[audio-pals] Re: Older Houses
- From: Thomas McMahan <shadowmonstrosity@xxxxxxx>
- To: audio-pals@xxxxxxxxxxxxx
- Date: Thu, 12 Mar 2015 15:47:14 -0500
Or do a search for tax breaks for disabled citizens Tennessee. Remember
Homesteader’s Act as far as I know is an Illinois thing, and if you search with
that term it may bog you down in Springfield, and you don’t want to be there
*lol*. I don’t think there was a Federal version, but maybe Tennessee has a
similar thing. Don’t know.
I suppose you could search with term Homesteader’s Act Tennessee and see if
anything relevant comes up. But I doubt it, if there’s such a thing there,
it’s likely another name.
> On Mar 12, 2015, at 3:37 PM, Josh <lawdog911@xxxxxxxxxxx> wrote:
>
> I wil have to call tomorrow to check on that Home Steaders Act. I may be able
> to find something online regarding this if I dig around on the city and
> county websites. I know that they freeze taxes for senior citizens. Well, I
> am off to study for a quiz that I can hopefully take tonight before bed.
> From: audio-pals-bounce@xxxxxxxxxxxxx
> <mailto:audio-pals-bounce@xxxxxxxxxxxxx>
> [mailto:audio-pals-bounce@xxxxxxxxxxxxx
> <mailto:audio-pals-bounce@xxxxxxxxxxxxx>] On Behalf Of Thomas McMahan
> Sent: Thursday, March 12, 2015 4:16 PM
> To: audio-pals@xxxxxxxxxxxxx <mailto:audio-pals@xxxxxxxxxxxxx>
> Subject: [audio-pals] Re: Older Houses
>
> Yes. I am suspicious about this too even if they are 2014’s taxes and 2013’2
> taxes and 2014’s are due this year like here, why are they two years behind,
> and is the mortgage behind too?
>
> Yep better do some digging on this one.
>
> Also Josh, check with your State here in Illinois they have what is called
> Homesteader’s Act, which reduces property taxes for people with disabilities.
> It’s not a big reduction, but any reduction helps. Here it’s done through
> the County. We got Pat’s sister in on that too since she draws SSDI. Maybe
> your State doesn’t have this though, but might want to check and see.
>
>> On Mar 12, 2015, at 2:56 PM, BethAnn LaPresta (Redacted sender
>> "bela28_02@xxxxxxxxx <mailto:bela28_02@xxxxxxxxx>" for DMARC)
>> <dmarc-noreply@xxxxxxxxxxxxx <mailto:dmarc-noreply@xxxxxxxxxxxxx>> wrote:
>>
>> This would HAVE to be disclosed to you by the sellers at the time you placed
>> an offer (if you were going to). When the agent selling a home takes the
>> listing, they usually "open" title with a title company that would spell all
>> of that out. So, everyone should be very aware of this...if your agent
>> isn't yet and you are interested, I would ask her. This becomes a
>> negotiating point. The seller is required to sell you a home with a clear
>> title, if the city and/or county has placed a lien on the property (or
>> anyone else for that matter), this would be something that you must insist
>> is paid up before closing. It may also be something that you negotiate in
>> as far as you guys may be willing to pay the back taxes, but it will come
>> out of the proceeds of the house. Honestly, this one sounds a little
>> scary...why are they behind? Is the mortgage also behind? Are they in
>> foreclosure yet with the lender? Are they going to do a short sale? Lots
>> of questions if you're really interested.
>>
>> From: Josh <lawdog911@xxxxxxxxxxx <mailto:lawdog911@xxxxxxxxxxx>>
>> To: audio-pals@xxxxxxxxxxxxx <mailto:audio-pals@xxxxxxxxxxxxx>
>> Sent: Thursday, March 12, 2015 12:22 PM
>> Subject: [audio-pals] Re: Older Houses
>>
>> Hey this may be a question that you can answer here, I was doing some
>> rsearch on the property that Amanda and I are potentially interested in.
>> Well, I called the city tax office and found out that this property has both
>> city and county taxes which I already knew. However, I also found out that
>> they are upside down in their taxes. I found out the property owners are two
>> years delinquent on their taxes at both the city office and the county
>> office. The city office mentioned that I would want to go through a title
>> company to purchase this property. I do not know why the title company was
>> recommended though. Do you have any knowledge regarding properties that are
>> delinquent on their taxes and up for sale?
>>
>>
>>
>> From: audio-pals-bounce@xxxxxxxxxxxxx
>> <mailto:audio-pals-bounce@xxxxxxxxxxxxx>
>> [mailto:audio-pals-bounce@xxxxxxxxxxxxx
>> <mailto:audio-pals-bounce@xxxxxxxxxxxxx>] On Behalf Of BethAnn LaPresta
>> (Redacted sender "bela28_02@xxxxxxxxx <mailto:bela28_02@xxxxxxxxx>" for
>> DMARC)
>> Sent: Thursday, March 12, 2015 3:01 PM
>> To: audio-pals@xxxxxxxxxxxxx <mailto:audio-pals@xxxxxxxxxxxxx>
>> Subject: [audio-pals] Re: Older Houses
>>
>> 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 <mailto:lawdog911@xxxxxxxxxxx>>
>> To: audio-pals@xxxxxxxxxxxxx <mailto:audio-pals@xxxxxxxxxxxxx>
>> Sent: Thursday, March 12, 2015 11:45 AM
>> Subject: [audio-pals] Re: Older Houses
>>
>> 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>
>> [mailto:audio-pals-bounce@xxxxxxxxxxxxx
>> <mailto:audio-pals-bounce@xxxxxxxxxxxxx>] On Behalf Of BethAnn LaPresta
>> (Redacted sender "bela28_02@xxxxxxxxx <mailto:bela28_02@xxxxxxxxx>" for
>> DMARC)
>> Sent: Thursday, March 12, 2015 11:11 AM
>> To: audio-pals@xxxxxxxxxxxxx <mailto: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 <mailto:lawdog911@xxxxxxxxxxx>>
>> To: audio-pals@xxxxxxxxxxxxx <mailto: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>
>> [mailto: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 <mailto: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
>>> <mailto: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
>>>> <mailto: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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