[audio-pals] Re: Older Houses
- From: "BethAnn LaPresta" <dmarc-noreply@xxxxxxxxxxxxx> (Redacted sender "bela28_02@xxxxxxxxx" for DMARC)
- To: "audio-pals@xxxxxxxxxxxxx" <audio-pals@xxxxxxxxxxxxx>
- Date: Thu, 12 Mar 2015 19:00:33 +0000 (UTC)
I found a 3% down program in 2011---you had to have a 680 credit score or
better at that time through my credit union. A true conventional loan is 20%
down, but there are exceptions depending on your bank. There are also a lot of
low down payment options for first time home buyers, so it's good to check
around.
From: Josh <lawdog911@xxxxxxxxxxx>
To: audio-pals@xxxxxxxxxxxxx
Sent: Thursday, March 12, 2015 11:45 AM
Subject: [audio-pals] Re: Older Houses
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{}#yiv6603889479 That sounds about right, since the lender has only talked
about that option. However, if we end up getting a house that is around 100 K
then we may be able to do conventional. Conventional requires what 10% down or
5% down?
From: audio-pals-bounce@xxxxxxxxxxxxx [mailto:audio-pals-bounce@xxxxxxxxxxxxx]
On Behalf Of BethAnn LaPresta (Redacted sender "bela28_02@xxxxxxxxx" for DMARC)
Sent: Thursday, March 12, 2015 11:11 AM
To: audio-pals@xxxxxxxxxxxxx
Subject: [audio-pals] Re: Older Houses I am fairly certain that with an FHA
loan, you will have the taxes and insurance in your monthly payment already.
From: Josh <lawdog911@xxxxxxxxxxx>
To: audio-pals@xxxxxxxxxxxxx
Sent: Thursday, March 12, 2015 3:40 AM
Subject: [audio-pals] Re: Older Houses Well, before we decide that any house
is the house we want, we make sure that we can afford it with the rest of our
bills. As far as escroe goes we have not discussed that so that is something
that we will have to discuss as the time draws near. As I read on down through
your email it appears that we have discussed the whole escroe aspect. We
definitely have had each payment considered with tax and insurance in mind with
the payment. From: audio-pals-bounce@xxxxxxxxxxxxx
[mailto:audio-pals-bounce@xxxxxxxxxxxxx] On Behalf Of Thomas McMahan
Sent: Thursday, March 12, 2015 4:58 AM
To: audio-pals@xxxxxxxxxxxxx
Subject: [audio-pals] Re: Older Houses I accidentally hit the send before
cleaning up that mail darn it. Here’s another little exercise to work on.
Lets say you guys decide to go for this house. You should have a ballpark of
the monthly payment. Sit down and plot out a budget around it on one paper, as
well as a list of possible repairs to do on another list and their costs. Yes
a house payment can be cheaper than rent, but their are other realities such as
the taxes, and insurance. Are you going to escrow your insuranc and tax
payments into your house payment? Most people do that and it usually works out
well until they assess your house taxes up and then you have to make up the
short fall. Of course if they assess them downward you get a chunk of money
back in the mail like my sister-in-law has done the past two years. I didn’t
escro my other payments. I deal with insurance as I would any other utility,
and we would do our taxes on our own. Because of that I now pay my insurance
once a year and it’s cheaper, and once the house was paid for there was less
entanglement with the bank. I even removed the automatic withdraw for house
payment because they double dipped us a couple of different months, and didn’t
have a very good explanation as to why. So it put us into over draw land,
which isn’t a place you want to be. They did the same to my sis-in-law too and
she went in and practically threw a fit because she wasn’t working at the time
and didn’t have income yet. They refunded her money on that one, but as she
asked them, “now how am I supposed to pay the rest of my bills? You think you
guys are my only bill to pay?” Banks and their computers can be sloppy
sometimes. Now when you do your budget here’s another game to play which may
be beneficial. Can you run your whole budget on one income? Everybody that
lives as a couple should do this whether renting or paying for a house. Most
of us find we can’t, but it is a nice goal. The guy we had going along with us
to check out houses etc and sort of pointed and guided us along through the
process gave us that little bit of wisdom. As he said, what happens if Pat
loses her job and can’t get one very fast? Can you live on just your income
alone, because if you can get to that point, then you can start paying extra
against your house on it’s principle and have more paid off faster which is
good for the credit rating, but if you decide to move in 20 years you are
carrying less of a load thus will get more money back to leverage against your
next place should you decide to do that. Or you can both pay some extra on
house and car, then put the rest in the bank against major repairs which are
going to come even if you buy a house that was built today, in 30 years you
will have to had to replace things, they just don’t build stuff that good
anymore and sometimes that includes homes btw. Lots of decisions, but at
least it looks like you guys aren’t just jumping right and grabbing what shines
in front of you which is good. Btw, I don’t think our budget is currently
within the lowest income level of the house here at this time which would be
Patti’s income, although it’s not way above that amount. It is a good goal to
work for actually, so we will be able to start seriously working on this place.
Get a lot of little stuff done over time, then do a loan down the road and fix
the major stuff such as re doing the roof etc. I don’t think I am going to
lift the house and work on foundation, but it would be nice to do actually.
But it’s a good exercise to do. I would run it on your income Josh because it
is likely to always be there and Amanda’s income is the variable one, it can be
lower if she’s out of work, but can also be a lot higher should land a great
paying job. Drop in everything, credit cards the whole deal, then figure out
once you get to where you’re going which angles to cover and get paid off in
the budget. I am guessing you guys have done some of this already though in
preparing for checking out the housing market and talking to lenders because
they are going to do roughly the same thing when checking your credit etc.
Especially if it’s a conservative bank. Now I think I’ve completed all I was
going to say. Took two e-mails, but if I had been able to clean up the other
one first it would have fitted into one probably *lol*. Instead you get two.
On Mar 12, 2015, at 3:34 AM, Thomas McMahan <shadowmonstrosity@xxxxxxx> wrote:
Wouldn’t worry about a house on market for 5 months. Most around here are on a
year or so. To many deals fall through each time that happens that just adds
more time that the house is sitting there. Age, is only a problem if the house
hasn’t been kept up and modernized over the years. There are people who prefer
older houses simply because they are more solid. The house I live in was
placed here in 1922. Yes it came from somewhere else. The house next door is
older and was also brought in here from another place too. Fairly common in a
town that springs up by a railroad. I wouldn’t worry so much about that as
apposed to how it’s fundamentally built, there are a lot of newer places that
are likely to give you just as much trouble if not more. Any house is going
to have ongoing mantainence of some kind. Sided house are nice but siding
fades over the years for example and eventually would need replacing. Wooden
houses have their things that have to be done, and so would brick, but brick is
the best option as far as I’m concerned accept maybe when a big earthquake
comes, then I would favor a wooden house, but what are the chances of that huh?
I don’t know the market down there anymore so don’t know if that is a low
ball figure on that house or not, but I can tell you it is larger than mine is
and mine is two stories, but so is it’s price too. Go through it with a fine
tooth comb with the idea of what has to be fixed now, and then in the next 5
years and what would be ongoing over the years, I don’t think for the long term
ongoing it will be much different than a 10 year old house verses the 60 year
old house, but agin it is a matter of what would immediately have to be worked
on. When was the house last occupied too? A house that hasn’t been occupied
for a good while can have problems such as drainage because they haven’t been
flushed etc. It sounds like you already have someone with you who knows how to
examine a foundation well and give you an idea of what would have to be done
and when which is good. Same with tuck pointing brick etc. It may be sitting
on market because folks think it’s to high also, but you are going to drop in a
price and they will take it or leave it, or you both the buyer and seller will
eventually come up with something in the middle, or the seller is going to have
an empty house on their hands. What heating and cooling does it have, and
when was it installed too that is a factor, a 30 year old furnace is getting
kind of old in this part of the world, but most of our furnaces are gas and
they do have to work pretty hard for a good part of the year. Does it have any
chimnies, and where do they run through the house. Ones that run through
centers of houses on the surface are nice, but when they have to be worked on
they are a lot more work. Of course where you live a lot of homes are electric
heat and electric water heat, which is another thing to add to your check list,
how old is the water heater and when will you be replacing that. A brand new
house obviously you would get to wait a while before doing that, but chances
are you would have to do it eventually, or have your price knocked down when
you are selling it, or when your descendants are selling it. But that goes
with any house again. What neighborhood is it in? How accessible is it to
you. Pretend Amanda had to leave town for a Month and start your math, what is
easy to get to via walking etc. Maybe that isn’t a problem for you at this
moment, but life can always hand you changes, and well, next thing you know,
you are walking to the grocery store if you know what I mean. Find out what
their highest bills were for each utility in the last year it was occupied if
you can, you need that in planning a general budget. I don’t know your
property tax situation anymore, but here they just give an estimate from the
seller, but the problem is, that if the sell lived in the house for a long time
you might get a little surprise when the annual taxes come. Our’s wasn’t a
surprise because the previous owner hadn’t lived or owned the house for to
long. So it becomes also a matter of do you get a house that you won’t have to
do any work or as little work as possible on, verses one that may have to have
some work done, or one that is a fixer upper. We bought a fixer upper, but
when we bought it was a seller’s market, it definitely isn’t that nowadays, so
we went for a house we knew we could likely get. Well the trade off is that
it’s needed work done on it and still does actually, but likely we would at
least get some money back when we sell it. Maybe not a lot but probably some
when all is said and done, and of course the sell of this place could be the
lverage to getting a better place. It’s probably what you parents did, if not
them then your grand parents did, that is more the normal thing in history.
Well up until recently where you have people who expect to buy a brand new
house that is larger than what their parents owned as their first house. Well
if it can be swung, go for it, but to me it’s a little unrealistic, well to my
income level it is *lol*. What appliances are already there, and how quickly
do you think you will be having to replace say: stove, washer, or more of a
bear dishwasher? What about cabinetry etc, is Amanda happy with that, having
that done can also be expensive unless you have someone who works with you to
give you a break. How much stuff will you guys do on your own for
modifications verses having to hire outsiders. So yes the advantage of a new
place is that you won’t have to do that, but I guarantee you will pay up front
for that, but that is why newer houses don’t stay on market long. So then it
falls back to degree of work and mantainence that has to be done.
On Mar 11, 2015, at 9:41 PM, Josh <lawdog911@xxxxxxxxxxx> wrote: Hello, We are
finding tons of older houses that we absolutely love. When I say older I am
talking 1950’s. I am struggling with this a bit though because I am looking
ahead, past when I am living there. Or rather to the point that I am ready to
not live there anymore. So, when I get to the point of not wanting to live
there anymore it could be 10, 20, 30 or more years down the road, but I am sure
there will come a time that I am ready to move on. If this is not the case and
I stay there until I die then it is not a concern, However, a 1950 house that I
live in for 20 years will then be 85 years old. I know the specific house that
we are looking at has been on the market for right about 5 months. So, what do
you all think, do you think I would have trouble selling an 85 year old home?
It is on the market for 5 months at the age of 65 years old. It is right about
112,000.00 right now without negotiating a lower price. Do you think I would be
able to get my money back? If it is not a major concern, the age of the house,
then I will not let it sway my decision, but taking into consideration that it
is an all brick rancher with over 1700 sq. ft. and it is almost 100,000.00 and
still on the market concerns me regardless how beautiful the house seems right
now.
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