[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
none.
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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