Re: Re: Re: Re: We will NEVER be able to buy house 1*I like the idea of moving your current home to property. 2*Or is your current land going to increase in value because there will be easy access via interestate? marci ============= 1* You could also add another lot or two and rent out the extra spaces for extra income. That's what I did .Rented the two space to other mobile home owners for years. The renters paid my cost of buying and developing the land for my home and the two extra trailer spaces. 2*I was hoping some day we would have a house with land and stop paying lot rent, luckymom. She don't own the lot her home is on . The END ************************* LB 59
Re: Re: Re: We will NEVER be able to buy house Thank you for all of the ideas! I am a full time student and Pop works the overnight shift so we already alternate "shifts" staying home if you will. Next semester, Pop will be going back to school also and things will be even busier! We should have a higher income when both of us are done with school, and that is when we were originally planning to buy, but this highway thing is scary for me and makes me want to have an option sooner. I have a paid auto finance from my younger years on my report and Pop has one too. The problem is, lol, that I paid mine off very quickly and am stuck with a 3 month TL! Now, I'm off to look at all the links given! Thanks so much!
Re: Re: Re: We will NEVER be able t You might try http://www.rurdev.usda.gov/rhs/index.html They help people with limited incomes to purchase homes. Look at http://www.rurdev.usda.gov/rhs/ProgramBriefs/program_info.htm#SFH to give you more information on their programs.
Re: Re: Re: Re: We will NEVER be able to buy house 1*The thing I don't get is that if we were renting we would pay $650 a month, but we can't afford $500 for a monthly mortgage payment?? 2*We ARE going to look into buying some rural land - moving our current home out does look like a more probable idea after all. luckymom ================= 1*Know what you mean. 2*how are you doing on this? The END ************************* LB 59
Re: Re: Re: Re: We will NEVER be able to buy house My thread, resurrected...lol We are still keeping an eye out, but most of the affordable parcels we have found have no winter access (and its winter 3/4 of the year...) We found a great deal on a 4/2 w/1 acre, but found out it was a forclosure and had mold violations, frozen pipes, etc. Anyway, I actually took a little different step in going to the DOT and they have agreed to put a protective barrier encasing the "new" frontage road. It will probably be an eyesore, but least that will keep the kids safe while we are here. Thanks for asking!
Foreclosures can be great bargains. You can always make a lower offer than what their asking price is. I have 30K equity in my house. After subtracting the closing cost and repairs I'm still up 22k Good luck. Gib
The foreclosure idea isn't bad. Pipes can be fixed, other problems can also be taken care of. If this one doesn't work, find out who is the HUD agent for your area. The house I live in was an FHA foreclosure. Fortunately, it wasn't in bad shape and didn't need much fixing up. But as someone else stated, we started out with about $25K in equity. We could have gotten a second mortgage for the rest of the equity to get the money to fix it up, but we didn't have to. In your case, the equity would mean your payments are lower than most people are paying in the area. Later, when you sell, you'll make a bigger profit. The reason I suggested finding the HUD agent (actually, I think it's manager) for your area is because he or she will be more willing to work with you. When a house has an FHA or VA loan that is foreclosed, HUD becomes the owner of the property. The contract with someone to manage the properties in a certain area. While any real estate agent can sell these properties, many don't want to because what they can make is limited, and they can make more money selling non-HUD houses. But the manager will be more willing to work with you or may know someone who is. With foreclosures, make sure you check them carefully. Many have problems and haven't been properly maintained, but many of the problems are not major and can be repaired for much less than the difference in price between what you're paying and what the home is worth. I would never have considered a foreclosure except that my brother knew the HUD agent and suggested it. After living in the house for many years, I see that my payments were so much less than my neighbor's payments that I realize I ended up with a house that I couldn't have afforded otherwise. So, I will definitely consider a foreclosure when I move next time.
Thanks y'all!! I'll mention it to Pop. This is what looks like a modular home (may be stick built) on its own land for $40K or so. The scariest thing is the mold issue (a county health violation of some sort) and the fact that this place has been abandoned this entire winter. I have no idea how much it would cost to redo the entire plumbing system - anyone?
The mold may be a sort of mildew, and may just be from the house being vacant in cold country for so long. When I was growing up, my father was a farm hand, and we always had a place to live provided for us. Many of them weren't in great shape, and the farmers that owned them often didn't keep them up very well. I remember one place where we did get a lot of mildew (mold) on the walls, especially in winter. I think that if the place were properly heated and insulated, once it's cleaned up it might not be a problem. I believe we used bleach to clean the walls and it killed the mold. But I could be remembering wrong, it's been a long time. You might want to see if the county has a plumbing inspector who could tell you what it needs, then try to get an estimate or two. If you can do the work yourself, maybe you can get someone to help you, then you may have to pay for an inspection. Where I live, some of the stores like Home Depot have people working there who either are plumbers working a second job or used to be plumbers. I got a lot of hints for nothing from some of those people. Sometimes stores like that also hold classes. Maybe the local high school has some classes as well.
Thanks, I think I will put a call in to the realtor in the morning. Pop was the one who talked to them last time and the realtor made him think the modl was a huge deal (which it may well be) like some sort of health violation - maybe contaminating the well or PWS or something? Don't know. Will update when I do!
Here is something I found about mold contamination, so maybe the realtor was making it so clear to release liability: "Whether you are a tenant or a landlord, a real estate buyer or seller, a new home buyer or a home builder, a real estate agency client or a realtor or agent, borrower or lender, or an insured party or an insurance company, if mold contamination should be discovered in a real estate property [residential or commercial] in which you are or were involved, there are a large number of powerful causes of action [lawsuit] available to a plaintiff, including but not limited to: Negligence, the most common cause of action asserted for mold contamination; Strict liability [especially against new home builders]; Breach of warranties against builders, sellers, and landlords; Constructive eviction [against landlords]; Failure to disclose in the sale or rental of property; Breach of contract; Fraud; Violations of unfair competition and consumer protection laws; Violations of professional licensing laws; Workers compensation [against employers]; and Violations of the Americans with Disabilities Act."
I didn't realize they had passed that law. It's been a while since I bought a house. That is probably why the real estate agent discouraged you. Maybe you can check to see if there is a way you can still get it. Maybe have the mold contamination evaluated by a professional and sign a waiver of some sort if there's not really a problem. Sometimes the state department of agriculture or someone like that might have information. You may also want to check with the health department to see what the concerns are. But if you don't get this one, you might want to look at some other foreclosures. In the meantime, if you don't have a credit card, I would say get one and start using it, pay if off each month but charge things you would buy and pay cash for anyway. That way you'll be building up your credit. I just remembered you said somewhere that you paid cash for your house and car. While that is a great thing to be able to do, the problem is that when you apply for a mortgage there is no history of you being able to handle credit. That happened to a neighbor of ours when I was growing up.
That is an interesting article - thank you. I just talked to Pop about this again and asked what else the realtor said, and found out something worse! Apparently, the power company is refusing to even turn the power on at this place until it has been completely rewired! Thats bad. I'm afraid to take on something that is bordering on the flood plain, needs all new plumbing AND all new wiring with a payment on top of that. We are going to go out and take a look this week(have only seen photos) before deciding for sure, but its not looking good for this little place...
Re: Re: We will NEVER be able to buy house GET an estimate for the repairs deduct that from the asking price or make the offer to include the repairs. Move your home to the property - live in one home and rent out the other one and let it help pay for the whole deal.
Re: Re: We will NEVER be able to buy house You're right, this one isn't looking too good. There seem to be way too many things wrong here. Wiring would scare me much more than the mold or even the plumbing. But, try to look for some other foreclosures and you might find one in better shape. And lots of others have given you good advice as far as some of the programs out there. Keep looking, you'll find something someday.
Re: Re: We will NEVER be able to buy house Actually, a selling RE Agent can make MORE money off a HUD home (up to 5% with only 1% going to listing broker). The problem that arises is, any RE agent can show the home, but they have to get an approved agent to write up the purchase bids. Mom, You can find HUD's website and search for listings in your area. Good luck!
A friend of mine who is an agent told me that they don't like to sell HUD houses because they don't make as much money and there's a lot of paperwork. I guess it depends where you are. Here the going commission is 7-1/2 to 8%, and houses sell within a few days. So I guess they try to sell their own listings and make more commission, I don't really understand who gets how much of the commission anymore. I used to have a license in another state, but that was 20 years ago and I'm sure it's different now.
30K? gheez...I'd seriously find a different loan person. I see people all the time who make almost nothing and live in brand spanking new houses.
Re: Re: We will NEVER be able to buy house Good grief, I'm in the wrong state!!!!!!! The going rate here is about 6 points. 3 to the listing 3 to the selling. I have seen it lower, but never higher!
