[audio-pals] Re: Older Houses

  • From: Daniel Crone <averagegrabbag@xxxxxxxxx>
  • To: audio-pals@xxxxxxxxxxxxx
  • Date: Fri, 13 Mar 2015 07:36:07 -0500

Just curious as to why the term, elderly, is used, rather than old.
After all, people in their 20's are not said to be youngerrly.
I think it is fear of aging, and maybe fear of death that causes some to do 
that.
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] On Behalf Of Thomas McMahan
> Sent: Thursday, March 12, 2015 4:47 PM
> To: 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> 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] On Behalf Of Thomas McMahan
> Sent: Thursday, March 12, 2015 4:16 PM
> To: 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" for DMARC) <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>
> To: 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] On Behalf Of BethAnn LaPresta 
> (Redacted sender "bela28_02@xxxxxxxxx" for DMARC)
> Sent: Thursday, March 12, 2015 3:01 PM
> To: 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>
> To: 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] 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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