[audio-pals] Re: Older Houses
- From: Thomas McMahan <shadowmonstrosity@xxxxxxx>
- To: audio-pals@xxxxxxxxxxxxx
- Date: Fri, 13 Mar 2015 08:09:57 -0500
I don’t think the term elderly is exactly a new term in the English language
come to think of it.
Why not use the term youngerly? You could invent a whole new term. Why be
happy with just chocolate sponge when there’s a whole language you can modify?
> On Mar 13, 2015, at 7:36 AM, Daniel Crone <averagegrabbag@xxxxxxxxx> wrote:
>
> 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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