Transfer of utilities for a house sale
3 years ago
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Itchy to buy a house on sale!!!
Comments (2)I would rent out the home that I am currently in until the market turns (I understand that could be a while). I was listening to a radio interview with someone who made the assertion that the recovery will occur, but it will be a re-set of the economy to a lower level. So, if you can financially live with your current house selling slightly more than it is worth right now and are content with the beautiful house not appreciating much, then this will work out....See MoreTransfering debt from home sale?
Comments (4)Apparently we haven't learned much as a country. A short sale means you are defaulting on your loan obligations. You owe the bank more money than you are paying, but the bank agrees to it because they think your only other option is foreclosure. No bank in their right mind would let you take $20,000 of their money and then turn around and give you more money. It sounds like you don't have enough money to buy a new house at this point. You need to have enough cash on hand to pay off your current debt, make a down payment on a new home, and still have money to do whatever renovations you want. If you can't do that, then you aren't in a financial position to purchase a new home. Even if you are able to find a lender that will help you in this plan, do not do it. You are setting yourself up for financial ruin. You need to be reducing the amount you owe, not digging a deeper hole....See MoreClosing questions - wire transfer of funds, utilities, etc
Comments (14)I guess I can't figure out how you, as sellers, would be paying out any cash at all unless you are selling the house close to or below what you owe? Bingo! That's what's happening, unfortunately. I don't care - I'm just happy to be selling. BUT I don't want to get screwed in the process. It seems weird that the money would go the buyer's closing person and not our closing person who should then use it pay off our loan. (yes, we're using a title company.) I guess I don't really understand all the logistics of closing. And what is an escrow company? Is that the same thing as the title company? (I don't know if we have an escrow company or not.) I have never understood that word "escrow." It's like purgatory to me - some weird untouchable place where money goes to hang out in limbo. My fear is that my $xx,xxx will go there and if we don't close may never come back again. I'm pretty sure we're going with the cashier's check now. Just have to get it fedexed at this point....See More? Take for sale house off the market to rent
Comments (5)We get zero rent. It is a caretaker agency. We pay them nothing. They do yard work and pay utilities. ((They are collecting a nominal rent of I believe $680/month)). The caretaker tenant pays a little for a nice house. But may have to move after as little as 2 weeks with only 2-4 weeks notice at their own expense. They have weekly inspections and have to be show ready within an hour at all times. I was afraid to just get a tenant since I wanted the house on the market. And an empty house has it's own issues. This seemed the best of both worlds. I believe fair market value would be about 2700-3000$/month. But it would have to be off the for sale market. My carrying costs on the house are under $1000/month including insurance, taxes, home equity loan. It is saving me ?$500/month utilities and yardwork to have caretakers there. It may take awhile to rent since it is a high for the rental market, so I can list for sale or lease and see what happens first....See MoreRelated Professionals
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