[audio-pals] Re: Older Houses

  • From: "Josh" <lawdog911@xxxxxxxxxxx>
  • To: <audio-pals@xxxxxxxxxxxxx>
  • Date: Fri, 13 Mar 2015 10:08:06 -0400

Why not do as one of my philosophy professors did and create your own
language complete with new alphabet.

-----Original Message-----
From: audio-pals-bounce@xxxxxxxxxxxxx
[mailto:audio-pals-bounce@xxxxxxxxxxxxx] On Behalf Of Thomas McMahan
Sent: Friday, March 13, 2015 9:10 AM
To: audio-pals@xxxxxxxxxxxxx
Subject: [audio-pals] Re: Older Houses

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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