[audio-pals] Re: Older Houses

  • From: Thomas McMahan <shadowmonstrosity@xxxxxxx>
  • To: audio-pals@xxxxxxxxxxxxx
  • Date: Fri, 13 Mar 2015 04:39:57 -0500

Only when Tennessee does an income tax maybe.  Well thats to bad.  Illinois has 
it that if a person on the deed has a disability income they get a break, it 
still varies by overall income I think, but even a little break is better than 

Yes being killed in action, I seriously doubt that person would enjoy that tax 
break at all really.  His or her descendants maybe, but they need to seriously 
clean that language up.  

> On Mar 12, 2015, at 8:24 PM, Josh <lawdog911@xxxxxxxxxxx> wrote:
> Well… Tennessee does have a tax break for elderly, disabled, and disabled 
> veteran home owners. The reimbursement or payment is 145.00. The relief goes 
> on to define further who is approved under the “disabled” or “disabled 
> veterans”. I found it slightly comical that one of the qualifying events to 
> get your tax break is “Killed in Action”. I am not sure that the individual 
> who died tragically in action will be worried about getting their tax break 
> on their property. Another thing that Tennessee offer is freezing property 
> taxes for the elderly. However, I do not qualify for any of it. In order to 
> qualify for the elderly status I need to be 65, so that one is out. Then for 
> all of them there are income requirements. We exceed the allowed amounts. 
> Thank you for letting me know about this though. I wonder if Amanda could get 
> a tax break for raising her two kids (i.e. me and Little Man *LOL*).     
> 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 4:47 PM
> To: audio-pals@xxxxxxxxxxxxx <mailto:audio-pals@xxxxxxxxxxxxx>
> Subject: [audio-pals] Re: Older Houses
> 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 
>> <mailto: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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