with that income. Nothing opulent, of course, but very livable and in a decent neighborhood.
you can only afford a home under 70,000. best to start with a condo and build some equity for a bigger place. Also would help to improve the income. What are your opportunities? I would not want to buy unless, I had at least 10% of the cost of the place in the bank for upkeep and improvements. Also, insurance is very expensive.
I had problems when i had a house as the plumbing problems and roof repair put me way over my budget.
Basically you must take in consideration:
what price of home you are looking at,
how much money you have to put down,
what type of credit you have (credit cards, installment loans, and for how many yrs you have been paying on them
how you handled paying your loans or credit cards.(did you pay the entire balance off every month, or did you pay only minimum amt required)
What is your FICO score at the credit bureau.
Hope this helps. I am currently going thru the very same thing
It is not how much you make but how you use what you make and if you have paid bills on time for a long time. How much you make is only the start.What is the future of buying home for family that makes 30,000.00 in a year?
Rosy indeed, if you live in an affordable area. I live in SW MO and someone with that income could easily buy a decent place with that income. Nothing opulent, of course, but very livable and in a decent neighborhood.
you can only afford a home under 70,000. best to start with a condo and build some equity for a bigger place. Also would help to improve the income. What are your opportunities? I would not want to buy unless, I had at least 10% of the cost of the place in the bank for upkeep and improvements. Also, insurance is very expensive.
I had problems when i had a house as the plumbing problems and roof repair put me way over my budget.
Basically you must take in consideration:
what price of home you are looking at,
how much money you have to put down,
what type of credit you have (credit cards, installment loans, and for how many yrs you have been paying on them
how you handled paying your loans or credit cards.(did you pay the entire balance off every month, or did you pay only minimum amt required)
What is your FICO score at the credit bureau.
Hope this helps. I am currently going thru the very same thing
After buying home, when should i fill out for discover, ax, sears, etc?
It took us almost a year to get good enough credit to get those. I think it depends on your previous credit history as well. I would wait at least a few months before I tried it. But that is only my opinion.After buying home, when should i fill out for discover, ax, sears, etc?
You should never get store credit cards. Their terms are horrible, get a normal credit card and pay off your balance every month.After buying home, when should i fill out for discover, ax, sears, etc?
Buying a home shouldn't significantly affect your ability to qualify for credit cards. If you want to make sure your credit scores are as high as possible before applying, wait until you've made twelve on-time mortgage payments.
You should never get store credit cards. Their terms are horrible, get a normal credit card and pay off your balance every month.After buying home, when should i fill out for discover, ax, sears, etc?
Buying a home shouldn't significantly affect your ability to qualify for credit cards. If you want to make sure your credit scores are as high as possible before applying, wait until you've made twelve on-time mortgage payments.
Why are people who bought homes they can't afford and expect the rest of us to bail them out being portrayed?
...as victims?
A third-generation freethinkerWhy are people who bought homes they can't afford and expect the rest of us to bail them out being portrayed?
Let me tell you something about these so called victims from first hand knowledge. They took these loans out because they had the loans marketed to them in local community meetings. They made the loans knowing full well they didn't have sufficient income to repay them or no income to pay them. Most were living in state sponsored housing before hand. They knew that they could make these loans, receive cash at closing, live in the house rent free for a year or 2 before being thrown out by foreclosure. Then because they had no credit or bad credit before, they were out nothing except the inconvenience of moving back to state sponsored housing. That's 95 % of these failed loans. Then when you compound that by the properties money was loaned on being junk properties where the appraisels were escalated to upwards of 150 % by crooked appraisers you have a massive failure considering the amount of these loans that have been made. Let me you this too that this is not the end of the spectrum. Even city municipalities are involved in this offering government guaranteed money as down payments, moving expenses, utility money and so on that the government, our tax money, will have to repay. These lending institutions saw this as an easy way to make loans and get a maximum return knowing full ahead that the people would not repay the loan thereby receiving the repayment from the government. The government was the co-signer. These people are not victims. They are criminals and in league with lending institutions who are also criminals. Now you hear socialism being attached to the bailout plan but I got news for you. This was a socialist move made back in the 70'S by peanut brain Carter and in the 90's where it was put into high gear by Billy Boy Clinton. Socialism in this instance is not new. It's the way libs have tried to sneek it in under our noses and as socialism has always been it's failed miserably and will always fail. We the tax payers get to pay, again.Why are people who bought homes they can't afford and expect the rest of us to bail them out being portrayed?
When most of the people bought their homes, they could actually afford them.
Prices have gone up on everything, taxes are going up all of the time, we're being taxed to death, in case you hadn't noticed.
Federal, state and local governments are always raising taxes, and whining that they need more, and more, and more. Property taxes have soared all over the country.
Now, with the government running up the deficits all of the time, giving billions to keep the wars going so Haliburton can keep raking in the billions, taxes are going to go up, up, and up.
The automakers in Detroit are getting a $ 45,000,000,000 bailout.
They can't sell the same gas guzzlers that they've been cranking out, they didn't learn from the first oil crisis 30 years ago that people want cars that get good mileage---that's why the imports became so popular.
Now they want a bailout?
The mortgage crisis could have been dealt with on a more equitable level when it first began by the banks renegotiating the loans down to a more reasonable payment level, and avoided all of this mess.
The government could have stepped in at the beginning--but Bush refused to act.
Confiscatory taxes on all government levels are a major factor in the destruction of our economy. When was the last time you ever heard about any of the politicians actually trying to reduce government costs and expenditures?
The federal, state and local politicians do not serve the needs of the people. They only look on us as a bottomless source of money for them to give to their cronies and squander.
They were called ';BAIT AND SWITCH'; ARMS... I was also a 'VICTIM' but I had the ability to get a fixed loan after the honeymoon was over.
Do you wonder why ACORN is being swept under the rug? That is merely because it is a total embarrassment to the democan'ts because they clearly wanted EQUAL HOUSING FOR ALL. ACORN was simply a vehicle used to tell these companies, ';If you don't give out these thousands of mortgages that these people can't afford, then we will cry racism and you will be out of business.'; Which is a great extortion ploy considering the fact that there are so many rules and regulations regarding equal housing, plus with all of the competition... All it would have taken was one false rumor to catastrophically impact and destroy a company. None of them complained either because they were getting their piece of the pie as well as long as everyone was quiet and the money was flowing, who would ever know?
You can't say their victims. Many are only giulty in lack of good financial judgement.
Anyone who decides to over extend themselves financially is taking a risk.
The sad part is that seems to have been a setup from the begiinning when Congress, particuarly Barney Frank back in 2003 told the american people that there was nothing wrong with Fannia Mae and Freddie Mac and that we should make housing available for all by reducing prime rates and less documentation. AND at a time where the Bush administration, did in fact, warn them of a potential financial system meltdown if they went ahead and maintain the status quo. Congress was warned repeatedly over the next 6 years!! With a final plea from Greenspan in 2006 saying that the US financial system could crash if congress does not act on Fannie Mae and Freddie Mac.
And McCain also addressed Congress, I believe in that same year or just last year regarding the same issue.
For some reason Obama keeps getting credit??????
What does Barney Frank say now ? It's the republicans fault for what , not telling them??
Again nothing reported about it through CNN, NBC, ABC, or CBS . . .
Gee look where we are now . . .
In a sense, they are victims. Democrats convinced mortgage companies to loan them money for houses they couldn't afford and the price they were paying for their ARM's went up. They were educated by Democrat controlled public schools and didn't know better than to take the ';free'; housing. Democrats are very busy now, convincing them it's the Republicans' fault. You see, in order to get more power, the party of the poor, is out to make more poor people. The more poor people they make, the more power they have.
In our school, we teach the 2 students that debt is bad. Stay within your means. Don't buy things you don't need. Neither a borrower, nor a lender be.
They almost certainly thought they could afford them when they signed the papers. They aren't the cause of the problem - the financial schemes of the federal government, the Federal Reserve Bank, Wall Street, and financial institutions are. They tried to manufacture more wealth for the wealthy out of thin air and the bills came due.
We live in the victimization culture. Everybody wants to be a victim of something. This relieves you of responsibility for your actions. It's not your fault that you bought a house you can't afford. It's not your fault you didn't understand the loan contract you were signing. It's not your fault you didn't understand what adjustable rate mortgage means. (that may be true, however, because the public schools don't teach how to read and think. It's not your fault you got a zero on the test. The test was too hard and took too much time away from your socializing to study for). It's the big, bad banks that forced you to buy the house and get an ARM.
This whole thing is an election year ploy by Democrats. It is normal that after one party has had the White House for eight years, they other party gets it. Only one time in my lifetime, George Bush in '88, has that not held true. However, they have a bad candidate and are losing on the war. Thus, they have to use the same fear tactics that they did in '92 to get Clinton elected.
The economy is not bad. The dollar is stronger than it has been in fifteen years. A barrel of oil is under $100. Banks, WAMU and Wachovia, are failing but there are banks that didn't make the bad decisions these banks did that are there to buy the failing banks. The free market is working but the Dems had to manufacture an economic crisis to support Obamessiah. So, they want to tank the dollar by injecting $700 Billion into the economy via a welfare program.
The sad part is that Bush walked into this ambush and McCain is also falling for it because he thinks that by not doing something he is going to be hurt in the election. He should say that this is not George Bush's doing (by the way, the American people recognize this. In a poll, 5% blame Bush. 55% blame Congress). It is bad judgment on the behalf of these banks and, as a result, they will be swallowed up by banks that made good choices. THAT IS HOW THE MARKET WORKS. CONGRESS, GET OUT OF THE WAY AND LET THE MARKET HANDLE ITSELF.
Because the real culprits always find a way to spin their culpability to someone else. While the common person blames the ';poor'; the very wealthy continue to make huge profits unscathed.
There's plenty of blame to go around. Greedy corporations, greedy and in some cases clueless consumers, tepid and toothless political oversight.
Its not one or the other.
Because Pelosi and company in the Congress want us to think that way when they contributed mightily to the problem.
That is a good question, we have to pay for spending beyond our means. Don't buy what you can't afford.
I like the idea. I think I will quit paying my mortgage.
Its just not their fault. Its all of our fault. We don't save and produce anymore. We consume and borrow.
its not heir fault when you have big corporations to blamefacial body eye application
A third-generation freethinkerWhy are people who bought homes they can't afford and expect the rest of us to bail them out being portrayed?
Let me tell you something about these so called victims from first hand knowledge. They took these loans out because they had the loans marketed to them in local community meetings. They made the loans knowing full well they didn't have sufficient income to repay them or no income to pay them. Most were living in state sponsored housing before hand. They knew that they could make these loans, receive cash at closing, live in the house rent free for a year or 2 before being thrown out by foreclosure. Then because they had no credit or bad credit before, they were out nothing except the inconvenience of moving back to state sponsored housing. That's 95 % of these failed loans. Then when you compound that by the properties money was loaned on being junk properties where the appraisels were escalated to upwards of 150 % by crooked appraisers you have a massive failure considering the amount of these loans that have been made. Let me you this too that this is not the end of the spectrum. Even city municipalities are involved in this offering government guaranteed money as down payments, moving expenses, utility money and so on that the government, our tax money, will have to repay. These lending institutions saw this as an easy way to make loans and get a maximum return knowing full ahead that the people would not repay the loan thereby receiving the repayment from the government. The government was the co-signer. These people are not victims. They are criminals and in league with lending institutions who are also criminals. Now you hear socialism being attached to the bailout plan but I got news for you. This was a socialist move made back in the 70'S by peanut brain Carter and in the 90's where it was put into high gear by Billy Boy Clinton. Socialism in this instance is not new. It's the way libs have tried to sneek it in under our noses and as socialism has always been it's failed miserably and will always fail. We the tax payers get to pay, again.Why are people who bought homes they can't afford and expect the rest of us to bail them out being portrayed?
When most of the people bought their homes, they could actually afford them.
Prices have gone up on everything, taxes are going up all of the time, we're being taxed to death, in case you hadn't noticed.
Federal, state and local governments are always raising taxes, and whining that they need more, and more, and more. Property taxes have soared all over the country.
Now, with the government running up the deficits all of the time, giving billions to keep the wars going so Haliburton can keep raking in the billions, taxes are going to go up, up, and up.
The automakers in Detroit are getting a $ 45,000,000,000 bailout.
They can't sell the same gas guzzlers that they've been cranking out, they didn't learn from the first oil crisis 30 years ago that people want cars that get good mileage---that's why the imports became so popular.
Now they want a bailout?
The mortgage crisis could have been dealt with on a more equitable level when it first began by the banks renegotiating the loans down to a more reasonable payment level, and avoided all of this mess.
The government could have stepped in at the beginning--but Bush refused to act.
Confiscatory taxes on all government levels are a major factor in the destruction of our economy. When was the last time you ever heard about any of the politicians actually trying to reduce government costs and expenditures?
The federal, state and local politicians do not serve the needs of the people. They only look on us as a bottomless source of money for them to give to their cronies and squander.
They were called ';BAIT AND SWITCH'; ARMS... I was also a 'VICTIM' but I had the ability to get a fixed loan after the honeymoon was over.
Do you wonder why ACORN is being swept under the rug? That is merely because it is a total embarrassment to the democan'ts because they clearly wanted EQUAL HOUSING FOR ALL. ACORN was simply a vehicle used to tell these companies, ';If you don't give out these thousands of mortgages that these people can't afford, then we will cry racism and you will be out of business.'; Which is a great extortion ploy considering the fact that there are so many rules and regulations regarding equal housing, plus with all of the competition... All it would have taken was one false rumor to catastrophically impact and destroy a company. None of them complained either because they were getting their piece of the pie as well as long as everyone was quiet and the money was flowing, who would ever know?
You can't say their victims. Many are only giulty in lack of good financial judgement.
Anyone who decides to over extend themselves financially is taking a risk.
The sad part is that seems to have been a setup from the begiinning when Congress, particuarly Barney Frank back in 2003 told the american people that there was nothing wrong with Fannia Mae and Freddie Mac and that we should make housing available for all by reducing prime rates and less documentation. AND at a time where the Bush administration, did in fact, warn them of a potential financial system meltdown if they went ahead and maintain the status quo. Congress was warned repeatedly over the next 6 years!! With a final plea from Greenspan in 2006 saying that the US financial system could crash if congress does not act on Fannie Mae and Freddie Mac.
And McCain also addressed Congress, I believe in that same year or just last year regarding the same issue.
For some reason Obama keeps getting credit??????
What does Barney Frank say now ? It's the republicans fault for what , not telling them??
Again nothing reported about it through CNN, NBC, ABC, or CBS . . .
Gee look where we are now . . .
In a sense, they are victims. Democrats convinced mortgage companies to loan them money for houses they couldn't afford and the price they were paying for their ARM's went up. They were educated by Democrat controlled public schools and didn't know better than to take the ';free'; housing. Democrats are very busy now, convincing them it's the Republicans' fault. You see, in order to get more power, the party of the poor, is out to make more poor people. The more poor people they make, the more power they have.
In our school, we teach the 2 students that debt is bad. Stay within your means. Don't buy things you don't need. Neither a borrower, nor a lender be.
They almost certainly thought they could afford them when they signed the papers. They aren't the cause of the problem - the financial schemes of the federal government, the Federal Reserve Bank, Wall Street, and financial institutions are. They tried to manufacture more wealth for the wealthy out of thin air and the bills came due.
We live in the victimization culture. Everybody wants to be a victim of something. This relieves you of responsibility for your actions. It's not your fault that you bought a house you can't afford. It's not your fault you didn't understand the loan contract you were signing. It's not your fault you didn't understand what adjustable rate mortgage means. (that may be true, however, because the public schools don't teach how to read and think. It's not your fault you got a zero on the test. The test was too hard and took too much time away from your socializing to study for). It's the big, bad banks that forced you to buy the house and get an ARM.
This whole thing is an election year ploy by Democrats. It is normal that after one party has had the White House for eight years, they other party gets it. Only one time in my lifetime, George Bush in '88, has that not held true. However, they have a bad candidate and are losing on the war. Thus, they have to use the same fear tactics that they did in '92 to get Clinton elected.
The economy is not bad. The dollar is stronger than it has been in fifteen years. A barrel of oil is under $100. Banks, WAMU and Wachovia, are failing but there are banks that didn't make the bad decisions these banks did that are there to buy the failing banks. The free market is working but the Dems had to manufacture an economic crisis to support Obamessiah. So, they want to tank the dollar by injecting $700 Billion into the economy via a welfare program.
The sad part is that Bush walked into this ambush and McCain is also falling for it because he thinks that by not doing something he is going to be hurt in the election. He should say that this is not George Bush's doing (by the way, the American people recognize this. In a poll, 5% blame Bush. 55% blame Congress). It is bad judgment on the behalf of these banks and, as a result, they will be swallowed up by banks that made good choices. THAT IS HOW THE MARKET WORKS. CONGRESS, GET OUT OF THE WAY AND LET THE MARKET HANDLE ITSELF.
Because the real culprits always find a way to spin their culpability to someone else. While the common person blames the ';poor'; the very wealthy continue to make huge profits unscathed.
There's plenty of blame to go around. Greedy corporations, greedy and in some cases clueless consumers, tepid and toothless political oversight.
Its not one or the other.
Because Pelosi and company in the Congress want us to think that way when they contributed mightily to the problem.
That is a good question, we have to pay for spending beyond our means. Don't buy what you can't afford.
I like the idea. I think I will quit paying my mortgage.
Its just not their fault. Its all of our fault. We don't save and produce anymore. We consume and borrow.
its not heir fault when you have big corporations to blame
Buying home on land contract?
I have found a home thru real estate, but i have bad credit and cant get a loan, i own my own Business and get a good amount of money i am willing to put 20% down on the $230,000 home. Do you think the agent would be willing go on land contract terms? Or what else should i do? I want the home real bad!
ThanksBuying home on land contract?
You would need to find an owner who would be willing to do a lease option or land contract. It isn't up to the agent.
ThanksBuying home on land contract?
You would need to find an owner who would be willing to do a lease option or land contract. It isn't up to the agent.
For Buying Home Desktop PC, which brand is the best( in Price Performance& service)?
Best is HP. i confirm you. they give you quality products and recovery discs that will help you use your computer safely.
the next choice can be dell. it is also goodFor Buying Home Desktop PC, which brand is the best( in Price Performance%26amp; service)?
I THINK U SHOULD GO WITH SAMSUNG OR I SUGGEST THAT U SHOULD ASSEMBLE UR PC BY PUTTING UR FAVOURITES GENIUNE PARTS.SO ASSEMBLING IS BETTER OPTION,I HAVE ALSO DONE.For Buying Home Desktop PC, which brand is the best( in Price Performance%26amp; service)?
While Samsung is a great choice, their products tend to be more expensive.
Dell generally gives you the best bang for the buck
HP desktop will best suite for you. for details log on to hp website.
HP or ASUS are the better brands, and they are much better then samsung
Samsung is my choice
go for HP is Good
the next choice can be dell. it is also goodFor Buying Home Desktop PC, which brand is the best( in Price Performance%26amp; service)?
I THINK U SHOULD GO WITH SAMSUNG OR I SUGGEST THAT U SHOULD ASSEMBLE UR PC BY PUTTING UR FAVOURITES GENIUNE PARTS.SO ASSEMBLING IS BETTER OPTION,I HAVE ALSO DONE.For Buying Home Desktop PC, which brand is the best( in Price Performance%26amp; service)?
While Samsung is a great choice, their products tend to be more expensive.
Dell generally gives you the best bang for the buck
HP desktop will best suite for you. for details log on to hp website.
HP or ASUS are the better brands, and they are much better then samsung
Samsung is my choice
go for HP is Good
Looking for rent 2 buy homes in miami?
anybody know good sites? thanks!Looking for rent 2 buy homes in miami?
call your favorite real estate office
and seek a buyer's agent.
THE agent you choose will negotiate
such an arrangement for you.
[never let the same agent rep you
and the seller in the same deal.]
call your favorite real estate office
and seek a buyer's agent.
THE agent you choose will negotiate
such an arrangement for you.
[never let the same agent rep you
and the seller in the same deal.]
Buying home, but deed not in owners name?
Owner of house moving out of State. He says if I buy the house he will do a quick claim deed. What all do i need to do to find out all the info on this house? besides hiring a laywer.Buying home, but deed not in owners name?
You could go to a title agency and have the run the title to see if there are any liens on it.
You could go to a title agency and have the run the title to see if there are any liens on it.
Buying home when judgments against you?
I was married for 6 years. I was separated from him for 4 of those years, although not recognized by court. My ex was obsessive and would lie in court saying we were together when we weren't so it would reset the separation date and I'd have to wait yet another year. During the time we were married, he forged my name to loans and credit cards without my knowledge and by time I found out, I was half million in debt. I have never been able to find a job since I was 16 because of health problems. One of the creditors tracked me down and got a judgment against me for over $13k in 2005. I am a single parent. I saved up money from student loans and have enough to buy a fixer upper. How can I prevent creditors from taking the house? It's cheaper to buy this fixer upper than to pay rent for a year, and I wouldn't have to rent again if I could keep it. It help my daughter and I out since I cannot work (health problems). Can I put house in my daughter's name? She's a minor.Buying home when judgments against you?
It sounds like you need a divorce attorney who can help you and maybe is strong in real Estate. Inquire about putting the house in a trust (I do not know what type would work if at all)
Good Luck, You will need it.Buying home when judgments against you?
A creditor can not take your house, but they can put liens on them. You can file for chapter 7 bk and get rid of the debt and still keep your home and your car.
please see a lawyer, this kind of thing can quickly escalate to where you lose your savings. In most states filing bankruptcy will protect your home and some assets and get the creditors off your back for good. I know it's drastic, but it might be your best bet. Again, please see a lawyer, don't try to do this alone.
First, it would not be hard to show the court your husband was lying , it would be sooooo easy to prove you did not live together.
You can put property in your daughters name if you have enough to buy it without a loan.
It sounds like you need a divorce attorney who can help you and maybe is strong in real Estate. Inquire about putting the house in a trust (I do not know what type would work if at all)
Good Luck, You will need it.Buying home when judgments against you?
A creditor can not take your house, but they can put liens on them. You can file for chapter 7 bk and get rid of the debt and still keep your home and your car.
please see a lawyer, this kind of thing can quickly escalate to where you lose your savings. In most states filing bankruptcy will protect your home and some assets and get the creditors off your back for good. I know it's drastic, but it might be your best bet. Again, please see a lawyer, don't try to do this alone.
First, it would not be hard to show the court your husband was lying , it would be sooooo easy to prove you did not live together.
You can put property in your daughters name if you have enough to buy it without a loan.
Moving to SOCAL (L.A) need advice on work opportunities and cheapest cities to buy homes in!?
1.Is there alot of opportunities for people who are going into marketing in L.A? if so, which cities are the best?
2.which cities have the cheapest homes for sale (around L.A)?? i dont want to rent,%26amp;%26amp; my budget is 200,000 to 300,000
3. I need a safe city that is close to the beach with good waves ! =)
ThanksMoving to SOCAL (L.A) need advice on work opportunities and cheapest cities to buy homes in!?
try a quick visit to www.craigslist.com it will help answer all of those questions. You can find information on homes and jobs and costs all at the same time. Good luck I still think you should call a REALTOR.Moving to SOCAL (L.A) need advice on work opportunities and cheapest cities to buy homes in!?
Dream on!
Your $200k-$300k will barely be enough for a down payment on a home near the beach, unless you consider 20 miles away to be ';near.';
And, the neighborhoods around LA vary dramatically, from very nice to absolutely putrid.
I suggest renting for at least a year, to allow yourself some time to get acqainted with the LA area before committing to an expensive home purchase.
Also, don't buy before you have a secure job. Your potential commute will be a factor in your choice of where to live. Spend a few days here, and you'll see what I mean.
There are ZERO single family homes in the LA/Orange County area for that price range. You could ';maybe'; get a condo for $300k but it won't be close to the beach, rather it will most likely be in a crappy area.
LA has a lot of opportunity, but there are also a lot of people looking into those opportunities. For housing, your best bet is in older, established suburbs. New developments will be out of range and you will get less for your money. Look around Redondo and Hermosa Beach. Don't expect a lot for your budget and be prepared for a long job hunt.
lived here my whole life, and sorry to say but what you are looking for doesn't exsist. Even renting near the beach is outrageous. You will be looking at anywhere from 1,800 for a studio apartment to 3,000 for an apartment!(depending on where you go) anything for in your proce range is not going to be safe, unless it's like 700 sq ft on a 2,000 sq ft lot. And even then I'm talking about being in suburbia. My suggestion- do a month to month rent for like 2 months to get yourself aquainted with the southland. Have a very open mind, and be prepared to give up your beach dream and trade it in for a commute. Then once you are here, start looking at foreclosures. That is the ONLY way that you are going to get anything in so cal for your price range that isn't in a slum and bigger than trailer! Example: i just sold my condo in a decent area but about 45 min from LA, and 45-60 min. from the closest beach. It was 1000 sq ft, 2 bd 2 bth, for $313,000 and that was with a depleating market and it was on the market for 6 months! When we put in on the market it was worth 320,000! I wouldn't even buy it back at that amount! The market is insane! And besides no lender is going to look at you until you have at least been with your company for two years. And get settled here to make sure that you want to stay before you seal your fate with an over priced home and mortgage. Sorry I know that sucks, but trust me, I feel your pain. All too much :(
yes you can get for under 300k in the war zone (gang area) fixer and tons of bullet holes
i believe lancaster ca might be your choice ..as they might have homes under 300kfacial body eye application
2.which cities have the cheapest homes for sale (around L.A)?? i dont want to rent,%26amp;%26amp; my budget is 200,000 to 300,000
3. I need a safe city that is close to the beach with good waves ! =)
ThanksMoving to SOCAL (L.A) need advice on work opportunities and cheapest cities to buy homes in!?
try a quick visit to www.craigslist.com it will help answer all of those questions. You can find information on homes and jobs and costs all at the same time. Good luck I still think you should call a REALTOR.Moving to SOCAL (L.A) need advice on work opportunities and cheapest cities to buy homes in!?
Dream on!
Your $200k-$300k will barely be enough for a down payment on a home near the beach, unless you consider 20 miles away to be ';near.';
And, the neighborhoods around LA vary dramatically, from very nice to absolutely putrid.
I suggest renting for at least a year, to allow yourself some time to get acqainted with the LA area before committing to an expensive home purchase.
Also, don't buy before you have a secure job. Your potential commute will be a factor in your choice of where to live. Spend a few days here, and you'll see what I mean.
There are ZERO single family homes in the LA/Orange County area for that price range. You could ';maybe'; get a condo for $300k but it won't be close to the beach, rather it will most likely be in a crappy area.
LA has a lot of opportunity, but there are also a lot of people looking into those opportunities. For housing, your best bet is in older, established suburbs. New developments will be out of range and you will get less for your money. Look around Redondo and Hermosa Beach. Don't expect a lot for your budget and be prepared for a long job hunt.
lived here my whole life, and sorry to say but what you are looking for doesn't exsist. Even renting near the beach is outrageous. You will be looking at anywhere from 1,800 for a studio apartment to 3,000 for an apartment!(depending on where you go) anything for in your proce range is not going to be safe, unless it's like 700 sq ft on a 2,000 sq ft lot. And even then I'm talking about being in suburbia. My suggestion- do a month to month rent for like 2 months to get yourself aquainted with the southland. Have a very open mind, and be prepared to give up your beach dream and trade it in for a commute. Then once you are here, start looking at foreclosures. That is the ONLY way that you are going to get anything in so cal for your price range that isn't in a slum and bigger than trailer! Example: i just sold my condo in a decent area but about 45 min from LA, and 45-60 min. from the closest beach. It was 1000 sq ft, 2 bd 2 bth, for $313,000 and that was with a depleating market and it was on the market for 6 months! When we put in on the market it was worth 320,000! I wouldn't even buy it back at that amount! The market is insane! And besides no lender is going to look at you until you have at least been with your company for two years. And get settled here to make sure that you want to stay before you seal your fate with an over priced home and mortgage. Sorry I know that sucks, but trust me, I feel your pain. All too much :(
yes you can get for under 300k in the war zone (gang area) fixer and tons of bullet holes
i believe lancaster ca might be your choice ..as they might have homes under 300k
Is there a way to buy homes cheaply by paying the taxes on deserted homes if so where do you send the payments
It depends on where you live. Counties and state vary on property taxes and how they are paid.
In the state of Washington, property is auctioned for back taxes. In Arizona, some counties auction tax lien certificates and don't auction property until taxes have been overdue for three years.
Check with your county assessor's office for property that has an overdue tax bill. Or contact your city's planning and zoning office for the owners of houses, you have the addresses for, that you think are deserted. They may be willing to strike a deal. Good Luck!Is there a way to buy homes cheaply by paying the taxes on deserted homes if so where do you send the payments
VERY risky. If you want tax default properties, but them at a tax auction. You can get the information from the County Treasurer's office. They will let you know how much is owed and when the auctions are. Using this approach you can get title insurance, if your state doesn't have a redepmtion period.Is there a way to buy homes cheaply by paying the taxes on deserted homes if so where do you send the payments
public auction FTW forclosures and owed taxes are public records
you pay all tax's at the court house, wherever the town is at
Contact your county treasurer/clerk for the availability, procedure and settlement.
This will depend on the state you in... You may be able to obtain the property by adverse possession where you pay all property taxes for a specific period of time, notoriously use and occupy in a manner hostile to the owner (without their permission) and then pitition the county for the property.
Your 1st step would be to find land where the taxes are past due... way past due..
Kevin
In order for adverse posession to work, you need to actually be using the property, not just paying the taxes. And even then the use would need to be for many years. If the house is deserted, it probably would need some work to make rentable. It would be very risky to invest in improving a property you don't own with the hopes of taking title via adverse posession down the road. At any point you could get busted for trespassing, then not only do you lose your improvements, but you also face criminal and civil liability for the trespass.
If you're interested in a deserted house, I'd recomment looking up the owner of record at your county recorder's office, contacting them and trying to negotiate its purchase.
sent them to me
said bank or realtor
County Tax Assessor Best Place To Start.
I don't know about any other state, but here in Oklahoma taxes are public records so you can pay a persons taxes and retain a tax certificate on their property after a certain period of time, if they are delinquent. I believe they have to be delinquent for 3-5 years before they hand you over a deed. So they get a fair time period to pay them. You can check on particular property by calling your counties treasurers office and they will be able to tell you if taxes are current.
Get in touch with your local council..
Check w/city assessor's office they should have a list of delinquent tax properties. If they do not have that info they can direct you to correct department as well as the procedures on obtaining the properties.
In the state of Washington, property is auctioned for back taxes. In Arizona, some counties auction tax lien certificates and don't auction property until taxes have been overdue for three years.
Check with your county assessor's office for property that has an overdue tax bill. Or contact your city's planning and zoning office for the owners of houses, you have the addresses for, that you think are deserted. They may be willing to strike a deal. Good Luck!Is there a way to buy homes cheaply by paying the taxes on deserted homes if so where do you send the payments
VERY risky. If you want tax default properties, but them at a tax auction. You can get the information from the County Treasurer's office. They will let you know how much is owed and when the auctions are. Using this approach you can get title insurance, if your state doesn't have a redepmtion period.Is there a way to buy homes cheaply by paying the taxes on deserted homes if so where do you send the payments
public auction FTW forclosures and owed taxes are public records
you pay all tax's at the court house, wherever the town is at
Contact your county treasurer/clerk for the availability, procedure and settlement.
This will depend on the state you in... You may be able to obtain the property by adverse possession where you pay all property taxes for a specific period of time, notoriously use and occupy in a manner hostile to the owner (without their permission) and then pitition the county for the property.
Your 1st step would be to find land where the taxes are past due... way past due..
Kevin
In order for adverse posession to work, you need to actually be using the property, not just paying the taxes. And even then the use would need to be for many years. If the house is deserted, it probably would need some work to make rentable. It would be very risky to invest in improving a property you don't own with the hopes of taking title via adverse posession down the road. At any point you could get busted for trespassing, then not only do you lose your improvements, but you also face criminal and civil liability for the trespass.
If you're interested in a deserted house, I'd recomment looking up the owner of record at your county recorder's office, contacting them and trying to negotiate its purchase.
sent them to me
said bank or realtor
County Tax Assessor Best Place To Start.
I don't know about any other state, but here in Oklahoma taxes are public records so you can pay a persons taxes and retain a tax certificate on their property after a certain period of time, if they are delinquent. I believe they have to be delinquent for 3-5 years before they hand you over a deed. So they get a fair time period to pay them. You can check on particular property by calling your counties treasurers office and they will be able to tell you if taxes are current.
Get in touch with your local council..
Check w/city assessor's office they should have a list of delinquent tax properties. If they do not have that info they can direct you to correct department as well as the procedures on obtaining the properties.
Mortgage broker says I should refinance before selling/buying home to correct credit rating, yes/no?
Debt/income ratio too high so wants to do a debt consolidation loand prior to marketing my house and me buying another one but is that something to seriously consider? I was going to pay off my debts once the house was sold any way...Mortgage broker says I should refinance before selling/buying home to correct credit rating, yes/no?
Depending on the type of loan you need for your new home, you need to have a DTI (debt-to-income ratio) between 45-50% opn average for a purchase. It makes sense to refi your home to ensure you are prequalified to purchase the new home. It is difficult for a mortgage broker to provide you with a preapproval letter (usually required by a Realtor to prove to a seller that you are a ready-willing-able buyer) unless you meet this DTI guideline. However, ask what your DTI is and ask that to see it on the application. Worst-case-scenario (although unlikely) and if the mortgage broker is unscrupulous and your DTI is fine, they could be trying to get two deals out of one. It is very common to recommend a refi prior to listing your home for other reasons as well - for example if you find your dream-home and you put in an offer, but your current home hasn't sold, your purchase offer will have to have a 'contingent upon current sale' clause. This could become a heart-breaking 'deal-breaker' if your home doesn't sell before the offer expires. A seller cannot be expected to hold the sale for you, while you are waiting to sell your home. Also, it is good to have the cash from your refi in the bank (or better yet, invested) as 'reserves'. This makes a lender feel more confident in lending you money for a hew home, because the extra cash removes risk by showing you could cover your new mortgage payment if for some reason you were to become unemployed. I hope these three reasons help you become more confident with your broker. I know it is scary for everyone, and the media only makes it more confusing for consumers. I commend your questions! Keep asking, information is free!Mortgage broker says I should refinance before selling/buying home to correct credit rating, yes/no?
It might be better to ask banks for a preapproval for a mortgage loan. Understand that a mortgage broker is not a bank. If bank tells you to refinace for the same reason, OK.
You have to be carefull in financial matters. Maybe you should begin paying down your debts and wait for a house purchase until you have done so without further borrowing.In the alternative, sell your home, pay off your debts, rent and look for a home to buy.
no
careful, careful! REMEMBER you might get a good rate, but if you don't have too high of a score it will not be that great. Then you have the cost of refinanceing. The brokers fee can run into the thousands. It ran from 5-10 thousand on $130, 000 that had $3000 equity and unpaid $80,000 to go just 3 yrs ago with average credit.
no, what does your credit rating have to do with selling your house? Once your house has sold, and the mortgage satisfied your credit rating should go up. On the other hand if you are wanting to purchase another home before you sell this might give you the means to do so. There will be fees to refinance, keep this in mind and find out what they will be.
A debt consolidation will lower your monthly debt service. This will in turn lower your TDS ratio (Total Debt Service)to 40% or less which is preferable. This is the number lenders look at. Your TDS should include loans, untilites and credit cards. Just be careful of who you get the debt consolidation from. Some of these lenders charge a very high rate and in the long run, you could end up paying more.
Depending on the type of loan you need for your new home, you need to have a DTI (debt-to-income ratio) between 45-50% opn average for a purchase. It makes sense to refi your home to ensure you are prequalified to purchase the new home. It is difficult for a mortgage broker to provide you with a preapproval letter (usually required by a Realtor to prove to a seller that you are a ready-willing-able buyer) unless you meet this DTI guideline. However, ask what your DTI is and ask that to see it on the application. Worst-case-scenario (although unlikely) and if the mortgage broker is unscrupulous and your DTI is fine, they could be trying to get two deals out of one. It is very common to recommend a refi prior to listing your home for other reasons as well - for example if you find your dream-home and you put in an offer, but your current home hasn't sold, your purchase offer will have to have a 'contingent upon current sale' clause. This could become a heart-breaking 'deal-breaker' if your home doesn't sell before the offer expires. A seller cannot be expected to hold the sale for you, while you are waiting to sell your home. Also, it is good to have the cash from your refi in the bank (or better yet, invested) as 'reserves'. This makes a lender feel more confident in lending you money for a hew home, because the extra cash removes risk by showing you could cover your new mortgage payment if for some reason you were to become unemployed. I hope these three reasons help you become more confident with your broker. I know it is scary for everyone, and the media only makes it more confusing for consumers. I commend your questions! Keep asking, information is free!Mortgage broker says I should refinance before selling/buying home to correct credit rating, yes/no?
It might be better to ask banks for a preapproval for a mortgage loan. Understand that a mortgage broker is not a bank. If bank tells you to refinace for the same reason, OK.
You have to be carefull in financial matters. Maybe you should begin paying down your debts and wait for a house purchase until you have done so without further borrowing.In the alternative, sell your home, pay off your debts, rent and look for a home to buy.
no
careful, careful! REMEMBER you might get a good rate, but if you don't have too high of a score it will not be that great. Then you have the cost of refinanceing. The brokers fee can run into the thousands. It ran from 5-10 thousand on $130, 000 that had $3000 equity and unpaid $80,000 to go just 3 yrs ago with average credit.
no, what does your credit rating have to do with selling your house? Once your house has sold, and the mortgage satisfied your credit rating should go up. On the other hand if you are wanting to purchase another home before you sell this might give you the means to do so. There will be fees to refinance, keep this in mind and find out what they will be.
A debt consolidation will lower your monthly debt service. This will in turn lower your TDS ratio (Total Debt Service)to 40% or less which is preferable. This is the number lenders look at. Your TDS should include loans, untilites and credit cards. Just be careful of who you get the debt consolidation from. Some of these lenders charge a very high rate and in the long run, you could end up paying more.
Should the US use its tax dollars to buy homes for the poor in its borders?
No, but the US should raise the minimum wage so as to help the working poor rise above the poverty level. Giving the poor anything for free is not an incentive to help them go it alone. There is already subsidized housing available.Should the US use its tax dollars to buy homes for the poor in its borders?
Why not paint and fix up the slum area and let them do it and then they will take pride in their homes.Should the US use its tax dollars to buy homes for the poor in its borders?
that would be a better investment then Iraq.
BWAHAHAHAAA!!
No.
of course not----there is no free lunch
Why not paint and fix up the slum area and let them do it and then they will take pride in their homes.Should the US use its tax dollars to buy homes for the poor in its borders?
that would be a better investment then Iraq.
BWAHAHAHAAA!!
No.
of course not----there is no free lunch
If mortgauge interest rates are as high as 7% and on avg house apprepriation is 7% . Is it worth buying home?
Yes, because you are building equity. And yes, because you will likely sell your house before you've paid it off, so you may potentially make money in the transaction.
Building equity is good because it gives you other buying power. But owning a house has costs as well - property tax, insurace, and likely higher utilities.If mortgauge interest rates are as high as 7% and on avg house apprepriation is 7% . Is it worth buying home?
A simply answer is yes it worth it. You get a tax break on interest paid, so the effective interest rate is much lower depending on your tax bracket.If mortgauge interest rates are as high as 7% and on avg house apprepriation is 7% . Is it worth buying home?
Yes, it's worth, because you are going to build up equity in the property. that means if you buy a property for $100,000 at 7% mortgage, 30 years loan term, with 3% down payment ($3000). your loan it's going to be $97,000.
your payment will be 645.34 without taxes and insurance.
in the other hand appreciation is 7% per year if you live in the property for 6 years. the value of the property will be $140,255.
$43,255 is your equity. (your down payment was $3000)
If you want to sell your property, you could get 43,255 minus attorney's fee, taxes,survey,title,real estate fee. I could say around $25,000 to $30,000 plus you lived in the property for 6 years. if you rent you don't get nothing.
yes.
if your lookin to increase value other ways just do renevations!
that 7% increase each year will outwiegh the payments in the end. if possible tho, throw down as much down payment as you can so your payments are lower and you pay less interest!
but to increase value look into renovations - they dont have to be big!
Yes its worth it. Couple of things to consider. If you rent your just paying someone elses mortgage at 7%.There is a huge tax advantage/write off if your making an income high enough to qualify for a home. Home ownership is leveraging your money. 10% down on a 200K house is 20K. If your house appreciates at 7% it will double in value in 10 years. If you put 20K into the stock market and it increases in value by 7% per year after 10 years you will only have $36,765 roughly and in the same ten years same appreciation your house would now be worth $400K giving you a net appreciation of $200K. See the benefit yet.
Respecting everyone's answer, whoever tells you that renting for now is better than owning.......does not not know what they are talking about and perhaps they may be renting as well and that is why they are telling you that is the best thing to do now. The Government itself subsidices property ownership so yes it is worth buying a home.
Perhaps this might be the best time for you to buy because we are in a buyer's market and the seller no longer call the shots. Buyers are on the driver's seat of the market and the seller are ridding shot-gun
Do not base your decision about buying now or later on simply the interest rate and the appreciation rate. You also have to look at your own finances whether you will be able to make the payments or no, how ready you are with your savings and your credit, etc, etc. There are many factors that you have to combine in this decision to buy a home.
Your feat might be coming from the many articles that you may have seen about the so called Real Estate bubble. Well here is anrticle I wrote back in November 2005 and it still plays in today's market. Enjoy the reading and you can find more in my blog.
Real Estate market bubble burst!!??
Well, we’ve heard so much from so many different “experts” but we ask how many print media columnists does it take to create a Real Estate market bubble? They really can’t but they can sure create fear on the consumer of a bursting housing bubble.
Most media are always looking for ways to increase circulation, which would equal to profits therefore any story suggesting a bursting bubble is going to attract readers. Not that they write this articles for the sole purpose of inducing fear on the consumer but don’t let media stories convince you that a bubble will burst or even worst become a self fulfilling prophecy.
Ultimately, the consumer is the one that dictates if there will be a bubble burst in the Real Estate market.
Three important facts that guide property values are:
Supply vs. Demand: If supply of housing is greater than the demand, housing values will drop. If the supply is less than the demand, housing values will rise.
Employment: This should be a no brainer. Solid and growing employment provides income for down payment and house payments.
Interest rates: This is very powerful driver in creating and sustaining property values. When the rates are reasonable, most people are willing to make important investments like purchasing a home. With lenders now offering easier loan programs to qualify, there are now many people able to purchase a home. Now, just because lenders have been offering “generous” programs should not encourage people to go out and obtain any type of loan available. Many loans are dangerous and don’t fit with everyone’s lifestyle and economic situation. Many loan agents have been quick to over qualify borrowers and what’s worst not explain completely the pros and cons of each loan program available.
Rates have been creeping up little by little over the past couple of months and are expected to continue to rise a bit more next year as well.
It could be possible the “bubble” will burst but not likely. The Real Estate market will most likely will slow its rapid ascent, level out and maybe dip a bit. But a big burst? I don’t think so.
Nobody can tell what exactly will happen in 2006 with the Real Estate market or the interest rates. What you can do is get informed and protect yourself against a busting of the bubble. You can sure minimize the damage if there was a burst by planning ahead. How well secured are you in your current job? Your income? Have much equity have tied up with loans? Does the equity you have now along with your savings withstand a dip in your home’s value during the time you anticipate to own it? Don’t stretch your finances by paying a high price for a home just because you’re stubborn and want to have that home.
Those numbers alone are not a basis for a decision unless the interest is not tax deductible and the house is going to sit empty until you sell it.
If you are buying a home for your own use you have to compare the decision to buy with the decision to rent, taking into account not just your monthly payments but also things such as:
+ maintenance costs
+ appreciation on the home (i.e. what the home will be worth when you sell it)
+ the tax savings from the mortgage interest
+ the possibility of rent increases
+ how much of your money (versus borrowed money) goes into the house
+ how much you could earn on your money if you invested the difference between your rent and the money you would put into the house (and whether you would actually do that)
+ whether you can do improvements that more than pay for themselves
+ costs to insure the property
+ real estate taxes
+ the freedom you have to modify the property to your liking
+ the certainty of your future costs (fixed mortgage payments don't change, rent might)
If you are buying the house as an investment you need to consider those things plus you need to consider the rent you can collect now and in the future on the home.
A lot of people treat buy versus rent as a ';no brainer'; but honestly if everybody did all the math there would be a lot fewer homeowners than there are today.
If you are paying more that 7% then you should consider refinancing. You can get a good quote to refi at http://berks.mortgagefactor.com
A more direct answer to your question:
Even if your appreciation is less than 7% and your mortgage is 7%, your house will continue to appreciate after you pay it off. So in a ';long term'; situation, investing in a house is usually very sound!
Looks like the answer is.............YES!!
Absolutely, there is more to make than just the national average appreciation. Keep in mind you are building equity and your market may earn more than the average or below. More importantly you can right off all interest paid on your taxes. Make sure to consult with a CPA first to go over the pros and cons. Besides owning a home is part of the American dream. I hope this helps you but if you need any further help email me tadgeman@yahoo.com.
It depends. What amount would you be financing? Say, for example, that your mortgage payment is $1200 per Month. If you could rent an apartment for $600, then you could invest the additional $600.
Don't forget that in the early years of a 30 year mortgage, you are paying mostly interest and building little equity.
The US housing market is overvalued right now and is due for a correction. So I wouldn't buy right now in any event.
If that were all there were to it, the answer would be a break even.
But that's not all there is to it. Assuming you live there, you're saving rent. If someone else is there, you should be receiving rent. Mortgage interest is usually deductible. Finally, there's the concept of leverage to deal with, which is what really makes the whole thing so lucrative. You might try reading this article
http://www.searchlightcrusade.net/posts/…
You can lose your shirt at real estate if you're not on top of it. But you can also make unbelievable amounts of money.
Building equity is good because it gives you other buying power. But owning a house has costs as well - property tax, insurace, and likely higher utilities.If mortgauge interest rates are as high as 7% and on avg house apprepriation is 7% . Is it worth buying home?
A simply answer is yes it worth it. You get a tax break on interest paid, so the effective interest rate is much lower depending on your tax bracket.If mortgauge interest rates are as high as 7% and on avg house apprepriation is 7% . Is it worth buying home?
Yes, it's worth, because you are going to build up equity in the property. that means if you buy a property for $100,000 at 7% mortgage, 30 years loan term, with 3% down payment ($3000). your loan it's going to be $97,000.
your payment will be 645.34 without taxes and insurance.
in the other hand appreciation is 7% per year if you live in the property for 6 years. the value of the property will be $140,255.
$43,255 is your equity. (your down payment was $3000)
If you want to sell your property, you could get 43,255 minus attorney's fee, taxes,survey,title,real estate fee. I could say around $25,000 to $30,000 plus you lived in the property for 6 years. if you rent you don't get nothing.
yes.
if your lookin to increase value other ways just do renevations!
that 7% increase each year will outwiegh the payments in the end. if possible tho, throw down as much down payment as you can so your payments are lower and you pay less interest!
but to increase value look into renovations - they dont have to be big!
Yes its worth it. Couple of things to consider. If you rent your just paying someone elses mortgage at 7%.There is a huge tax advantage/write off if your making an income high enough to qualify for a home. Home ownership is leveraging your money. 10% down on a 200K house is 20K. If your house appreciates at 7% it will double in value in 10 years. If you put 20K into the stock market and it increases in value by 7% per year after 10 years you will only have $36,765 roughly and in the same ten years same appreciation your house would now be worth $400K giving you a net appreciation of $200K. See the benefit yet.
Respecting everyone's answer, whoever tells you that renting for now is better than owning.......does not not know what they are talking about and perhaps they may be renting as well and that is why they are telling you that is the best thing to do now. The Government itself subsidices property ownership so yes it is worth buying a home.
Perhaps this might be the best time for you to buy because we are in a buyer's market and the seller no longer call the shots. Buyers are on the driver's seat of the market and the seller are ridding shot-gun
Do not base your decision about buying now or later on simply the interest rate and the appreciation rate. You also have to look at your own finances whether you will be able to make the payments or no, how ready you are with your savings and your credit, etc, etc. There are many factors that you have to combine in this decision to buy a home.
Your feat might be coming from the many articles that you may have seen about the so called Real Estate bubble. Well here is anrticle I wrote back in November 2005 and it still plays in today's market. Enjoy the reading and you can find more in my blog.
Real Estate market bubble burst!!??
Well, we’ve heard so much from so many different “experts” but we ask how many print media columnists does it take to create a Real Estate market bubble? They really can’t but they can sure create fear on the consumer of a bursting housing bubble.
Most media are always looking for ways to increase circulation, which would equal to profits therefore any story suggesting a bursting bubble is going to attract readers. Not that they write this articles for the sole purpose of inducing fear on the consumer but don’t let media stories convince you that a bubble will burst or even worst become a self fulfilling prophecy.
Ultimately, the consumer is the one that dictates if there will be a bubble burst in the Real Estate market.
Three important facts that guide property values are:
Supply vs. Demand: If supply of housing is greater than the demand, housing values will drop. If the supply is less than the demand, housing values will rise.
Employment: This should be a no brainer. Solid and growing employment provides income for down payment and house payments.
Interest rates: This is very powerful driver in creating and sustaining property values. When the rates are reasonable, most people are willing to make important investments like purchasing a home. With lenders now offering easier loan programs to qualify, there are now many people able to purchase a home. Now, just because lenders have been offering “generous” programs should not encourage people to go out and obtain any type of loan available. Many loans are dangerous and don’t fit with everyone’s lifestyle and economic situation. Many loan agents have been quick to over qualify borrowers and what’s worst not explain completely the pros and cons of each loan program available.
Rates have been creeping up little by little over the past couple of months and are expected to continue to rise a bit more next year as well.
It could be possible the “bubble” will burst but not likely. The Real Estate market will most likely will slow its rapid ascent, level out and maybe dip a bit. But a big burst? I don’t think so.
Nobody can tell what exactly will happen in 2006 with the Real Estate market or the interest rates. What you can do is get informed and protect yourself against a busting of the bubble. You can sure minimize the damage if there was a burst by planning ahead. How well secured are you in your current job? Your income? Have much equity have tied up with loans? Does the equity you have now along with your savings withstand a dip in your home’s value during the time you anticipate to own it? Don’t stretch your finances by paying a high price for a home just because you’re stubborn and want to have that home.
Those numbers alone are not a basis for a decision unless the interest is not tax deductible and the house is going to sit empty until you sell it.
If you are buying a home for your own use you have to compare the decision to buy with the decision to rent, taking into account not just your monthly payments but also things such as:
+ maintenance costs
+ appreciation on the home (i.e. what the home will be worth when you sell it)
+ the tax savings from the mortgage interest
+ the possibility of rent increases
+ how much of your money (versus borrowed money) goes into the house
+ how much you could earn on your money if you invested the difference between your rent and the money you would put into the house (and whether you would actually do that)
+ whether you can do improvements that more than pay for themselves
+ costs to insure the property
+ real estate taxes
+ the freedom you have to modify the property to your liking
+ the certainty of your future costs (fixed mortgage payments don't change, rent might)
If you are buying the house as an investment you need to consider those things plus you need to consider the rent you can collect now and in the future on the home.
A lot of people treat buy versus rent as a ';no brainer'; but honestly if everybody did all the math there would be a lot fewer homeowners than there are today.
If you are paying more that 7% then you should consider refinancing. You can get a good quote to refi at http://berks.mortgagefactor.com
A more direct answer to your question:
Even if your appreciation is less than 7% and your mortgage is 7%, your house will continue to appreciate after you pay it off. So in a ';long term'; situation, investing in a house is usually very sound!
Looks like the answer is.............YES!!
Absolutely, there is more to make than just the national average appreciation. Keep in mind you are building equity and your market may earn more than the average or below. More importantly you can right off all interest paid on your taxes. Make sure to consult with a CPA first to go over the pros and cons. Besides owning a home is part of the American dream. I hope this helps you but if you need any further help email me tadgeman@yahoo.com.
It depends. What amount would you be financing? Say, for example, that your mortgage payment is $1200 per Month. If you could rent an apartment for $600, then you could invest the additional $600.
Don't forget that in the early years of a 30 year mortgage, you are paying mostly interest and building little equity.
The US housing market is overvalued right now and is due for a correction. So I wouldn't buy right now in any event.
If that were all there were to it, the answer would be a break even.
But that's not all there is to it. Assuming you live there, you're saving rent. If someone else is there, you should be receiving rent. Mortgage interest is usually deductible. Finally, there's the concept of leverage to deal with, which is what really makes the whole thing so lucrative. You might try reading this article
http://www.searchlightcrusade.net/posts/…
You can lose your shirt at real estate if you're not on top of it. But you can also make unbelievable amounts of money.
Where can you buy homes for less than $20,000?
I've noticed recently looking around, there are a few cities out there where you can pick up houses dirt cheap. Detroit, Buffalo new york, atlanta...I just wanted to know what other places there are with houses below 20,000...or maybe a little over. Anyone know anything?Where can you buy homes for less than $20,000?
You might want to look at Buffalo's suburbs. The Buffalo suburbs not only have inexpensive housing (due to the lack of speculators) but also are crime free compared to almost anywhere else.
I was born in Buffalo and grew up in the suburb of Amherst. Amherst regularly is number one in towns over 100,000 with the lowest crime. All the suburbs have the same low crime, they just aren't as large.
Some other suburbs to look at that may be more affordable than Amherst are, Lancaster, Orchard Park, Tonawanda.
If you'd like a humorous look at Buffalo in relation to the rest of the country, my website is BlizzardThis.com
Also, those stories you've heard about year round snow and glaciers are of course exaggerations. We made them up to keep the housing speculators away, so now when Orlando, Phoenix, etc. are having their home values drop 60% our housing keeps going up it's usual 3% a year.
You might want to look at Buffalo's suburbs. The Buffalo suburbs not only have inexpensive housing (due to the lack of speculators) but also are crime free compared to almost anywhere else.
I was born in Buffalo and grew up in the suburb of Amherst. Amherst regularly is number one in towns over 100,000 with the lowest crime. All the suburbs have the same low crime, they just aren't as large.
Some other suburbs to look at that may be more affordable than Amherst are, Lancaster, Orchard Park, Tonawanda.
If you'd like a humorous look at Buffalo in relation to the rest of the country, my website is BlizzardThis.com
Also, those stories you've heard about year round snow and glaciers are of course exaggerations. We made them up to keep the housing speculators away, so now when Orlando, Phoenix, etc. are having their home values drop 60% our housing keeps going up it's usual 3% a year.
How do you buy homes for $1 dollar?
i've seen where people can buy a home for a dollar my grandmother did that years ago with her home but how do you find them and how do you go about buying oneHow do you buy homes for $1 dollar?
beware of the scams like the one above. There are people out there to rip anyone offHow do you buy homes for $1 dollar?
That is bunk. Ask your grandmother how she did it if she's still around but that is not possible.
j
It's usually a family member selling to another family member to avoid paying taxes and it's illegal
Invest this $1 to your true love and the love will buy you a home......... You know a happy heart is a great house to live in.
Go to Detroit and put one dollar down on a house.
Monoply......
Look in your local Yellow Pages under Dollar Bee or Dollar Tree store. They will have nice little homes for $1 that you can put under your tree for Christmas
ive never heard of that but i wish !!!!!lol
~nyy213318~
those are not real they are scams because you will pay a crap load on interestfacial body eye application
beware of the scams like the one above. There are people out there to rip anyone offHow do you buy homes for $1 dollar?
That is bunk. Ask your grandmother how she did it if she's still around but that is not possible.
j
It's usually a family member selling to another family member to avoid paying taxes and it's illegal
Invest this $1 to your true love and the love will buy you a home......... You know a happy heart is a great house to live in.
Go to Detroit and put one dollar down on a house.
Monoply......
Look in your local Yellow Pages under Dollar Bee or Dollar Tree store. They will have nice little homes for $1 that you can put under your tree for Christmas
ive never heard of that but i wish !!!!!lol
~nyy213318~
those are not real they are scams because you will pay a crap load on interest
Need help buying home theater surround sound?
i just bought this hdtv and i need surround sound
http://www.bestbuy.com/site/olspage.jsp?鈥?/a>
i dont know anything at all about buying surround sound like price or extra wires i need. can someone tell me what to look for and the cheapest i can get that will still sound alright. im not looking for anything fancy i just want a better sound. any information will helpNeed help buying home theater surround sound?
Your best bet is to buy a home theatre in a box. They start out around $199. That will come with everything you need and easy to set up. I dont think brand matters that much for entry level surround sounds, they are all about the same in sound quality. Samsung,sony,panasonic etc. It will come with 5 surround speakers, a subwoofer, uaually have dvd,cd and tuner built right in to the unit and speaker wires.Need help buying home theater surround sound?
For the inexpensive route ho with a good HTIB or home theatre in a box. I would recommend Onkyo, Samsung, or Panasonic HTIB's they have many different ones depending on how much you wish to spend and what you really want it for. I would also suggest a 7.1 unit since Blu ray will becoming mainstream in probably the next 5-7yrs we can start seeing way more movies above the normal 5.1 channel with HD sound and such. The more expensive way is of course getting a 7.1 HDMI receiver like Pioneer, Yamaha, Harmon/Kardon, Onkyo, or Sony. Then getting some decent speakers like Paradigm, Polk Audio, Athena, or Klipsch do not forget the Subwoofer very important it is essential for all your low sound effect's and booming.
Hope this helps recommend also that the speakers are not hardwired meaning you can change the wire if you want stay away the ones that do not have connections for the speaker wire.
It all depend on what you consider cheap. As for recommending what sounds good you will have to go and listen to different systems and find one that sounds good to you. I had a Yamaha HTIB before I upgraded and that had vey good sound. If you get a HTIB with a good receiver you can always upgrade to new speakers and still use the same receiver. Just remember that you get what you pay for.
http://www.bestbuy.com/site/olspage.jsp?鈥?/a>
i dont know anything at all about buying surround sound like price or extra wires i need. can someone tell me what to look for and the cheapest i can get that will still sound alright. im not looking for anything fancy i just want a better sound. any information will helpNeed help buying home theater surround sound?
Your best bet is to buy a home theatre in a box. They start out around $199. That will come with everything you need and easy to set up. I dont think brand matters that much for entry level surround sounds, they are all about the same in sound quality. Samsung,sony,panasonic etc. It will come with 5 surround speakers, a subwoofer, uaually have dvd,cd and tuner built right in to the unit and speaker wires.Need help buying home theater surround sound?
For the inexpensive route ho with a good HTIB or home theatre in a box. I would recommend Onkyo, Samsung, or Panasonic HTIB's they have many different ones depending on how much you wish to spend and what you really want it for. I would also suggest a 7.1 unit since Blu ray will becoming mainstream in probably the next 5-7yrs we can start seeing way more movies above the normal 5.1 channel with HD sound and such. The more expensive way is of course getting a 7.1 HDMI receiver like Pioneer, Yamaha, Harmon/Kardon, Onkyo, or Sony. Then getting some decent speakers like Paradigm, Polk Audio, Athena, or Klipsch do not forget the Subwoofer very important it is essential for all your low sound effect's and booming.
Hope this helps recommend also that the speakers are not hardwired meaning you can change the wire if you want stay away the ones that do not have connections for the speaker wire.
It all depend on what you consider cheap. As for recommending what sounds good you will have to go and listen to different systems and find one that sounds good to you. I had a Yamaha HTIB before I upgraded and that had vey good sound. If you get a HTIB with a good receiver you can always upgrade to new speakers and still use the same receiver. Just remember that you get what you pay for.
Buying home 189k,put 10k down should I take a loan to get 20% dwn or pay the mortgage ins? monthly payments?
We are approved for a 189 home with 10k down and an interest rate of 6.7 with no points 30 year fixed. I have been hearing about people getting a loan for the 20% down to get 100% financing. my plans are to own the home for a year and sell it after doing minor upgrades and hopefully turning a 10k dollar profit. I am unsure what motgage insurance costs and if it would balance out to the interest on the 20% loan or what. any recommendations?Buying home 189k,put 10k down should I take a loan to get 20% dwn or pay the mortgage ins? monthly payments?
Take the PMI- it is tax deductable anywyas and as your plans are to sell it in about a year it will be well worth it. The PMI will be around $100 a month. If you took a 2nd mortgage your payment would be a little lower combined with the 1st mortgage- about $40 a month- but the tax benefit from the PMI will out weight it in the short term.Buying home 189k,put 10k down should I take a loan to get 20% dwn or pay the mortgage ins? monthly payments?
You need to know what the mtg insurance costs to make an informed decision. If you are flipping it in one year, I'd think the mtg insurance would make the most sense
Do some more work....get to know your local real estate market. A year from how is too hard to judge....
Well to begin with, lets say you do own the home for one year and sell it to make $10k. Based on the structure that you mentioned you would have paid that $10k in intersest alone during that year. Not to mention closing costs and the money you put into the house. Also, only living in the house for 1 year will open you up to paying capital gains on any profits you do make. If this is an investment, then it is not a good one.
Just my 2 cents
Good Luck!
first get u r self informed before u sign on the mortgages. try to get in the mortgage 2 year contract stating that u will stay with them for 2 years . after those 2 yrs u should be able to get a better loan with less to pay every month and a little more money will go to the house,
i would suggest that u do not get in more debt and have some spare money more at least 5 months to pay u r morgage.life is unspected
No! Don't get another loan for the 20% down...if you can try to get as much down payment as you possibly could. Best thing to do is to put 20% down payment so you don't have to pay the PMI because that's not tax deductible. But if you could only put the 10% down %26amp; pay the PMI then go for that. Where do you live anyway? I would kill to buy a home for that price; here in DC is outragous!~ GOOD LUCK!
i own five properties and this is what ive done to get there. if your short term goal is to buy and sell within a year i would do an interest only loan. take the extra money you were going to put down on the house and use it to fix the house. remember to focus on the kitchen and bath. there your biggest money makers. if you do it right your profit should be great. i would do an 80/20 loan. the 20% being a line of credit. that you can use to purchase another house or use to fix the house up so no money comes out of pocket.
The mortgage insurance should be between $70-80 per month for that sized loan. It makes the most sense if you are planning to flip. However - be very cautious right now. Be sure to check out the market in your area first. I have heard of several flippers who have actually had to take a loss this last year.
Your plans to own it for a year is where you went wrong.
Expecting a 10,000 profit is not reasonable in this market.
You may lose $10,000 after one year than make $10,000. Expect higher interest rates in 1 year and lower home prices.
You may want to read this report to get a handle on reality.
http://www.dynamictraders.com/images/Spe鈥?/a>
P.S. Buying it for less than a year and turning it for a profit worked in 2005, this is 2007 and a whole new ball game.
You could do a 1st and 2nd mortgage. 80% 1st and 20% 2nd and put no money down and pay no mortgage insurance (MI). But, you do need a credit score of 680 or higher.
I would compare the two payment loan with the one payment loan including MI. I would go with whats cheaper because you are only going to live there for a year. You gain little to no exquity by paying on a loan for just a year. The rehab will increase the equity...of course.
Ask about a full 100% financing. You can get 100% with lower scores but you will need MI with while getting good rates. I am a mortgage lender.
You have to do the math. Call up an insurance company and find out what you'll pay for a year. Compare that to how much a loan will cost.
There are types of loans that you can get now that don't have a lot of up front costs. Just be sure that you can pay it off, and that you're not cutting it so close that if it takes 3 years to sell you won't be bankrupt.
You need to do some footwork and look up loans, consider how much risk you're willing to take, what PMI costs and all that and then it should be a simple comparison of choices.
Take the PMI- it is tax deductable anywyas and as your plans are to sell it in about a year it will be well worth it. The PMI will be around $100 a month. If you took a 2nd mortgage your payment would be a little lower combined with the 1st mortgage- about $40 a month- but the tax benefit from the PMI will out weight it in the short term.Buying home 189k,put 10k down should I take a loan to get 20% dwn or pay the mortgage ins? monthly payments?
You need to know what the mtg insurance costs to make an informed decision. If you are flipping it in one year, I'd think the mtg insurance would make the most sense
Do some more work....get to know your local real estate market. A year from how is too hard to judge....
Well to begin with, lets say you do own the home for one year and sell it to make $10k. Based on the structure that you mentioned you would have paid that $10k in intersest alone during that year. Not to mention closing costs and the money you put into the house. Also, only living in the house for 1 year will open you up to paying capital gains on any profits you do make. If this is an investment, then it is not a good one.
Just my 2 cents
Good Luck!
first get u r self informed before u sign on the mortgages. try to get in the mortgage 2 year contract stating that u will stay with them for 2 years . after those 2 yrs u should be able to get a better loan with less to pay every month and a little more money will go to the house,
i would suggest that u do not get in more debt and have some spare money more at least 5 months to pay u r morgage.life is unspected
No! Don't get another loan for the 20% down...if you can try to get as much down payment as you possibly could. Best thing to do is to put 20% down payment so you don't have to pay the PMI because that's not tax deductible. But if you could only put the 10% down %26amp; pay the PMI then go for that. Where do you live anyway? I would kill to buy a home for that price; here in DC is outragous!~ GOOD LUCK!
i own five properties and this is what ive done to get there. if your short term goal is to buy and sell within a year i would do an interest only loan. take the extra money you were going to put down on the house and use it to fix the house. remember to focus on the kitchen and bath. there your biggest money makers. if you do it right your profit should be great. i would do an 80/20 loan. the 20% being a line of credit. that you can use to purchase another house or use to fix the house up so no money comes out of pocket.
The mortgage insurance should be between $70-80 per month for that sized loan. It makes the most sense if you are planning to flip. However - be very cautious right now. Be sure to check out the market in your area first. I have heard of several flippers who have actually had to take a loss this last year.
Your plans to own it for a year is where you went wrong.
Expecting a 10,000 profit is not reasonable in this market.
You may lose $10,000 after one year than make $10,000. Expect higher interest rates in 1 year and lower home prices.
You may want to read this report to get a handle on reality.
http://www.dynamictraders.com/images/Spe鈥?/a>
P.S. Buying it for less than a year and turning it for a profit worked in 2005, this is 2007 and a whole new ball game.
You could do a 1st and 2nd mortgage. 80% 1st and 20% 2nd and put no money down and pay no mortgage insurance (MI). But, you do need a credit score of 680 or higher.
I would compare the two payment loan with the one payment loan including MI. I would go with whats cheaper because you are only going to live there for a year. You gain little to no exquity by paying on a loan for just a year. The rehab will increase the equity...of course.
Ask about a full 100% financing. You can get 100% with lower scores but you will need MI with while getting good rates. I am a mortgage lender.
You have to do the math. Call up an insurance company and find out what you'll pay for a year. Compare that to how much a loan will cost.
There are types of loans that you can get now that don't have a lot of up front costs. Just be sure that you can pay it off, and that you're not cutting it so close that if it takes 3 years to sell you won't be bankrupt.
You need to do some footwork and look up loans, consider how much risk you're willing to take, what PMI costs and all that and then it should be a simple comparison of choices.
Selling & buying home using the same realtor:What happens if I find a home(4 sale by owner)?
You would then have to just deal with the seller(s). Push the realtor to the side for that particular deal. Please let me know, if I can APPROVE your loan for you .We at Mortgage America have over 300 lenders, and 1000's of loan programs to suit your needs. eygriffin3000@yahoo.comSelling %26amp; buying home using the same realtor:What happens if I find a home(4 sale by owner)?
First, you have no obligation to buy this home through your realtor unless they introduced you to the home. So if you want, you can approach the sellers and try to negotiate a deal.
However, a realtor serves to your benefit, as they are highly experienced in negotiating real estate deals, and ensuring that you are not taken advantage of. I recommend that you ask your realtor to approach the sellers on your behalf. Usually, the sellers would agree to pay a commission (generally 2-3% of the price) to a buyer's agent. They are still saving money, because they are not paying a seller's agent.Selling %26amp; buying home using the same realtor:What happens if I find a home(4 sale by owner)?
Commisions on sales are paid out by the sellers from the sales proceeds. Since the new purchase is a FSBO, the agent need not work with you on the purchase unless you agreed to reimburse a flat fee if seller is unrepresented.
First, you have no obligation to buy this home through your realtor unless they introduced you to the home. So if you want, you can approach the sellers and try to negotiate a deal.
However, a realtor serves to your benefit, as they are highly experienced in negotiating real estate deals, and ensuring that you are not taken advantage of. I recommend that you ask your realtor to approach the sellers on your behalf. Usually, the sellers would agree to pay a commission (generally 2-3% of the price) to a buyer's agent. They are still saving money, because they are not paying a seller's agent.Selling %26amp; buying home using the same realtor:What happens if I find a home(4 sale by owner)?
Commisions on sales are paid out by the sellers from the sales proceeds. Since the new purchase is a FSBO, the agent need not work with you on the purchase unless you agreed to reimburse a flat fee if seller is unrepresented.
Do those companies that buy homes ';as is'; buy manufactured homes? ?
Not to be confused with a mobile home.We're looking to sell our house and just want to get out from under it. Any help?Do those companies that buy homes ';as is'; buy manufactured homes? ?
Yes, they do. Understand that these are private individuals who have paid a franchise fee. They get a percentage of the calls from tv ads and billboards. They pay you 60% of the value and you hit the road. For some people this is worth it because you don't have to put the house up for sale..Do those companies that buy homes ';as is'; buy manufactured homes? ?
They probably will, because they are private investors and they will buy anything where they can make a profit. However, keep in mind that in order for them to make a profit they must make you a very low offer! So while they will probably buy your house, you won't like the price. Unless you have a lot of equity, they probably won't even offer you the mortgage balance, so it may not help you get ';out from under it';. Still, it can't hurt to call them and ask. The worst they can say is no.
You should contact at least 2 home buying companies do determine if you are getting a fair price. getting out from under could result in a considerable loss. See if any of the Mortgage supported plans of the Federal Government could help you out.
They do but way below what the worth of the home currently is. Best thing to do is lower the sales price way below what the current is.
You're lucky to get a sale, let alone what you paid for a property in today's market.
Yes, they do. Understand that these are private individuals who have paid a franchise fee. They get a percentage of the calls from tv ads and billboards. They pay you 60% of the value and you hit the road. For some people this is worth it because you don't have to put the house up for sale..Do those companies that buy homes ';as is'; buy manufactured homes? ?
They probably will, because they are private investors and they will buy anything where they can make a profit. However, keep in mind that in order for them to make a profit they must make you a very low offer! So while they will probably buy your house, you won't like the price. Unless you have a lot of equity, they probably won't even offer you the mortgage balance, so it may not help you get ';out from under it';. Still, it can't hurt to call them and ask. The worst they can say is no.
You should contact at least 2 home buying companies do determine if you are getting a fair price. getting out from under could result in a considerable loss. See if any of the Mortgage supported plans of the Federal Government could help you out.
They do but way below what the worth of the home currently is. Best thing to do is lower the sales price way below what the current is.
You're lucky to get a sale, let alone what you paid for a property in today's market.
Any info on Tanner Bryce Co re: real estate offer to buy homes?
Does anyone know anything about Tanner Bryce Co and their unsolicited offers to buy homes? Is this some kind of scam?Any info on Tanner Bryce Co re: real estate offer to buy homes?
Probably just a form letter to homeowners to buy houses cheap.
They're one of those buy your house for cash outfits looking for desperate people who do not know their home's value.
Stay away from them... Call a reputable Realtor for a free consultation to get a good idea of value and marketability before making any decisions.
Probably just a form letter to homeowners to buy houses cheap.
They're one of those buy your house for cash outfits looking for desperate people who do not know their home's value.
Stay away from them... Call a reputable Realtor for a free consultation to get a good idea of value and marketability before making any decisions.
How can I buy homes for under $500.00 . I see advertisements on TV?
You'll still be asking that same question after you give them $500, it's called a SCAM!!How can I buy homes for under $500.00 . I see advertisements on TV?
you want buy a house 500 or rent a house ????
if buy their no way you will get 500 house maybe a old ugly home no good yes
but rent 500 of course you can rent house or less not buyHow can I buy homes for under $500.00 . I see advertisements on TV?
if you find one that cheap - it's probably a shell with no heat, holes in the floors or ceiling and needs massive rehab
People believe anything they see after 2:00 am in the morning.
The under $500 is usually money out of your pocket. You still end up financing 100's of thousands of dollars to buy the house. The goal is to flip it before the first mortgage payment...it NEVER happens. The best deals are in foreclosures, they certainly won't be $500 but if you get them at a significant discount, add some paint, plant a tree or two and you can make a pretty penny. Hope this helps.facial body eye application
you want buy a house 500 or rent a house ????
if buy their no way you will get 500 house maybe a old ugly home no good yes
but rent 500 of course you can rent house or less not buyHow can I buy homes for under $500.00 . I see advertisements on TV?
if you find one that cheap - it's probably a shell with no heat, holes in the floors or ceiling and needs massive rehab
People believe anything they see after 2:00 am in the morning.
The under $500 is usually money out of your pocket. You still end up financing 100's of thousands of dollars to buy the house. The goal is to flip it before the first mortgage payment...it NEVER happens. The best deals are in foreclosures, they certainly won't be $500 but if you get them at a significant discount, add some paint, plant a tree or two and you can make a pretty penny. Hope this helps.
Buying home with down payment, but not so great credit?
My husband and I want to buy a house in about 2 or 3 years. By that time we will have between 20,000 and 25,000 dollars saved for a down payment and closing, but my husbands credit is not great, (around 600) and mine isn't much better, but I'm not working.
So my questions are, if we have that much saved up by the time we are ready to buy, does that help when you try to get a loan? Or is it all about the credit score?
And since I don't work (I don't know if I will be at that time though), do they only look at my husbands credit or mine too? Because when we've bought cars before they only looked at him and left me off because I had no income. Is buying a house the same?
And has anyone bought a house with a VA loan? If so, was it an easier experience do you think? Are they any added benefits of getting a VA loan?
I know its a little early, but this would be our first time buying a house and I want us to be well informed beforehand. Thanks for answering!Buying home with down payment, but not so great credit?
Consider cleaning up your credit, some companies will do it for $300. Or pay off some of the old debts, in the long run it may help give you a lower rate which will save you thousands of dollars.Buying home with down payment, but not so great credit?
In 2-3 yrs both of the credit scores should go up if you are diligent on paying your bills. They will only look at your hubby's score if he is the only one working. I have a VA loan and it was easy to do. Go to the VA website and apply for your VA certificate. Remember you can also buy a home from another VA homeowner and transfer their VA loan to you at their interest rate. Plus a VA loan you don't have to pay a funding fee.
If this is your first house you don't need a down payment! You can use that $ for paying off points. That will save you $ in the long run!!!
talk to a loan officer they have loans for every situation. I have a relative that does loans and they say if your credit score is at least 500 they can get someone a loan. these are called subprime loans.You can ask about the va loan but that isn't always the best way to go. so talk to a few loan officers.
First of all a 600 is not so bad,almost any home loan is considered even if your in the 500's but your rate would be higher.also you probaly will not need all that money as a down payment,you would be first time buyers.and yes they probaly would put the loan only in your husbands name but you could be added to the title and if and whenever you refinanced your home you would also be able to be add to the loan even if you still are not working.
So my questions are, if we have that much saved up by the time we are ready to buy, does that help when you try to get a loan? Or is it all about the credit score?
And since I don't work (I don't know if I will be at that time though), do they only look at my husbands credit or mine too? Because when we've bought cars before they only looked at him and left me off because I had no income. Is buying a house the same?
And has anyone bought a house with a VA loan? If so, was it an easier experience do you think? Are they any added benefits of getting a VA loan?
I know its a little early, but this would be our first time buying a house and I want us to be well informed beforehand. Thanks for answering!Buying home with down payment, but not so great credit?
Consider cleaning up your credit, some companies will do it for $300. Or pay off some of the old debts, in the long run it may help give you a lower rate which will save you thousands of dollars.Buying home with down payment, but not so great credit?
In 2-3 yrs both of the credit scores should go up if you are diligent on paying your bills. They will only look at your hubby's score if he is the only one working. I have a VA loan and it was easy to do. Go to the VA website and apply for your VA certificate. Remember you can also buy a home from another VA homeowner and transfer their VA loan to you at their interest rate. Plus a VA loan you don't have to pay a funding fee.
If this is your first house you don't need a down payment! You can use that $ for paying off points. That will save you $ in the long run!!!
talk to a loan officer they have loans for every situation. I have a relative that does loans and they say if your credit score is at least 500 they can get someone a loan. these are called subprime loans.You can ask about the va loan but that isn't always the best way to go. so talk to a few loan officers.
First of all a 600 is not so bad,almost any home loan is considered even if your in the 500's but your rate would be higher.also you probaly will not need all that money as a down payment,you would be first time buyers.and yes they probaly would put the loan only in your husbands name but you could be added to the title and if and whenever you refinanced your home you would also be able to be add to the loan even if you still are not working.
Buy homes that people did not pay their taxes in indiana?
Hi!I have spent this week researching on the internet about tax deed sales and tax lien certificates because I saw an infomercial on tv that sells a kit that teaches how to benefit from these sales it is called John Beck's Free %26amp; Clear{johnbeck.tv}.I was not able to buy it because I don't have a credit card.John Beck's kit is $40.00.During my search I found this other guy who sell's another educational package{ebooks} for $24.95 on the same subject at ProfessorProfits.com and on this site there is a window offering a free Tax Lien Certificate Investing Spreadsheet if you subscribe to their weekly newsletter once you do{which I did} you click on a desired state and it takes you to naco.org{National Association of Counties} and there you can get access to county phone's,websites,etc.Go there because I learned that you need a tax sale list.Email me if you succeed at naguabomontes@yahoo.com.I WANT TO LEARN.Buy homes that people did not pay their taxes in indiana?
this is a good way to turn them over for a quick buck, however, look into how long the people have to come up with the past due amount, before you get too far into it.
this is a good way to turn them over for a quick buck, however, look into how long the people have to come up with the past due amount, before you get too far into it.
Readestate - I bought homes in auction, dunno how much to rent them for. Also how much to pay for mgmt.?
I bought 2 homes in auction in Chicago. I don't live there. I would like to fix them and hand out a property management firm for renting it. Pl. advise how to find how much I can rent them for and what would typically people pay mgmt firms. Also there is a realtor willing to look after the property and collect rent checks. In that case what would I pay her?Readestate - I bought homes in auction, dunno how much to rent them for. Also how much to pay for mgmt.?
I pay 8% (of rent) to management company. Also I pay them 50% of the first month rent when they bring in a new tenant and sign a lease. This is in OR. I have heard up to10%. 8-10% seems to be normal.Readestate - I bought homes in auction, dunno how much to rent them for. Also how much to pay for mgmt.?
In terms of the rent you charge, a good agent / agency will advise you what the market rate is and what you are likely to get. It is very much a supply and demand thing.
One thing to think about is the mortgage on the house. How long can you afford to go without having a paying tenant in the house?
In regards to a Realtor looking after the house for you, I think you should ask a few questions like, ';Are they members of a credible Real Estate Institute,'; or ';Are they employed by an agency?'; This doesn't mean they are honest or dishonest, it just means there are other people you can talk to if there are any problems.
I pay 8% (of rent) to management company. Also I pay them 50% of the first month rent when they bring in a new tenant and sign a lease. This is in OR. I have heard up to10%. 8-10% seems to be normal.Readestate - I bought homes in auction, dunno how much to rent them for. Also how much to pay for mgmt.?
In terms of the rent you charge, a good agent / agency will advise you what the market rate is and what you are likely to get. It is very much a supply and demand thing.
One thing to think about is the mortgage on the house. How long can you afford to go without having a paying tenant in the house?
In regards to a Realtor looking after the house for you, I think you should ask a few questions like, ';Are they members of a credible Real Estate Institute,'; or ';Are they employed by an agency?'; This doesn't mean they are honest or dishonest, it just means there are other people you can talk to if there are any problems.
I am a first home buyer. Since I am looking buying home, it takes me 3 months. No luck. I put offers 15 so far
all my offers are above asking price from $6000 to $12,000 but I never get deal. I need help to put the best offer. I am looking to buy a home in Sacramento, CA.I am a first home buyer. Since I am looking buying home, it takes me 3 months. No luck. I put offers 15 so far
Email me and I will hook you up with a good broker. Or at least try, he is a bit south of you and may not want to drive that far with the price of gas. He is very good at getting deals to close though.I am a first home buyer. Since I am looking buying home, it takes me 3 months. No luck. I put offers 15 so far
Sounds like you need a different realtor, if they can't advise you properly in putting successful offers in for buying a home.
My business is financing them and can offer up to 100% financing.
Let me know if I can help.
Good luck.
- Al
Email me and I will hook you up with a good broker. Or at least try, he is a bit south of you and may not want to drive that far with the price of gas. He is very good at getting deals to close though.I am a first home buyer. Since I am looking buying home, it takes me 3 months. No luck. I put offers 15 so far
Sounds like you need a different realtor, if they can't advise you properly in putting successful offers in for buying a home.
My business is financing them and can offer up to 100% financing.
Let me know if I can help.
Good luck.
- Al
Buying home pregnancy tests online?
As you all know, you can spend loads of HPTs each month, I've found some on ebay, with a 25m sensitivity. Has anyone brought HPTs off ebay before and if so where they OK?Buying home pregnancy tests online?
I buy them as well as the ovulation tests. They work just as good as the one's you buy in the store. Go for it!! Good luck!! You will have ALOT of money!Buying home pregnancy tests online?
I bought some off of early-pregnancy-tests.com, saveontests.com and some with a 10mIu of eBay and they were all right. I found out the dollar store ones worked much better. They told me a day earlier than the other ones and even if that. I took one the other day (im like 30 DPO or something like that) and on the ebay ones there is a line but its not super dark, but i also took a dollar store one and it was SUPER dark, no doubt about it!
Good luck and TONS of baby dust!
Hey. Yeh i bought a 10 pack! from a seller called trixie67 :) they were fine, i was pregnant and used all ten, all of which showed up pregnant.
i got some NHS ones off ebay and they were fine, just a basic test but tells u what u need to know :)
i was 2 scared 2 buy them in a shop lol
I buy them as well as the ovulation tests. They work just as good as the one's you buy in the store. Go for it!! Good luck!! You will have ALOT of money!Buying home pregnancy tests online?
I bought some off of early-pregnancy-tests.com, saveontests.com and some with a 10mIu of eBay and they were all right. I found out the dollar store ones worked much better. They told me a day earlier than the other ones and even if that. I took one the other day (im like 30 DPO or something like that) and on the ebay ones there is a line but its not super dark, but i also took a dollar store one and it was SUPER dark, no doubt about it!
Good luck and TONS of baby dust!
Hey. Yeh i bought a 10 pack! from a seller called trixie67 :) they were fine, i was pregnant and used all ten, all of which showed up pregnant.
i got some NHS ones off ebay and they were fine, just a basic test but tells u what u need to know :)
i was 2 scared 2 buy them in a shop lol
Buying home insurance... where to buy?
I am looking for an engine which can compare rates of home insurance, and possibly along with car insurance without wasting time. One that is best for New Jersey would be nice. Thanks. Also, any tips on buying home insurance would be greatly appreciated. Thanks- HongBuying home insurance... where to buy?
Well, they're out there, but you have to buy it, and it's really expensive. Most independent agencies buy the software, and then pay monthly to pay for rating updates. We're talking several thousand for the initial software, and about $25 per month, per company, for the rate updates.
You are trying to be your own agent.
Unless you know the difference between replacement cost and GUARANTEED replacement cost, and unless you know which extra endorsements you need (are you familiar with an HO41?), you will be making MAJOR mistakes by trying to do this yourself. You likely won't even be able to get the accurate (for each company) limit for the building.
Go visit a local, independent agent, and ask them to give you quotes with 10 different companies. Have them print it out. Then go to another one or two, and get 10 or 20 more quotes, from 10 or 20 more companies.
You can't get the policy, anyway, without using an agent. So let them do ALL the work for you.facial body eye application
Well, they're out there, but you have to buy it, and it's really expensive. Most independent agencies buy the software, and then pay monthly to pay for rating updates. We're talking several thousand for the initial software, and about $25 per month, per company, for the rate updates.
You are trying to be your own agent.
Unless you know the difference between replacement cost and GUARANTEED replacement cost, and unless you know which extra endorsements you need (are you familiar with an HO41?), you will be making MAJOR mistakes by trying to do this yourself. You likely won't even be able to get the accurate (for each company) limit for the building.
Go visit a local, independent agent, and ask them to give you quotes with 10 different companies. Have them print it out. Then go to another one or two, and get 10 or 20 more quotes, from 10 or 20 more companies.
You can't get the policy, anyway, without using an agent. So let them do ALL the work for you.
Thursday, August 19, 2010
Did people who bought homes with mortgages they couldn't afford are to blame or is it the banks fault?
I think both are to blame, but the banks less so. They are out to make as much profit as possible, so they will try to lend as much as they possibly can. We each have a responsibility to manage our own finances and shouldn't live beyond our means. People with 100% or 125% mortgages are asking for trouble as we all knew that the housing market could crash at any time.Did people who bought homes with mortgages they couldn't afford are to blame or is it the banks fault?
There is plenty of blame to pass around. But to me, these are/were the big problems:
One, our government, for not having the foresight to regulate the lending industry until the cows were out of the barn.
Two, the lenders driven by greed, to get people that clearly did not qualify into a home they had no hope of affording.
Three, the people that wanted the big house with a picket fence, that did not do the research on their mortgage, just signed and grabbed the keys.
Four, the people that use(d) their house as a giant ATM, taking out the equity to buy the toys or pay off their run up credit card balances. Did people who bought homes with mortgages they couldn't afford are to blame or is it the banks fault?
Banks fault.
The people couldn't get the loans without them giving them to them. After all they didn't ';stick them up';.
If you put a kid in the candy shop, what are they going to do.?
Additional. Remember when they received the mortgages, the interest was at a low where they could afford the payments. The the ';Devil'; was in the details. The buyers, nor the overseers giving the funds knew that it would blow up so bad. They the overseers were not thinking ahead and they didn't know that the head man in charge (no names mention, let's move on in curing wounds).....was a jerk. and working overtime in taking care of his and his buddies like ';Brownie';.
So there you are. My personal educated opinion.
I sit on the fence with this one! First I see it as the mortage company ';ALLOWING'; people to get into homes there was no way that they could afford. No documentation 80% loan with a 20% loan sitting on top!
Then I see it....what were these people thinking! Champagne tastes on a beer budget! The insatiable need for THINGS! Hey look what I got......I guess it doesn't make sense to some people when they open their bank statement and see their money in the bank there pride for all their hard work! But wait....not everyone can see their bank statement so what good is that? The need for us Americans to accumulate THINGS it outrageous!
I would say 75% Banking/Mortgage fault because of greed and 25% consumers fault because of ignorance and stupidity!
its the bank at fault really the reason is they try their level best to get us into debt with either loans or mortgages that basic greed is the reason why they lend it to you at extortionate rates like 18% for overdrafts and up to 15% on loans and up to 12.9% on mortgages
that basic greed to get the interest on people who don't want to rent and get on the property ladder as renting is always not your home its always a tenancy agreement most of which are short hold and only last six months at a time and with no guarantee of renewal so in a sense renting is dead money
but to get a mortgage on a low salary is flipping impossible or they only lend enough for a crappy flat in that case you may as well just rent
its a complete farce
the banks hold the monopoly on mortgages and say who can and cant have a house
its a joke
and the price of houses are ridiculous so the bank says you can have this mortgage knowing all your income and put you on the absolute bread line and if your circumstances change you will never be able to afford repayments the insurance only covers so many months of repayments after that your stuffed
the government made it more accessible and attractive to own your own home and the banks over capitalise on poor families in vulnerable positions and then reposes your home far to quickly there is no rest bite for the poorer working class home own home who wants to climb up the ladder in status so i would say the banks greed is to blame
as they had the power to advise a better more affordable way to own a home
What the banks did could be considered morally / ethically wrong, however that doesn't mean it was illegal. People are ultimately accountable for knowing their own financial situation %26amp; if you're a sucker for a sales pitch, unfortunately you can't blame anyone else..... including the seller.
Both and neither.
The true problem in banking is the fact the bad mortgages were sold as investments all over the world.
But, none of these are the real reasons for our quick descent into hell.
The problem is GOOD JOBS for the MASSES.
We have off shored %26amp; imported our jobs and now that finance %26amp; housing has crashed there is nothing left for 50% of our citizens to do to make a good living.
Until we start addressing the loss of small business employers and jobs, this is just going to continue snowballing.
The experts %26amp; the government will never understand such a simple thing.
Jobs create customers and customers support business that creates jobs.
Good luck to us all.
Both parties are to blame. This problem can be solved in three ways;
1. Better educate the general public on finances
2. Control interest rates / Regulate banks
3. Offer better programs for home ownership
Think Whiskey has it right
The banks are to blame for offering huge mortgages
The mortgagees are also to blame for taking them on!
Both
For the buyers - first time buyers wanted the new built ';dream homes';.
both...everyone was told that people who rent were scum, so everyone bought
There is plenty of blame to pass around. But to me, these are/were the big problems:
One, our government, for not having the foresight to regulate the lending industry until the cows were out of the barn.
Two, the lenders driven by greed, to get people that clearly did not qualify into a home they had no hope of affording.
Three, the people that wanted the big house with a picket fence, that did not do the research on their mortgage, just signed and grabbed the keys.
Four, the people that use(d) their house as a giant ATM, taking out the equity to buy the toys or pay off their run up credit card balances. Did people who bought homes with mortgages they couldn't afford are to blame or is it the banks fault?
Banks fault.
The people couldn't get the loans without them giving them to them. After all they didn't ';stick them up';.
If you put a kid in the candy shop, what are they going to do.?
Additional. Remember when they received the mortgages, the interest was at a low where they could afford the payments. The the ';Devil'; was in the details. The buyers, nor the overseers giving the funds knew that it would blow up so bad. They the overseers were not thinking ahead and they didn't know that the head man in charge (no names mention, let's move on in curing wounds).....was a jerk. and working overtime in taking care of his and his buddies like ';Brownie';.
So there you are. My personal educated opinion.
I sit on the fence with this one! First I see it as the mortage company ';ALLOWING'; people to get into homes there was no way that they could afford. No documentation 80% loan with a 20% loan sitting on top!
Then I see it....what were these people thinking! Champagne tastes on a beer budget! The insatiable need for THINGS! Hey look what I got......I guess it doesn't make sense to some people when they open their bank statement and see their money in the bank there pride for all their hard work! But wait....not everyone can see their bank statement so what good is that? The need for us Americans to accumulate THINGS it outrageous!
I would say 75% Banking/Mortgage fault because of greed and 25% consumers fault because of ignorance and stupidity!
its the bank at fault really the reason is they try their level best to get us into debt with either loans or mortgages that basic greed is the reason why they lend it to you at extortionate rates like 18% for overdrafts and up to 15% on loans and up to 12.9% on mortgages
that basic greed to get the interest on people who don't want to rent and get on the property ladder as renting is always not your home its always a tenancy agreement most of which are short hold and only last six months at a time and with no guarantee of renewal so in a sense renting is dead money
but to get a mortgage on a low salary is flipping impossible or they only lend enough for a crappy flat in that case you may as well just rent
its a complete farce
the banks hold the monopoly on mortgages and say who can and cant have a house
its a joke
and the price of houses are ridiculous so the bank says you can have this mortgage knowing all your income and put you on the absolute bread line and if your circumstances change you will never be able to afford repayments the insurance only covers so many months of repayments after that your stuffed
the government made it more accessible and attractive to own your own home and the banks over capitalise on poor families in vulnerable positions and then reposes your home far to quickly there is no rest bite for the poorer working class home own home who wants to climb up the ladder in status so i would say the banks greed is to blame
as they had the power to advise a better more affordable way to own a home
What the banks did could be considered morally / ethically wrong, however that doesn't mean it was illegal. People are ultimately accountable for knowing their own financial situation %26amp; if you're a sucker for a sales pitch, unfortunately you can't blame anyone else..... including the seller.
Both and neither.
The true problem in banking is the fact the bad mortgages were sold as investments all over the world.
But, none of these are the real reasons for our quick descent into hell.
The problem is GOOD JOBS for the MASSES.
We have off shored %26amp; imported our jobs and now that finance %26amp; housing has crashed there is nothing left for 50% of our citizens to do to make a good living.
Until we start addressing the loss of small business employers and jobs, this is just going to continue snowballing.
The experts %26amp; the government will never understand such a simple thing.
Jobs create customers and customers support business that creates jobs.
Good luck to us all.
Both parties are to blame. This problem can be solved in three ways;
1. Better educate the general public on finances
2. Control interest rates / Regulate banks
3. Offer better programs for home ownership
Think Whiskey has it right
The banks are to blame for offering huge mortgages
The mortgagees are also to blame for taking them on!
Both
For the buyers - first time buyers wanted the new built ';dream homes';.
both...everyone was told that people who rent were scum, so everyone bought
Buying home: After home inspection, saw old furnace, AC, and H20 heater. What now? HO Warr? Cash back?etc.?
we don't want to have to replace all of these before its necessary but the inspector said they could go ';at any time';. What could be our next course of action? We want the house obviously, but not with $7-10K worth of out of ocket necesseties.Buying home: After home inspection, saw old furnace, AC, and H20 heater. What now? HO Warr? Cash back?etc.?
www.americanhomeshield.com
Appliance insurance. Will cover all appliances %26amp; plumbing %26amp; electrical. Depending on where you live the policy will range from $400-500/year. Service calls $55 to repair or replace. No homeowner should be without this policy.
Hope this helps.Buying home: After home inspection, saw old furnace, AC, and H20 heater. What now? HO Warr? Cash back?etc.?
appliance insurance is a waste of money. take that $400 - 500 a year and put it towards new appliances.
Huero is correct - ';it could go at any time'; applies to almost anything including a defective new product. Here are my life cycle guidelines for major utility items FURNACE 15 years easily - I replaced mine after 20 to get better effeciency. AIR CONDITIONING SYSTEM The compressor is the weak link - a brand name should last at least 10 years. WATER HEATER - GAS about 10 -15 years - Water heaters are sold on a spectrum of quality with the cheapest lasting the shortest time. Electric about 10 years
In all probability you will find a similar condition in any previousily owned home - so you will again be faced with guessing how long the utility systems will last. I suggest you evaluate the house on the basis of how well it has been maintained and if that is okay attempt to negotiate with the seller.
REMEMBER an old roof could cost thousands, inadeqaute insulation could be a problem, a damp basement may be costly to repair, REPLACEMENT of A 100 AMP MAIN ELECTRICAL Panel would be expensive, condtion/age of fencing, grounds, kitchen appliances, windows (if single pane you will eventually replace them), condition of asphalt or concrete pavements --there are many many factors you must consider. DO NOT RELY on solely your inspector's opinion, particularly if not licensed.
Many home inpectors, at least in my state, are not licensed and all that is required for them to go into business as a home inspector is to have some business cards printed. They often cover their liability by stating that the age of the equipment they have inspected may cause a malfunction and that the equipment may fail at any second. That's usually baloney. They are responsible for killing more real estate deals than any other cause. We have tried, without success, to have Home Inspectors in my state tested, licensed, and regulated but with no success. If you want a home's mechanical system evaluated go to an HVAC contractor for an assessment - don't go to somebody who doesn't have a thorough knowledge of the subject. You wouldn't take your car to a podiatrist, would you?
It's a risk your going to have to take... If you want the house bad enough, you'll buy it and hope that the mechanical equipment doesn't break down soon... You might be able to get the seller to put in a new furnace if you pay the asking price... But it probably won't be anything fancy..
Good Luck
Its a risk but you can lower your offer based on the home inspection, pointing out that the furnace, A/C, water heater are at end of life. They may accept it, counter it or refuse it. Then its up to you, if you REALLY want the house, you may just have to accept the fact and start saving $$. I wouldnt ask the seller to replace anything, because as the other person said, they will put the cheapest stuff they can find in (if they do it at all).
www.americanhomeshield.com
Appliance insurance. Will cover all appliances %26amp; plumbing %26amp; electrical. Depending on where you live the policy will range from $400-500/year. Service calls $55 to repair or replace. No homeowner should be without this policy.
Hope this helps.Buying home: After home inspection, saw old furnace, AC, and H20 heater. What now? HO Warr? Cash back?etc.?
appliance insurance is a waste of money. take that $400 - 500 a year and put it towards new appliances.
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Huero is correct - ';it could go at any time'; applies to almost anything including a defective new product. Here are my life cycle guidelines for major utility items FURNACE 15 years easily - I replaced mine after 20 to get better effeciency. AIR CONDITIONING SYSTEM The compressor is the weak link - a brand name should last at least 10 years. WATER HEATER - GAS about 10 -15 years - Water heaters are sold on a spectrum of quality with the cheapest lasting the shortest time. Electric about 10 years
In all probability you will find a similar condition in any previousily owned home - so you will again be faced with guessing how long the utility systems will last. I suggest you evaluate the house on the basis of how well it has been maintained and if that is okay attempt to negotiate with the seller.
REMEMBER an old roof could cost thousands, inadeqaute insulation could be a problem, a damp basement may be costly to repair, REPLACEMENT of A 100 AMP MAIN ELECTRICAL Panel would be expensive, condtion/age of fencing, grounds, kitchen appliances, windows (if single pane you will eventually replace them), condition of asphalt or concrete pavements --there are many many factors you must consider. DO NOT RELY on solely your inspector's opinion, particularly if not licensed.
Many home inpectors, at least in my state, are not licensed and all that is required for them to go into business as a home inspector is to have some business cards printed. They often cover their liability by stating that the age of the equipment they have inspected may cause a malfunction and that the equipment may fail at any second. That's usually baloney. They are responsible for killing more real estate deals than any other cause. We have tried, without success, to have Home Inspectors in my state tested, licensed, and regulated but with no success. If you want a home's mechanical system evaluated go to an HVAC contractor for an assessment - don't go to somebody who doesn't have a thorough knowledge of the subject. You wouldn't take your car to a podiatrist, would you?
It's a risk your going to have to take... If you want the house bad enough, you'll buy it and hope that the mechanical equipment doesn't break down soon... You might be able to get the seller to put in a new furnace if you pay the asking price... But it probably won't be anything fancy..
Good Luck
Its a risk but you can lower your offer based on the home inspection, pointing out that the furnace, A/C, water heater are at end of life. They may accept it, counter it or refuse it. Then its up to you, if you REALLY want the house, you may just have to accept the fact and start saving $$. I wouldnt ask the seller to replace anything, because as the other person said, they will put the cheapest stuff they can find in (if they do it at all).
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