Appraisal less than offer on house
Kate Mondo
3 years ago
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maifleur03
3 years agoRelated Discussions
need more than hand vac/less than full vac for pet hair
Comments (7)I am thinking more in the line of a tiny shop vac. Something small that I can carry in my hand, not run on floor like a stick vac. Which is why the Kone thing was great but just not big enough dirt cup. What I really need is a contraption that is built into the baseboards that when the door opens it sucks really hard, pulling all the hairs floating on my wood floors and into the door. That would be cool. When I lived in Atlanta my house had a whole house fan. When on, all the hair would come to middle of house, wood floors, and ball up. Simply take vac and suck up. My house now is two story and so the whole house fan does not work like the one in my old single story. I guess I could always move back- lol! Thanks for the hints. I do use a broom and then vac when I have to do a total clean but for the inbetween days I just need to suck up a few here and there. Maybe I could shave my dog? Wonder how a shephard would look shaved? He might not let me take him for walks anymore. hmmm...See MoreLimiting Home Equity to no more than 25% of Appraised Value, WHY?
Comments (29)Sorry it took me awhile to respond, thanks for all the comments Chelone I have lots of relatives who have a great retirement doing what you are doing. MIL struggled to put the kids through college on a teachers salary and now in retirement is rolling in it. Keep it up I have no problem mortgaging or not mortgaging my own house. Our real estate taxes are high, probably more than many mortgages, so even if you got rid of a mortgage you are still paying 1k a month in taxes. In the above example, I probably would do option 4, if I really had a 5% mortgage I would not pay it off and probably stick part of the money in a CD paying 5.5 or whatever rate I could get above 5! To pay it off really would be leaving money on the table if you could SAFELY get more than that. I agree that Universal life is seldom a good deal and I would only do that if I thought from an insurance point of view it was a better deal than term for some reason. Otherwise I think its just a scam. The problem I had with the post that started this, if you have a mortgage at 5% and now have some extra cash, great, do not park it in your house because you really can get more at the bank. However the advisor was suggesting pulling money out (does not matter REF or HELO) just so you have it in your hands instead of it sitting dead in your house. Thats a great idea but if I am borrowing at 6% and can only SAFELY invest at 5% who is going to pay the spread? Also what about the 10k in closing costs I paid to pull the equity out? Worse what if I do follow a hot stock tip that ends up not so hot?! People are tempted when they have acess to so much cash (I think I could manage but who knows). Dave claims its an issue of safety to have too much equity without owning it outright. The HELO that was suggested would actually be one way to safeguard the eequity. Do not tap it unless you really need it, the perfect storm scenrio that Dave mentioned where people cannot tap the equity and lost their house even though they have lots of equity Thanks for the compliment Celtic, I just could not figure out how to adress the shortfall in an owner occupied property. Ia lso agree with you about the rental increase issue, 6% annally is impossible, office leases around here have a 3% increase, sometimes less. CMarlin I love your examples and you have given me things to think about. My DH thinks I am the most risk averse person on the planet so I doubt we will be competing for property (especially from NY!). In running your numbers why even invest the 500k? If your debt service at 6.7% is about 116k and your income is 144k, even assuming taxes are 20k why tie up so much? Do the lenders require this? Is it to give yourself a perfect storm cushion? Why not put aside 100k in an interest bearing acount instead and maybe put down 100k so you can cover incidentals with the rental income? I have no idea how this works. What is an SFR? Also do you buy rentals locally? You mentioned you research the areas which assumes you go outisde of your local area, do you go out of state? Just curious. What about I have Two real estate stories I think about that stop me from following your lead, I guess if prices really do drop in a mini crash maybe I will rethink it. Although there are still lots of people like me who know a bunch of people who recently got rich on real estate so we wonder if we could do the same and I always wonder about things everybody is doing, someone has to lose money doing it. Not saying you CMarlin I actually think your plan is sound except for the 6% but I assume even at 1 or 3% you will still make money (although how does that play into local tax increase, here they have been increasing taxes up to 6% PER YEAR based on the rapid increas in value of these properties). How many apartments do you feel you need to own when starting out to truly spread the risk so to speak? Also of the 144k, what percentage is overhead unrelated to taxes and mortgage. What are those expenses? Here are the stories that stop me. In 1986 a wealthy physician I know (not well) decided to invest in real estate out of state in Boston. With the 1987 crasg the condo market went belly up and they could not sell these in the late 80s. He and several others were general partners. One of his relatives who got him into this ended up losing her law licsence over this! They tried to sue him and he almost lost everything outside of this (had a large home etc) fortunately most of his assets were in his wifes name anyway for liability reasons relating to his medical speciality, so they dropped the suit when they realized this. This same guy started trading stock on margin out of his retirement account in the late 90s, his account at one point was up to 42 million! Needless to say he is still working after that market crash and he is now near retirement age My father was approached by his accountant in 1975 who was running a tax shelter. He and his partners were buying a building near Lincoln Center in NYC. At the time the neighborhood was a bad and they paid 1m for a 40 story building plus garage (400 per car per month) and retail stores in the lobby (now a Chase Bank, a drugstore and a McDonalds). Dads share would have been 100k but back then he did not have it and even if he did, well I get my risk averse thing from him! For some reason I remember telling him to invest but who listens to a 12 year old and again they really did not have that kind of money to throw out with 3 kids. In 1987 (yes at the absolute height of the market) I bought a last remaining sponser apartment in, you guessed it, that building for more than double what 10% of a 200 unit building would have cost 12 years earlier! This was a fluke dad did not realize it until he saw the purchase contract. They ended up selling the apartments back to the tenants for 10m in 1985! They kept the master leases on the garage and the McDonalds so I am sure that funded someone's retirement. The irony is this was sold as a tax shelter, it was not supposed to even make money! Dad has no regrets (well other than that 4th child they never had!LOL) he says that for every successful deal he was offered, there were 20 that failed and he would have lost his investment I know this is way too much information but its what makes me leary about real estate as an investment. I actually just want a bigger house for me and my household, I do not care if its paid off or not as long as I am not awake nights worrying about how I can pay the mortgage. Still trying to figure out how to get there Its funny I flip flop on the do it yourself investing. I hate being told what to do and need to understand it before I can commit. I also hate mutual funds as a general rule excpet for the ones that are based on indexes. I sort of get frustrated with magazines like money that seem to try to make everyone feel like they need to be in mutual funds and not just one, but a portfolio of them,. Are they secretly owned by a constortium of mutual fund. Also I wonder what an investment advisor can tell me? Its like my theory on stock brokers, if they were so great at picking stocks why would they need me to make money. No offense intended to any investment advisors. I do think an individual investor can beat the market average (or not!) even if they do not have access tp all the inside information because they have flexibility that a mutual fund running 1B does not. Then there are days when I look at my house which is basically decorated but the reality is that it lacks the fine tuning a decorator could give it but I hate the idea of living with something someone else has chosen for me(I tend to return gifts too). Its sort of like that with investing, I am not comfortable with the loss of control but I do not have the time and energy to follow this all the time...See More25 showings in less than 1month...yet no offer
Comments (34)Now, see *I* wouldn't buy a house in a sterile, taupe-beige-ecru, homogenous neighborhood with "covenants" and "open floor plans". I would rather live in a box on the street - seriously. Those cookie cutter places make me throw up in my mouth a little. But, I also live in a college town with more than our share of, well, character. (One of the older areas of the city has victorians that look like fallout from a Crayola plant explosion.) My neighbors might hate my gargoyles, but I don't really care for the bowling ball garden or the bathtub grotto down the street, so we're even. They are, however, the nicest people you'll ever meet and when we have a blizzard, we all get together and help each other dig out. And we have great cookouts come summertime. Are your neighbors nice people? I went to an open house this weekend (just for fun, as we were walking by), and the seller had placed little signs throughout the house pointing out things and/or giving extra information e.g., "look - original hardware!", "don't forget to check out the linen closet behind the door". I thought that was really creative, as most people just lack the ability to see past the most basic things. Perhaps a little note in the house or the listing details mentioning the "eclectic character" of the neighborhood and how sad you are to leave such a great community of people or something. Or, just invest in a nice, big ol' fence. ;)...See Moreoffering less than list price
Comments (23)We countered back with a reduced price and a list of recent sales in my immediate area and gave them until 7 p.m. tonight to respond. My agent presented the counter offer last night. She left a message for the buyer's agent today to follow up, and didn't hear back at all. She was not impressed with the agent's professionalism. At 7:30 this evening she received a text from the agent saying her buyers are willing to "sweeten" the deal 10K, still well below recent sales for comparable homes. The buyers didn't bother to put the offer in writing so I told my agent I am not interested. If they are serious, they can put in a reasonable offer in writing. The house hasn't been on the market long enough for me to take such a low offer and we are getting a steady flow of showings. We had a second showing this evening which lasted an hour. I'm hopeful we'll see another offer soon....See Morefunctionthenlook
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