Realtor, bankers, loan brokers always state you can afford 3 times your income for a home I say BS. That is part of what got us into this mess to begin with. Would never go more the 2 times. You have no kids now but I expect that in the future there will be and that is a huge expense. Never Never make yourself homebroke. I followed the 3X advice years ago and ended up over my head, always made the payments but when needed a new car etc then had problems. Sold for what I owed and now started again and am very comfortable with my payments, even if I should get laid off (to old for more kids) Have to also remember taxes are always going to go up usually more than income. Make an affordable home your dream home not what you picture as the dream home but only short time affordable.

It depends and some of the variables are specific to the person answering the question. Some like maintenance and yard work. Some want pride of ownership. Others lead busy lives and prefer to have someone else handle everything.

There are good deals and bad deals when buying. Prices can go up and they can go down. Rents tend to increase over time while a loan will eventually be paid off. Granted there will still be maintenance and property taxes so even owning will mean paying for ever.

If you really want to own a home, have your expectations set at a reasonable level when it comes to maintenance and have the financial ability then you likely will be happier as a long term owner than a renter.

Just like how people dress, what they drive and where they eat. We all have preference and what works for one is not the right answer for everyone else.

Hello,

I am 21 and own my own house, by myself! If I can do it alone, I’m sure that you can do it together. I make about $40,000 a year and was pre-approved for a $150,000 mortgage. However I didn’t use it all, I bought a house for $125,000. My monthly payment is $1,050 with all taxes and insurance included. But it depends on your credit, I have really good credit. Also the FHA loans are the best to go with! Good Luck!

The house that I own is 1655 sq ft, .76 acres and was in move in condition! It was great! The town I live in is not a poor town, it is a nice rural town, but 20 mins to shopping and such.

What is your FICO? How good is your salary? Why is your credit bad?? Im just asking what the bank will…..Id consider a private lender….you will pay out the wazoo, BUT it will get your foot in the door, and you can refi in a couple years whn ur credit is good

Prior answer is correct…depends on State.

It really depends on how the contract between you and agent reads. I would suggest talking to a lawer to see what your options are.

Rent if you can save the difference between the cost of ownership and renting. If you can’t save then buy. It will force you to save. Next year will have some good deals to buy. Between now and then study, study, study the real estate market so you are ready to recognise a good deal when one comes a long.
It will be quite a while before owning is a better idea financially because rents a low.. Properly invested savings will be better in the long run, if you can do it.

Spencer Barron is dead on.

If you “breached” the purchase contract, you may very well “owe” the agent a commission.
But as a Realtor, I have never heard of any agent attempting to exercise that clause in anything but the rarest of circumstances. The fact that the builder got to keep a $21,000 deposit leads me to believe that you had no valid, legal reason for not completing the purchase, otherwise you’d have fought for that money.

If the agent did not disclose a relationship with the seller, there may be a licensing/ethical issue that you can use as leverage to make the agent fee go away.

My advice is to contact the broker-in-charge/office manager (they are called different things in different states.

Hi I could relate to you…

My husband (25) and I (21) haven’t bought a place per say since we both are students and work full time. We have a combine income of $70K and to honestly tell you we like to stay within a price range below $1100 a month.

What I decided to do since homes are so affordable at this moment. I decided to ask my brother for help. Obviously there is something for him. I too am tired of renting places from people that I don’t know and helping them out. I ask my brother to buy a place in exchange I will rent it from him for a minimum of 2 years. At the end I am helping him out but I get a place that I want to live in.

We just started searching and are looking at 2 bedroom town home. It does have an association but they allow pets etc. the town home was built in 2004 with an asking price of $95K. I know alot of people here are saying but a stand alone house but the truth is those get expensive, most of them have 3+ bedrooms and if you don’t plan on owning this property for a good 10 years no point since what you can afford will probably get you a house that needs some work.

Like someone said, Get a pre-approval and they will tell you how much they can lend you and go from there. IMO you should stick with something under the $100K and a word of advice DON’T BUT ONE Bedroom anything since it will be very difficult for you to get rid of it in the future unless you intend on having it as an investment.

The common misunderstanding is if it didn’t close, the broker didn’t perfrom any services. If you defaulted on the contract and didn’t use one of your ‘outs’, you may be required to pay. It most likely wouldn’t be in your purchase contract, but if you signed a buyer’s agency contract so you were working with a paticular agent, it would likely be in there.

Here is how it reads in Colorado’s Exclusive Right to buy contract.

“(4) The Success Fee is earned upon the Purchase of the Property and is payable upon closing of the transaction. If any transaction fails to close as a result of the seller’s default, with no fault on the part of Buyer, the Success Fee shall be waived. If any transaction fails to close as a result of Buyer’s default, in whole or in part, the Success Fee shall not be waived; such fee shall be payable upon Buyer’s default, but in any event not later than the date that the closing of the transaction was to have occurred. This fee shall apply to Property contracted for during the Term of this contract or any extensions and shall also apply to Property contracted for within calendar days after this contract expires or is terminated (Holdover Period) if the Property is one on which Broker negotiated and if Broker submitted its address or other description in writing to Buyer during the Term. Provided, however, if a commission is earned by another real estate brokerage firm acting pursuant to an exclusive agreement with Buyer entered into during the Holdover Period, Buyer shall owe no commission to Broker under this subsection.”

You might want to make a call for a free consultation with a real estate lawyer if that was the case. If you just signed the purchase contract and there’s no clause in it explaining something like the above, your probably all right.

You might have a case if for the non-disclosure of any personal relationship with the builder’s agent (husband-wife or something) but if they work in the same office that won’t be enough. Non-disclosure is kind of a big no-no. Call the real estate commission or the state board of Realtors where you are to find out more about that.

Requirements vary state to state. In TN if you are unlicensed you may not discuss listed real estate with prospective buyers. This is a regulated industry, and the purpose is to protect the public from unscruplous operators. It works rather well, at least in TN. Licensees are held to a much higher standard than the general public. Everybody is subject to disclosure laws, no exceptions.

So if you are interested in owning a home, why would you pay a “consultant” then have a real estate agent whose fee is already built into the house you are buying? A licensed agent has specific training mandated by the state wherein they hold their license, has access to the most current information available regarding market values to determine marketability, what price to ask or pay for a specific property and the best places to buy to take advantage of potential growth and/or appreciation? It is the licensee’s job to consult and assist you with what you do not know.

A great agent will also be able to ssist with arranging financing, closing firms, home inspectors, homeowners insurance, and much more. They are required by law to follow and obey your lawful instructions, and to work in your best interest if they are acting as a “buyer’s agent”.

To pay an unlicensd person for real estate advice seems rather redundant, as in paying twice as much for no good reason. Go with a licensd real estate broker, and ask for referrences.

Although slomo is correct, the statute of limitations for disclosure has long ago passed in all 50 states. You have no cause of action.

I really doubt it but check your contract. Around New England we don’t do that

Talk to a mortgage broker … they offer mortgages from several different lenders and if they can’t get you financed, they can explain what you need to do in order to get a mortgage. However, I agree with one of the previous posters … the worse your credit score, the more you will pay in interest … as a result, your payment will be higher. Also, many insurance companies now run credit checks and your insurance can be fairly high if you have a low score. You may also want to check with your agent to get some estimates on homeowners insurance as this will probably be added to your monthly payment, as well as taxes, in the form of escrow.

If you have the income and financial profile to support it there is nothing wrong with 100% financing. People did it for years and all of a sudden people that don’t understand it are giving “expert” advice. 100% financing on a fixed rate mortgage is a sound investment, especially when you buy while prices are low. The mortgage problem was not caused by 100% financing, it was caused by adjustable rates.

Look into Fannie Mae financing for 100% with their My Community program or FHA if you have 3% down. See a licensed, reputable and experienced broker that can find a program that fits your lifestyle. If you need more information on Fannie Mae, you can look here:

PS, it’s not necessarily true that you will pay huge interest rates if you have credit problems. If you qualify for the government programs you can currently get rates in the mid to low 6% range. Remember, only a licensed broker or loan officer can quote you rates, everything else is just speculation.

Best of luck to you.

not Truly enough info. How long on jobs for both of you and what are your monthly bills on credit cards and cars and other loans? these go into making up your debt ratio.
Get with a mortgage broker/banker in your state and get pre qualified to buy as it is a good time to make the investment. Know this that FHA requires 3.5% down payment but if in the Air Force you may be able to go VA
I am a mortgage banker in TN & KY

if you expect to live in the same place for a few years, owning is generally better than renting. In certain markets where the home prices are very high, and a lot of investors are buying properties, it can be cheaper to rent right now, but in the long-term owning is a better deal. ownership requires more involvement in maintenance, however, as an owner you can paint your walls purple if you want whereas that’s not usually allowed in a rental unit.

FHA!!!!!!!!

They require only 3% down and you could get the seller to pick up the closing or if necessary, roll it into the price of the house.

Buying a house is good if you are planning for long term. You should plan to live there at least 5 years. Shorter than that would be hard to recovery to closing cost and a bunch of other costs. With your income you probably can afford 110k house, but in this economy I would not try more than 95k. Mortgage & insurance would probably be anywhere $700-900 a month. Depending on how big the house and your habits, the utility cost (water, gas, electricity, etc…) $150+.

First there is no inheritance tax under $650,000 in the US So she is blowing smoke up your ****. I did not pay one dime on $ 350,000

That might be all she makes for the year, there are a lot of scum grabbing at straws since the market is crashing big time.

Yes, I believe you are, unless your offer to purchase had an exclusion for your being transfered and voiding the sale. From what you have written here the builder could have sued you for “specific performance” which means that you failed to complete the contractual agreement, and could have made you complete the purchase of the house. With your large deposit, it was in the builders benefit not to sue, but the Realtor was left out in the cold. The Realtor earns a living from the completion of the contract which you failed to complete by your own fault, so the Realtor is damaged. I am not a Lawyer but that is how I think it would be viewed. Call your board of Realtors, your state real estate commission, and it may be worth consulting a lawyer. Maybe even Bill Handel.
It is my own opinion that Realtors charge way more than they are worth.

Most states have disclosure laws which may have been in effect in 1987, but maybe not where you live.
Irrespective, you probably had a home inspection as part of your loan deal. If your inspector missed it, your cause of action is against him, not the agent.
In any event, the statute of limitations has long passed you by here. It’s contractual, not tort law, that applies.

NO Fee due plain and simple . the contract should clearly state realtor gets paid at closing. IF she tries to pressure for payment contact the state real estate liscense board alot of time as in this case there is a violation of real estate law.so you can have her liscensed removed

Yes they do. If you are quating rates on the phone or better yet to your customers, you need to be licensed.

Yes they do.

Things to consider when owning a home.
Utlities (Water, Sewar, Heating, Garbage Removal)
Home Maintence, Internal and External

Things you can add to your mortgage by an Escrow Account.
Property Taxes, City county, school, municipal you can pay 1/12 of that every month and then your Mortgage Company will pay those out for you and let you know if you need to pay more or less once a year when they do an escrow analysis of your account.

I have been a Home Owner since the age of 19 years old. I have been working for a large Mortgage Company for the last 8 years doing Foreclosures.

When you are applying for a loan they go off your Gross Income, but you should purchase the home based on your NET pay. And as a rule of thumb keep at least 6 months income in savings for a rainy day.

$.45 of every dollar I earn goes to my home for repair, upkeep and payments and utlities and furniture and taxes.

No way is the real estate entitled to any money. if she represents a company (eg:remax) you can call head office and ask them, but I would not give her a penny. look in to buyers remorse laws some times if you had changed you mind in 3 days you can maybe get your deposit back..

In California, the procurring agent gets the commission. If you have a buyer’s agreement, you will need to sue the buyer for the commission of the purchase of the home if the purchase does not transpire within your brokerage.

You need to talk to your broker at this point.

Regards

You failed to mention your age and what state you are in…
This all hinges on where you are, because laws vary state to state..
I wouldn’t take advice from people on Answers because we are all just guessing, since we do not know every detail or what you failed to mention…
I would go see a lawyer…
Get one that gets paid at the end of a lawsuit…

The first thing you need to do is get pre-approved for a mortgage loan. It appears as if you were in the military at one time therefore you could possible be qualified for a VA loan.

Buying a home under VA you will not be required to come out of pocket with any money unless you so desire. The seller pays all closing cost.

Buying a town house might be a problem as you should check the by-laws and a document called the CC&R’s to see if they allow animals.

Buying a town house mean you are buying a property that has a Home Owners Association (HOA). This association has rules and laws that tell you things that are allowed and not allowed withing this complex.

You also have to pay HOA dues each month to this association in addition to your mortgage, and interest. You also have to pay taxes. Your insurance is paid through your HOA.

The buffer zone you are seeking will be worked out for you by the mortgage banker/broker that you apply for to get your mortgage loan. There is a certain ratio that you will not be allowed to exceed. They will tell you this amount.

There are many things you should do, but the first thing you should do is contact a mortgage broker that does VA and FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.

There are a few documents you will need, but one call to a mortgage banker will get you the information about what you will need and when it is needed.

This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.

I hope this has been of some use to you, good luck.

“FIGHT ON”

Keep in mind………..

Times and markets are changing!

In California with average homes selling well over $500,000, a 20% decline is $100,000! In any market ‘timing is everything’! So, could you afford a loss of 25% of your investment all because of poor timing???

This last up cycle was 10 years in many parts of the country. The downcycle now started in CA, Wash DC, NYC, Vegas and other hot areas of the past are all soft and getting softer.

From 1990 to 1996, the average home in San Diego lost 20% of its’ value! The cycle we are now enterng looks like it could well exceed that on the downside!

With all the 100% financing, interest only loans, EZ qualifing etc…even a slight decline will cause many to be unable to sell for the amount due on their loans!

For some great ‘insider’ articles on the San Diego real estate market, which I believe will apply to any of the hot real estate markets of the past five years…..visit:

Times and markets are changing!

In California with average homes selling well over $500,000, a 20% decline is $100,000! In any market ‘timing is everything’! So, could you afford a loss of 25% of your investment all because of poor timing???

This last up cycle was 10 years in many parts of the country. The downcycle now started in CA, Wash DC, NYC, Vegas and other hot areas of the past are all soft and getting softer.

From 1990 to 1996, the average home in San Diego lost 20% of its’ value! The cycle we are now enterng looks like it could well exceed that on the downside!

With all the 100% financing, interest only loans, EZ qualifing etc…even a slight decline will cause many to be unable to sell for the amount due on their loans!

For some great ‘insider’ articles on the San Diego real estate market, which I believe will apply to any of the hot real estate markets of the past five years…..visit:

Well I can see some people cannot read (lol) the top contributor still preached at you. Probably became that by preaching. Any way, my little complaint. Probably the best bet is to ask about owner financing. I have had these issues as well and people on here are not likely to be very helpful (in my experience) although, it does look like a couple have given you an honest effort. Take care and good luck.

Struggling to pay a mortgage and the other associated cost of home ownership is STILL better than throwing your money away on rent. Paying rent is like setting the same amount of money on fire each month, a mortgage is like putting money in the bank, [so to speak] so you can access it at a later date.

Good luck.

its all about who signed a contract with the purchaser, you or the other agent, dont let the other agent bully you, dont feel sorry for him either, thats bs

you can go on ww.acris.com this is the site to search properties. All you need is an address,and you can look up prior owners etc,etc

I think she lied to you. First, you need to understand that a mobile home is just like a car. It has a title of ownership. It’s not a deed. However, if the mobile home sits on land, and your uncle owned the land, and what was bequeathed to you was both the mobile home and the land it sits on, then there is a deed (to the land) in which case, there would be a deed to the land, and the mobile home would be included on the deed.

The answers to all of your questions depend on where you live, because laws vary by state. It’s likely that you can find a web-site for your state government that includes a way to search state statutes. (Florida has it.) You need to learn about probate law. Any state I’ve ever lived in did not have an inheritance tax when property was left to the spouse. But, I’ve never heard of avoiding an inheritance tax when something goes to a sibling. I could be wrong, but that sounds fishy to me.

Once her name is on the title and/or deed, you can’t get it off, without her signing it over to you … unless she defrauded you, in which case you’d have to go to court over it.

If you were a minor when your uncle died, then it would make sense property couldn’t be titled in your name alone. But, if that were the case, it should’ve been titled in the name of a trustee for you, in which case if she were designated as trustee, then it would be both her name and yours. If a trust were set up, that’s something you should know about.

You can get copies of the Will from your County courthouse, and that sounds like a very good idea. Just look up the phone number to the probate office for your county, and if you can’t find a number for the probate office, look for an information number for the courthouse. Try yahoo yellow pages.

The executor/executrix of the Will has a legal responsibility for carrying out the terms of the Will. Presumably, if your auntie had the legal authority to tack her name onto the deed, she’s probably the executrix. That being the case, she’d be responsible for proving she did what she was supposed to do, and if she does anything shady, she can be in big legal trouble. Again, if you were a minor, she might’ve done everything acceptably, except for if you’re no longer a minor, there’s no excuse for her not signing your inheritance over to you.

I wish I knew what state you’re talking about. It upsets me when relatives get sneaky after a death, and your auntie is definitely being sneaky. The only excuse for keeping you in the dark is because she’s got something to hide, which either means she’s deceiving you, or she’s ignorant. Neither is acceptable.

Email me if you need some help tracking down statutes.

If you have unlimited time on your hands, go to your County Clerk’s office to research properties. Most larger counties have on line records as well although there may be a delay in getting all recorded notices posted on line. I think you’ll find it’s going to be a bit of a cumbersome process and you will in fact be doing tons of research, likely for no reason.

Assume a home is foreclosed by the second lien holder as you mentioned….how would that affect your decision to make an offer on it? I’ve bought a number of foreclosures and all I care about is what I can buy it for and ultimately sell it for, regardless of who foreclosed on it.

What a frickin joke! Can these people get anymore entitled? IT’S A PERCENTAGE! 6%, which is a joke in the first place! She should be ashamed. I’m not gonna use one when I sell. Don’t pay.

And what a surprise that snvffy is a realtor- “of course” he says- $12,000 to drive someone around? That’s a hell of an expensive cab ride. The whole industry is a joke. She’s tryin to see if she can pull one over on you. Also, she should have disclosed this to you clearly at the time of the contract. If she tries to enforce it, take her to court, cause some trouble for her, and warn all your friends. I’m self employed, and I **** bad recommendations!

No its up to the buyer to have it checked out. “let the buyer beware”. On the other hand if the agent knew that it had asbestos and still didn’t tell you then you have a valid case against them.

I only know San Diego California. Here the market hit it’s peek in the Summer of 2005! Plus, the MAJORITY of the mortages for the last three years have been 100% loans, many interest only!

There is a real estate broker in San Diego who has published some great ‘insider’ articles on this topic, his name is Bob Schwartz and you can find the articles at:

First, it’s a terrible idea for you to be working only with the seller’s real estate. That’s called dual representation. It’s legal. Some agents do it. And, with full disclosure, it’s fully in compliance with Realtor code of ethics. So nothing dishonest or unethical is going on. Still, it really means you don’t have an agent. You don’t have someone representing you. It’s a bad, bad place to be in.

And it doesn’t just affect negotiation. Who are YOU going to ask to find out how much the property is worth? The seller’s agent has provided input to the seller, and the seller’s set a price. Maybe it’s reasonable. Maybe it’s not. You NEED to be able to ask someone for a CMA (competitive market analysis) to determine what a fair price for the house is. The seller’s agent won’t (and ethically can’t) give that to you.

Second, it’s not unusual for an agent to ask for a proof of funds letter. It’s done frequently. The agent (and the sellers) want to have some assurance that you can actually afford (will be qualified to buy) the property.

However, the other advice about what to reveal in a proof of funds letter is good. You don’t want to reveal too much. It’s the same as if the agent asked for a prequalification or preapproval letter. The best thing to do in those cases is to have your lender prepare a letter just for that property, stating that you are prequalified or preapproved up to whatever your offer is. So, let’s say you’re really prequalified up to $400,000. But you’re making a bid of $350,000 on a property. You don’t want the seller to know that you can actually go up to $400,000. So you ask your lender to write a prequalification letter for $350,000.

Again, you’re in a bad situation.

No they don’t have to. What they have to have is the credibility, as far as knowledge and actual experience in the field.

As of now, the field of Real Estate, is “a hot mess”, a consultant is probably your best bet for honest guidance through the home buying process. Unfortunately, you must have a licensed agent to be involved in the transaction. And if you aren’t represented by an agent, you will still pay the commission.

Good Luck!!!

Carlton sheets is old school. His stuff applies around 50 percent of the time because laws and loans have changed since the 70’s. I used this company:

They educate you, hold your hands during a transaction and actually offer you positive cash flow properties with built in equity for sale to you. The average cost to purchase a property is 20k with an average positive cash flow of $250 and built in equity around 15k.

The program is $200/mo and to be honest, it gave me enough info just to get started, the rest I learned from reading books pertaining to the subject material and investing methods outlined by the courses. If you want to sign up, let me know and then I’ll represent you and help you achieve your investing goal, whether you are a buy and hold investor or a flipper.

One last thing, this line of work takes ambition and determination. No one is going to knock on your door and give you a 30k check, you have to pursue it. You also need to have a desire to help people and become a problem solver. I consider myself a real estate transaction engineer because where other agents and brokers get stuck, I move foward and am able to close more deals due to my knowledge about unconventional and creative real estate methods.

Good Luck.

Regards

No. If you hired an inspector, the inspector MAY be liable. If you didn’t, it MAY be your problem.

You have to define “worth it” for yourself. Financially, owning usually is best, because homes almost always go up in value. The plus for renting is less stress, in that the landlord is responsible to maintenance and repair.

Hey! We’re in the same boat right now (first house, husband graduated, I graduate in Dec ‘09). Obviously owning is usually better b/c you get money back later instead of throwing it down the drain like renting. You can make your payments in several different ways. My advice would be to calculate mortgage, property tax, and home owners insurance into one monthly payment called “escaro”. When you meet with a mortgage broker to get pre-qualified, they’ll calculate your debt to income ratio & tell you what you can afford. We were shocked to find out the house we wanted (mortgage, home owners insurance, and taxes) was $25 cheaper a month than our apartment & renters insurance! You can look on the national *** offender registry and check for crime occurrences to see what area you want to live in. It’s best to buy the ugliest fixer-upper in a great neighborhood than to buy a beautiful house in a bad part of town. These are the things your broker will need to see to pre-qualify you:

-3 years of w-2’s and taxes (even from odd jobs during college)
-2 recent pay stubs
-2 months of bank statements & a print out from the bank (stamped, signed and dated) saying that you have at least 1% of the value of the house in your account (even if you do it on payday is ok)
-Student loan documents
-And they check your credit report. If you have a credit score of at least 600, you should be fine

If you pay full price for the house or close to full price, you can usually get the seller to pay closing costs. Always offer less than they’re asking though.

a; find an exclusive buyer’s agent and if none exist,
find a buyer’s agent and never let that person
rep the seller too [called dual agency]

b; call your county treasurer and see when your county
is having its annual delinquent real estate tax sale.
[if you find one, it is debt free at close; no mortgage needed
–
c; have your buyer’s agent get you to a good mortgage broker
and do not accept any fees out of your pocket; for nothing–can come out of the loan.

available to guide yoiu

OF COURSE your real estate agent rendered services. She drove you around and found the house you wanted. THAT’S RENDERING SERVICE. And if you signed contract, then you agreed to pay her regardless of whether the house closed. READ THE CONTRACT. YEP.

Now, in reality, what I would do is contact the broker she works for and negotiate a settlement. I mean you left the builder $21K, HOW COULD YOU POSSIBLY THINK YOU SHOULDN’T PAY THE REALTOR???

Good Luck

Here is the thing…you will pay out the NOSE in interest if you are even able to secure a loan with poor credit.

That is what is getting people into serious trouble and causing them to sign on bad loans b/c they have bad credit, just to get a house they WANT, only to lose it later.

I tell everyone…if you have a good income, pay your bills ON TIME for TWO YEARS, and your credit score, assuming that you have paid off all judgements and collections…should be in the high 600’s low 700’s if you pay everything on time and don’t run your credit cards past 50% of the high credit line.

There is always a house to buy somewhere. Patient people save money…impatient people lose money.

If you have a small down payment and poor credit, you are not READY to buy a house. Wait until you have good credit, that way you can pay more in principal rather than in interest, just to flush more money down the toilet later in a refinance.

People who constantly refinance are on a one-way ticket to foreclosure.

Sometimes what you want to hear, isn’t the best advice.

I think you are going to have some difficulties because you can have less than perfect credit IF you have a sizable down payment. Size able meaning at least 5% down!!!! Are you a member of a Credit Union? Sometimes Credit Unions are a little forgiving with credit. I really think you should take 1-2 years clean up your credit and then look into a fixer upper. After a few years of paying your mortgage on-time, then you could consider moving up into a nicer home. Don’t consider sub-prime loans, if you can find them. BIG MISTAKE!!! Another thing to consider is a rent to own agreement. This may be your best chance to get a home if your credit is as bad as you claim Good Luck!!!!!!!!

As a licensed real estate broker I can see that there are not enough facts to give you a thorough answer! I am assuming that you are a real estate agent (the ? mark throws me off a little). That situation should be covered under your state licensing law, or your real estate firm’s policies. If you did not have a buyer’s agent contract with your friend, the commission is the new realtor’s. BUT, if you are a realtor you should already know the answer to this question, especially if you are a broker. If you are a sales agent you should ask your broker. A national general forum is not the place to get an answer to a question that will cost you your license, or cost you money.
Good luck.

No the real estate agent would have been responsible to tell you if he knew about it. But he has no responsibility to inspect the home. Its a buyer beware transaction

If the contract states that the agent gets the fees at closing then that is what she gets. The house never closed so you don’t owe her a dime. That is how real estate works.

Make a copy of her bill, and the contract, highlight the portion that says when she is to be paid, and send them to her. Write a kind letter stating that you appreciate her time and services, but due to her dishonesty about the contract and the builder you will no longer require her services. Let her know that, should she continue to pursue this you will contact your attorney. Find another agent. Preferably one who is a “Realtor” (type of certificiation). Check for a Realtor in your area.

Good luck!

Hurricane dean will have little to no effect.

There are serious land rights issues you need to be aware about, and you need an expert in Mexican RE to help you.

depends on where you live & what the market is like. look & see if you can get a decent place to live for the amount of money you’re willing spend. if you have 20% down, you’ll save money on monthly payments (no PMI). just do you’re research-talk to other home owners & learn as much as you can. sometimes it’s better to wait. good luck!

She is WRONG. Unless you are inheriting in excess of $250,000, you don’t pay inheritance taxes.

Even if it WERE worth that much, putting it in the names of multiple parties doesn’t avoid the tax that is owed.

She just conned you into owning 50% of the property and unless she is voluntarily willing to quit-claim it over, you’ll have to go to court to get sole ownership. You cannot remove someone’s name from a property without their permission.

Go to the county clerk’s office where the property is located. Tell them that you want to do a title search on the property (make sure you have all pertinent information, ie. address, block, lot, etc.). They should direct you to either a zoning or real estate department. Most records are on microfiche, so you can look as to who filed a mortgage against the property, who has liens against the property, etc.

Hope this helps…

Check out TaxSaleWealth

yes

Go to realtor.com and check out houses with section 8 already in place your get an income with that leave your taxes for that property and invest in more houses in the end your have a large portfolio of properties it will give you time to do the things you always wanted to do. Check out Rochester NY there’s lots there.Don’t do the programs if you can start with little down for a mortgage.These programs maybe a scam so be careful.

This is customary in a sellers market to weed out the people who look and don’t buy. If they don’t have prequalification for a loan, no one wants to waste their time showing the property.

unless it will absolutely kill your deal……..
find today or Tuesday, a buyer’s agent and never ever again
let an agent rep you and the seller concurrently.

I am presuming a POF is for a commercial deal.

a seller does have the right to know that the buyer
can qualify; US supreme court judgments.

Beyond that, the seller has no rights.

Whoever is telling you that really doesn’t know what they are talking about.

There is no such thing as a “property sales tax” in NYC.

NYC has a real property transfer tax, and the rate depends on the type of transfer and the amount of the transfer. The rates vary from 1% to 2.625%, depending on the type and consideration.

Also, the “selling price” has next to nothing to do with your property taxes in NYC. Sales comparisons are a part of determining estimated market value, but only a part of it.

You can read up on it here:

I doubt that it will be that serious. First of all, most people will not be impacted. The majority of loans made in the past few years were still 30 year fixed rate loans and most buyers made down payments. The small portion of buyers who were speculating and cannot carry the payments long-term will become foreclosures. Yes, those foreclosures will drive prices down in the areas where they happen, but not everyone has to sell. Only those sellers who are in a position where they have to sell will be impacted. Long term holders of real estate will continue to make payments and will not be impacted. If a property’s value drops down below loan value there is no requirement that people will have to “come up with the difference” as you put it, unless they are forced to sell. The most likely bunch of investors that will be negatively impacted are the ones that actually follow the advice of “real estate gurus” that preach the no money down, flipping, and similar deals. I don’t think they are a significant part of the market and will be glad to be rid of them for awhile.

The lenders are not stupid. They do expect some impact in places like California and Florida and are taking steps to spread their risk. Many markets are counter-cyclical and have not experienced any part of the bubble you are afraid of, so lenders are spreading their portfolio risk by lending in various markets. Texas is a good example, where appreciation has been low in single digits.

Real estate markets are micromarkets, and do not behave like stocks. As any agent will tell you, location, location, and location are the keys to real estate. Good locations will mostly continue to be good locations in most cities. People will still like living in California and Florida (although the hurricane risk there makes me question their sanity). Much of the money driving the boom in these areas is foreign money. Few people realize that since the dollar has dropped almost 30% that non-US investors have been buying what they see as bargain property. After all, it is 30% cheaper than it was before for them. Many of these investors pay all cash. They will not be impacted by falling values. Unless the dollar recovers value, that money will continue to flow in.

I’ve been through two real estate reversals, once in the early 1980’s when mortgage rates actually went to 19%, and another in the early 1990’s when real estate values dropped about ten to twenty percent in some markets. There was a crash in commercial real estate in the late eighties created by the Reagan administration changing the lending regulations at the same time they increased the reserve requirements for banks that led to the savings and loan bailout. That was coupled with a change in real estate depreciation laws, but this mostly impacted commercial properties (and taxpayers who paid for the bailout). Most people’s lives are barely impacted by falling real estate values. Like I said the only ones that will notice are the ones that are forced to sell for some reason other than falling real estate values.

By the way, I own KBH and have made more money off of it in the form of dividends and stock payouts than I initially invested back in the 1970’s. The stock has split so many times I have lost count. The stock can go to $1 and I will still show a profit.

It’s just the start. The more you allow it the more they’ll take.

Are you in the Air Force? Can you get a VA loan? I would say not knowing your debt, that you might be able to swing a 135-140k house. Depending on where you live, this can be a shack or a decent detached house. Unfortunately, without knowing your financial situation, I doubt anyone can give you a buffer zone. Some people have a grand left over every month, some have $1. LOL

In a townhome, you are going to have HOA dues, and you will not be able to *live on your terms* per se. They have rules that will dictate how you decorate the outside of your house, your landscaping, the color of your house, what kind of vehicles you can park in the driveway, what type of fence you can put up…etc…I would try to find a detached house if you can afford it, as they are easier to sell when the time comes, and you don’t have to be dictated to on how you want to decorate the outside!

You have to prove you can afford the house. However, you do not have to have a proof of funds letter. You can have a qualification letter from your lender. Additionally, you need only show that you have your downpayment, not show every cent you own. You should not allow the seller’s realtor to be yours, too. There is an inherent conflict of interest there. Insist that another agent in the brokerage be appointed as your exclusive buyer’s agent. Additionally, do not write an offer unless you have engaged a lawyer.

From your question, it appears to me that you are a first time home buyer. You need to do your homework before you buy a house, or you can get really burned.

Okay…with just some minor exceptions, everyone above me has answered you questions quite well…heed their advice.

Now to add, special assessments - before buying, check to see if the house is city water and sewer or well/septic. If the house is well/septic, check with the local water/sewer authority to see if there are plans to extend the water/sewer to your street - if so, prepare yourself for a big assessment plus hookup costs (figure at least 5 figures). If there are no plans to extend, you need to ask about the age of the well/septic and talk to some of the neighbors about any septic problems they might have had.

Financials - expect that your mortgage payment will increase each year until you have it paid off - mortgage companies refigure the payment based on increases in insurance costs (which you must carry until the loan is paid) and property taxes (like any other tax, property taxes rarely decrease).

Buying the house - no money down does NOT mean nothing out of pocket. Expect that you will need about 3 - 4% of the cost of the home for closing costs unless the VA allows you to roll the closing costs into the mortgage (which puts you immediately under water). These costs include an appraisal cost, various paperwork processing fees and recordation fees.

Homeowners insurance - you will need this even before you sit down at closing, so this is an upfront out-of-pocket expense (most title companies and lenders will not allow you to close without having a copy of the declarations page of a paid-for insurance policy.

Buying the house - get pre-approved for the loan (not pre-qualified) before even starting to look. This will speed the process and tell you how much loan you can get and consequently how much house you can afford. Once you are pre-approved, sit down with an amortization/payment calculator and figure out what the principal and interest payments would be on the max loan, then add in an estimate for the taxes and insurance (a real estate agent can help with these). That is your estimated monthly payment for the most expensive house you can buy. Ask yourself - can I afford this (as a financial analyst, it’s time to put that finance/economics degree to work on your own behalf
If you can’t afford it comfortably, figure out what you can afford and go back to the calculator and plug in different house prices until you come up with something you are comfortable with.

There are a ton more questions to ask and be answered - such as, when do I get the house I love inspected, how do I make an offer, what should I offer? Check out this site for lots more info:

If your friend has a buyers agent contract with the other agent your friend is obligated to pay them, not you. In this case give up half the commission and save your friend from the money he may be sued for. Also as an agent its pretty lame of you to steal other agents clients, old friend or not. They should have at least told the other agent they no longer needed their services. I don’t know how long you have been in the business, but you wont last for long making enemies like this. Lay off others clients and go get your own.

Katie keep in mind this Realtor has a legal obligation to protect the seller, not you! As for proof of funds, it’s like a qualifying letter from a lender. Documentation that says you are qualified to purchase the property. It’s normal. But DO NOT give them any information your motivations. The Realtor is could use information you give them against you.

If I understand the question properly…

Your representing properties in Asia and looking for buyers in California?

I would think this is more of a licensing question for an Asian goverment. I would recommend checking with the California Department of Real Estate. to be sure how California looks at it.

If you have a particular property in mind you should be able to go to the county courthouse land office and ask them who the owner is. That information is public record. At least, that is how it works here in Georgia.

Why are you asking about Socialism in the Elections forum? I don’t think there’s a Socialist candidate on the ballot this year.

Get a letter from your bank certifying you have the ability to pay the down payment and the ability to qualify for a loan. No details need be given. Seems to me the sellers would be tickled to death sell their house in this environment.

I wouldn’t pay her a dime. And there must be a Real Estate Commission or something similar that you can ask for advise on whether she had a conflict of interest seeing that she is related to the builders agent. You may be able to sue her or the builder for your lost deposit. If they wont help go and see a lawyer that specializes in real estate law.

Agree with the other responses. You actually were a homeowner, so you probably don’t qualify, but we are waiting for guidance.

Helen, EA in PA

It looks like when she tried to “help” you, all she did was “help” herself to half of your inheritance…all is not lost though. I will try to address each of your questions individually and hope that I don’t lose you on the rhetoric. Real Estate is a big mystery to a lot of people, but I have 12 years in the business, and I know my stuff.

I don’t understand why she said she had to put her name on it as well as yours to avoid an inheritance tax or a gift tax, I haven’t quite ever heard of such a thing. I can only assume that she did that to have a vested interest in the property.

I don’t know what state you live in, but the laws on property ownership are basically the same in every state, and some have little quirks, your best bet is to consult a real estate attorney. However, you can have a special warranty deed drawn up and in good consideration (usually a nominal amount, we use $10.00 in Texas) you can have her sign her ownership interest in the property to you directly.

The process and procedures for doing this are very basic, if you know where to go. As I suggested, you need a real estate attorney, however a title company in your area can also draw up the paper work you need. Your aunt, yourself and a notary will have to sign it and it is all recorded at the county clerk’s office. You did not mention if this property has a mortgage on it, so I cannot tell you if it will go to the Mortgage office or the Conveyance office.

Your name is on the property as well. She cannot keep you from getting the paper work and it is all safely kept at the County Clerk’s office and the paper work is available to the public, even IF you aren’t on the deed. I suggest you start there and get the Volume and Page number of the Instrument that was recorded at the time of your uncle’s death regarding the property. You will need his name, your name, your aunt’s name, the property address (legal description would be helpful - that is the lot and block of the subdivision the mobile home is residing at presently).

I don’t know about Mobile home registration, I haven’t ever heard of such a thing, once the mobile home is sold and moved, the only thing left are the tags (serial numbers) on the outside of the mobile home. They are only used to track ownership at that point. The taxing authority is the county tax assessor. I live in Texas and I can go to the Tax Assessor’s office and all I need is a property address and pay a nominal fee for a tax certificate and they give it to me on the spot.

I don’t know what you are asking about mobile home ownership, the question is too vague. If you are living in the property or planning to rent it out, it is up to you. If you want to move it, you need to find out if you own the land it is on, that is important, you also need to know if the axle and tandem have been removed, if they have, you may not be able to move it until you have someone come out to look at it to see if you CAN move it.

I hope this helps you some. If you have any more questions that I can help you with, please feel free to email me at.

-Em

There are allot of factors to consider.. What are the property taxes involved,, Do you pay more for tax on your property then you would pay for rent ?? This is the case in some areas, and tax is lost money. .If your goal is to have money in your pocket at the end of the month this may be a factor..If your goal is to be an owner of an investment that will eventually pay off.. Then you may consider buying. Look at all the things you have to pay but check your tax to rent difference.. This is what will tell you if its worth it ..

ownership. the main reason is because at some point usually 30 years the payments end!!!!!

since it was she who decided to show him the house without you (he should not have gone into it without at least you and the agent talking on the phone about who represents whom) tell him to tell her that he will not buy the house unless you get paid and see where it goes. i am sure she would settle for a quarter of the pie rather than nothing.

if you go to, they can give you an idea. Condo unit owners should cost you just under $300 a year for $30,000 of contents coverage.

If yur friend already signed a contract with you it doesn’t matter how he found the house. If you are the agent you get the commission. Call the other agent’s broker. This will settle it all.

First of all, congrats on thinking this trough while being young… The income you both get annually is a bit low, and that is the most important thing that will affect your decision. You have to remember that the ability to make your payments only relies on you: based on how much is the value of the credit (value of the house + interests) and how long is the term of it. I suggest you start looking for houses to see what you’re interested in, and to get a range of prices so you know how much would you need to ask for; then make a detailed analysis of your personal finance (how much you earn, how much you spend and how much could you save if you really commit to it); finally, after you have all this information, go to a financial planning office so they help you make a payment plan according to your situation, and to see if you are ready or not to go close a deal with a mortgage company.

No closing no fee. Done.

some still charge…i wouldn’t hire anyone who does

There are a lot of issues with mobile homes. The variables include the state you live in as well as local ordinance. If it is considered a “mobile home” then the registration and taxation go through the County Treasurers office via the Department of vehicle registration. Same as cars, trucks, and boats. If it is on a lot away from a park and is on a foundation then it is through the county clerks office. You can draw up a Quit Deed and ask your Aunt to sign it, but if she has some reason she doesn’t want it out of her name you need to address those concerns. Regardless of who ended up with the trailer you or her they may or may not be an inheritance tax but that would have occurred the first tax season after the death of your Uncle. But I don’t think there is such a thing as inheritance tax on a trailer; probably the county would require the new “owner” to pay a sales tax fee for transfer of ownership. You don’t indicate how old you are or why its such a bother for your Aunt to have her name on it. Maybe you want to sell it and she doesn’t think that is a very good idea??? Regardless, until she is willing to sign it over or take her name off the registration there isn’t much you can do.

The deal about VA and PMI is sort of true….but most veterans do pay a “funding fee” that is about the same cost as PMI and is for a similar purpose. I believe disabled veterans do not pay this fee.

There are hundreds of things to consider. But when you ask older couples about owning a home they almost always say that owning a home was the best financial decision they ever made.

There are a lot of websites that address this but I think they are normally flawed in one way or another.

I have been a Realtor for 30 years and find most people fall into groups. Some only want a brand new house- if they can’t afford that then they “settle” for one as new as they can afford. Some people wouldn’t want a new house as a gift- they only want an established neighborhood that is often decades old, and they will pay whatever it takes. My brother has a house built in the 1950’s and have bought a lot of furniture and fixtures from the 50’s to make it look like a “step back in time”

My opinion is don’t concentrate on the house to much- but concentrate on the neighborhood. It will return more on your investment than any other feature of the house. Of course get a home inspection done (and be there so you can talk with the inspector). Visit City Hall and ask them about future roads and parks and such in the area and how they will affect the house you are buying.

no u dont because ur not selling property in the states. but u should know the laws of asia though. otherwise you could be held responsible if anything goes wrong.

First figure out why you have not gotten a home yet. If it’s income find ways to make more money, If it’s credit work on a budget and get your bills down a point where you have money left to save.

My guess is that this is more of a disposable income issue than a credit issue because there are homes with owner financing more so these days than ever so work on building a stronger financial foundation first and the home will come…the market is deluged with homes right now.

Also spend some time thinking about what you want personally. It works against you to compare what you have with what someone else has or what some ideal says you should have. Once you know what YOU want, the comparison game will stop and you will be freer to pursue YOUR dream on YOUR terms.

that’s communism.

socialism is where the State owns and administrates the means and goods of production.

Home Owners insurance plus special Insurance such as Flood insurance if you live in an area prone to flooding, earthquake or hurricane insurance for those areas.

Utilities such as sewer, water, garbage, gas, electric. Special assessments such as user fees for parks and fire and police. Historical society assessments, Transportation District assessment, Street assessments for improvements to streets in your neighborhood, check with your county and city to get a list of all assessments that will be levied against your home.

In my state, special assessments are billed each month directly to you, not rolled into one yearly payment.

The method of assessing property taxes and collecting is set by each state. So you would need to check with the property tax collection agency in your state.

In my state, property taxes are based on the value of the house in 1993, plus 3 % increase compounded each year since, or if the house was built after 1993, the cost of the house plus 3 % increase compounded each year. Current drops in the value of real estate aren’t factored in.

Your state will be different from mine.

From what I have seen, any home would disqualify you. But the IRS has not released their official rules and guidance on this subject so check with your tax professional at tax time just in case.

What you describe is more like the USSR (Communism). Socialism is more like Sweden with a VERY high tax rate. Even in Venezuela, which is seizing (”nationalizing”) private businesses, people still own their homes and some businesses.

Maybe your confusion arises from something Marx said to the effect that Socialism is the first step towards Communism.

exactly…which is why its so absurd that McCain supporters use this wacky argument.

Its actually more like a 0% interest loan that you have to pay back in 15 years. The good news is, that there is no system set up in place for repayment in 15 years so its a good bet that the money you get will just be “Forgotten about”

Even if it isnt. 7500$ 0% interest loan with no payments until 15 years is up is pretty good because inflation will eat that 7500 down to 3500 worth of buying power meanwhile you can throw that into your IRA, get 10% interest per year and in 15 years its worth $31,000+

Personally if someone reads the whole thing, its not quite the incentive to buy that the government is hoping for. But if you just happen to buy anyway, its a nice little free loan (with not much of a chance of them asking to pay it back because there is nothing in place to get the money back)

Its not quite the “free money” it tries to sound like, but if someone is offering it, why not take it?

YOu can ask for a contract dissolution. Read your contract to see what provisions there are to terminate it.

“now is the time to do so” is highly questionable advice — you know nothing about where the lady is or what the market is like there.

suppose she’s in Honolulu where successive waves of foreign buyers have pushed prices into the stratosphere?

***
is it possible for folk of ordinary means to buy a home?

yes.

in some areas.

is it for everyone?

no.

it is more important to figure out a lifetime financial plan and adhere to that than it is to buy a home. maybe buying fits, maybe it doesn’t.

Property taxes and mortgage interest are deductible against your current income on your personal income taxes. And real estate is a hedge against inflation. Generally real estate values, and other hard assets, rise with inflation. With commercial real estate virtually all expenses are deductible including depreciation. Its about cash flow.

First, I assume you mean a condo. And a condo is considered real estate.

Now, why buy versus rent. First and foremost is the equity. Unlike an apartment, you actually end up owning the property/condo and can recoup some if not most of your costs. With an apartment, your rent is gone.

Next, while interest can be high, don’t forget that part of the interest gets returned to you in the way of tax rebates. Assuming a 20% tax bracket, each $1,000 is really only $800 out of pocket. (The same with property taxes which are also deductible).

Third, real estate tends to appreciate over time. Right now, experts expect the market to start rebounding later this year, early next year. While we will not see the 10-20 percent annual appreciation we saw over the last decade, even 4 to 5% outpaces inflation and provides some little profit.

Not everyone buys a big house, most people start with smaller houses and if they want, they move to bigger houses. The size is really not an argument for or against buying versus renting, it is more personal taste.

As for taxes, you pay them in the apartment rent (you really don’t think that the landlord doesn’t factor in part of the taxes and upkeep, do you?).

Owning versus renting is a decision everyone must make for themselves. Buying’s economic value will depend on future appreciation of the property, which is anyone’s guess. BTW, recover is a relative term, if you bought now, you wouldn’t have to worry about “recovering” anything, since you didn’t lose anything when the real estate market tanked. Conversely, if you bought early in the cycle, most likely you would still be ahead of the game since the downturn didn’t come close to wiping out the gains of the prior 8 years, meaning your house would still be worth more (I own and my house is still worth 75% more than when I bought it 8 years ago even though it’s value is down about 25% since last year - that is still almost an average 9% annual return).

You will still be living on other peoples terms with a towhouse.