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PrintableWe had a house,it was more work than we wanted to do in the overall. We sold it after 10 yrs n moved back into a nice apt near the beach. [Edited 10/10/15 21:02pm] | |
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morningsong said:
Depends, maintanence and upkeep falls on you when you own, when that water pipe burst or the septic tank goes haywire, it's all on you. There's no guarentee that property values will rise they can fall. Question: I was listening on the radio the other day about homeowner insurance warranty. The name of the compsny is American Home Shield. Supposedly, it helps cover the type of damage you've mentioned, for an example, so she doesn't have to pay so much of the cost. It is suggested that this insurance should be brought to the real estate's attention, if she wants it. Have you ever heard of it? | |
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SeventeenDayze said: Can someone explain the "closing" procedure to me in plain English? Is it a bad idea to tell your apartment landlord you're moving out (and submitting the move out notice) before you have closed on the house? Considering that this is your first home, do you have any advisors or have you spoke to a real estate lawyer to get free consultation on closing procedures? | |
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SeventeenDayze said:
It seems that most mortgates are 30 years right? Sometimes slightly more or less but that's a long time and anything could happen to the neighborhood and the value could depreciate, right? What about the house's value? I don't know much about home owning but it seems that you have to put money into the house to build equity but then it also depreciates at the same time due to age, etc. Also, what if the house ends up being too expensive for my relative and they have to sell? Don't you still have to pay mortgage payments while the house is up for sale? Yes, the neighborhood that you live in affects the property value of the house. I believe that's where the homeowners association comes in. You pay it as part of the mortgage. My mom, sister and brother in law are part of one. If there's bad activity going on and it is reported, that homeowner can be put out. You may want to look into that as well. To add most mortgages that you would encounter is a 30 year, but I've been hearing about the 15 year mortgage, but of course that's more money to pay. A fixed rate is the best rate, if you can get it, over a variable rate wheres the cost flunctuate. My speaking through living experience with them, before I got my own place (apt) and by looking at their deed. They have mortgage loans through the bank, but have you've looked into government loans, such as Ginnie Mae, Freddie Mac or Fannie Mae? I was told that Sallie Mae is no good, especially for mortgage and student loans because that rate is too unstable. Anyways, get a good advisor and I wish you the best of luck on your first home. | |
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Hey there Trolls be gone! | |
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Actually, it's not my house, I'm just moving in with a relative as a paying renter. I'm just worried that I think they're being scammed. It's hard to put my finger on it but I have really good instincts and this particular relative isn't always the most rational person either. SeventeenDayze said:
Hey there Hi  Ok, I thought you were buying a home or interested. Whom do you feel is scaming your relative and can you give at least one example of how? They probably need assistance with the mortgage and thats rental income for them. | |
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Well, the first red flag was that about a month or so ago, my relative said they were denied the home loan because they were told they had debt that was "too new" (it was a purchase for a car like last winter or something). Then, I don't know what happened but then the relative later told me that they were "approved". I was like, wait, they first told you that you weren't approved, now they're saying you are? They were like, "Oh, they think there was an error in reporting"....I'm guessing what the company is actually doing is just luring and stringing people along who probably can't afford financing through regular channels and just capitalize off their desperation to be a "home owner". My relative was like, "Oh, I'm approved but approval happens in stages but they say I'm approved." NONE of it made ZERO sense to me and that's what made me skeptical all this time. I'm looking into getting my own place just have to get a few things in order first. This relative also keeps dropping hints about trying to get me to pay for the cable package (I currently pay a portion of it). I said if they want to save money we need to just get a cheaper package with fewer channels and they were DEAD quiet. Then, I was like, man, they keep talking about how they're not going to pay $200 for cable/internet but they are moving into a house? If you don't have $200 of wiggle room each month for cable should you be in a house? Otherwise, they were probably just trying to sucker me into paying for more of it or all of it because they know I'm not a selfish person... Trolls be gone! | |
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Beautifulstarr123 said: morningsong said:
Depends, maintanence and upkeep falls on you when you own, when that water pipe burst or the septic tank goes haywire, it's all on you. There's no guarentee that property values will rise they can fall. Question: I was listening on the radio the other day about homeowner insurance warranty. The name of the compsny is American Home Shield. Supposedly, it helps cover the type of damage you've mentioned, for an example, so she doesn't have to pay so much of the cost. It is suggested that this insurance should be brought to the real estate's attention, if she wants it. Have you ever heard of it? Yes there are outside coverage insurances you can buy, several. Homeowners insurance can cover things inside. You still need to pay for policies, make sure they don't lapse, make sure what's covered in your policy, copayments, what's limited, whether the company folds. You're still responsible for all repairs large or small when you own, its far different than just paying your rent. | |
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morningsong said: Beautifulstarr123 said: Question: I was listening on the radio the other day about homeowner insurance warranty. The name of the compsny is American Home Shield. Supposedly, it helps cover the type of damage you've mentioned, for an example, so she doesn't have to pay so much of the cost. It is suggested that this insurance should be brought to the real estate's attention, if she wants it. Have you ever heard of it? Yes there are outside coverage insurances you can buy, several. Homeowners insurance can cover things inside. You still need to pay for policies, make sure they don't lapse, make sure what's covered in your policy, copayments, what's limited, whether the company folds. You're still responsible for all repairs large or small when you own, its far different than just paying your rent. Are you saying there's limited coverage for you stated that you're still responsible? | |
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SeventeenDayze said:
Well, the first red flag was that about a month or so ago, my relative said they were denied the home loan because they were told they had debt that was "too new" (it was a purchase for a car like last winter or something). Then, I don't know what happened but then the relative later told me that they were "approved". I was like, wait, they first told you that you weren't approved, now they're saying you are? They were like, "Oh, they think there was an error in reporting"....I'm guessing what the company is actually doing is just luring and stringing people along who probably can't afford financing through regular channels and just capitalize off their desperation to be a "home owner". My relative was like, "Oh, I'm approved but approval happens in stages but they say I'm approved." NONE of it made ZERO sense to me and that's what made me skeptical all this time. I'm looking into getting my own place just have to get a few things in order first. This relative also keeps dropping hints about trying to get me to pay for the cable package (I currently pay a portion of it). I said if they want to save money we need to just get a cheaper package with fewer channels and they were DEAD quiet. Then, I was like, man, they keep talking about how they're not going to pay $200 for cable/internet but they are moving into a house? If you don't have $200 of wiggle room each month for cable should you be in a house? Otherwise, they were probably just trying to sucker me into paying for more of it or all of it because they know I'm not a selfish person... You can ask them to show you the approval letter, if they're willing. If you feel in doubt about this and feel there's an underhanded agenda, then don't move in. [Edited 10/11/15 17:21pm] | |
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Approval letter? Is this a letter you get right before you close? That's the whole thing, I've been online and have researched and still have no idea what "closing" on a house really means. There's conflicting information on the internet (of course) and I don't want to ask my relative because they'll get defensive. As I mentioned, they told me that they "approve in stages" but she was initially declined then magically "approved" to continue the process. Something's just not right about this whole setup. These developers prey on people who are insecure about the fact that they are renters and not "homeowners". Trolls be gone! | |
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SeventeenDayze said:
Approval letter? Is this a letter you get right before you close? That's the whole thing, I've been online and have researched and still have no idea what "closing" on a house really means. There's conflicting information on the internet (of course) and I don't want to ask my relative because they'll get defensive. As I mentioned, they told me that they "approve in stages" but she was initially declined then magically "approved" to continue the process. Something's just not right about this whole setup. These developers prey on people who are insecure about the fact that they are renters and not "homeowners". Closing means that you, the bank, and the real estate pretty much sealed the deal on the purchase of your home. You sign papers and I believe that they ask you for the closing cost, before they give you the deed. The bank approved on the motgage loan, correct? There had to have been some point of contact, in order for them to know. Did they get a letter, email? I suggest that you speak to someone more expertise in real estate about the process of owning a home. | |
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SeventeenDayze said:
Well, the first red flag was that about a month or so ago, my relative said they were denied the home loan because they were told they had debt that was "too new" (it was a purchase for a car like last winter or something). Then, I don't know what happened but then the relative later told me that they were "approved". I was like, wait, they first told you that you weren't approved, now they're saying you are? They were like, "Oh, they think there was an error in reporting"....I'm guessing what the company is actually doing is just luring and stringing people along who probably can't afford financing through regular channels and just capitalize off their desperation to be a "home owner". My relative was like, "Oh, I'm approved but approval happens in stages but they say I'm approved." NONE of it made ZERO sense to me and that's what made me skeptical all this time. I'm looking into getting my own place just have to get a few things in order first. This relative also keeps dropping hints about trying to get me to pay for the cable package (I currently pay a portion of it). I said if they want to save money we need to just get a cheaper package with fewer channels and they were DEAD quiet. Then, I was like, man, they keep talking about how they're not going to pay $200 for cable/internet but they are moving into a house? If you don't have $200 of wiggle room each month for cable should you be in a house? Otherwise, they were probably just trying to sucker me into paying for more of it or all of it because they know I'm not a selfish person... There's a saying, there's more than one way to skin a cat, so it goes with getting approved. Unless your relative is letting you in on their financial dealings there's no way anyone on the outside could validate whether this is legitimate or not. Best advice anyone could give you as an individual is have your own money in the bank, that way you're not left stranded if things go sour. | |
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Buying. But then again, it depends on the person and the needs. If you want to sit tight for a while, then yes, buying is the way to go, but if you like to jump from one city to the next at any given moment, then renting is your best option. I will forever love and miss you...my sweet Prince. | |
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Watch yourself if buying, consider property taxes. This is a yearly cost on top of everything else you pay. Depending on the value of your home and what state you live in can add up to thousands per year. | |
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[Edited 10/12/15 11:49am] VOTE....EARLY | |
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This is a real part of my decision to not rush into buying. |
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Yeah I agree. It seems that there are pros and cons to both scenarios. I think home ownership is probably ideal but at the end of the day you have no control of what happens to the neighborhood around you at all. Trolls be gone! | |
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Here's an update guys....as I had suspected all along, something fishy was going on. I found out from the landlord of where we're at now that my relative's closing date on the house has been delayed for unknown reasons. The apartment that we're in now was already leased out to another family to move into. My relative still hasn't said a WORD to me about any of this at all and they don't give a shit that this affects my life as well and I'm PAYING to live with them. I just can't believe it. Trolls be gone! | |
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