I’m a first time home buyer looking to buy a manufactured home in the Berkshire County, MA or Albany, NY area, with a mortgage ranging from $35K – $90k.I’m looking to see what, if any mortgages I would qualify for, as I would like to avoid a high interest (25%) personal/chattel loan.I became an attorney in 2011 and worked from 2011-2013 making $40-50k per year, then went back to school for two masters degrees. My two most recent tax returns (2016 and 2017) show low income (~$11k), as I only worked part time at various jobs while in school.I found out my fiance was pregnant and went back to work in November 2017 for a law firm and now make W-2 $25/hour +OT, ~45 hours/week (~$60k/year).My credit score is 681 (Experian) and 650 (Transunion). I have ~$25k in the bank, but would prefer a <10% down payment ($3K-$10K). My monthly debt payments include only a $133 payment for an auto loan. Student loan payments are scheduled to begin in Summer 2019 at 10% of monthly DISPOSABLE income (Direct Loan income contingent repayment plan).I'm under the impression that I wouldn't qualify for an FHA manufactured home mortgage as I do not have two years of stable income for 2016 and 2017, just various w-2's totaling ~$11K each year, even though I make a stable ~$60k/year now since November 2017. Any mortgage experts have experience with manufactured home lenders suitable for these circumstances? Thanks!
Yet another interesting headline in the world of health and well-being. Arizona’s Tepary Beans Preserve A Native Past, Hold Promise For The Future
Local Native Americans grew teparies for centuries, but the beans began to sink into obscurity. Now, thanks to seed preservation and farmers who want to preserve the past, they’re making a comeback.
Hi everyone!So I’m in Illinois, and I’ll be in the market to either buy a house or build one in the next 2-3 years. But just casually browsing online brought me to a very perfectly located vacant land lot for sale by a local realtor near me. This got me thinking: Should I buy it now so that I have it whenever I’m ready to build? Or should I be searching for vacant lots only when I’m exactly ready to build?I’m assuming I’ll have to pay property taxes yearly on the vacant lot that I buy, and that’s ok by me because it so perfectly located near everything I like in a neighborhood I love. But what else should I be wary of before buying the lot?It’s listed at $29k for 0.16Acre and there are already families living across the street from it and even directly next to it, so it’s not isolated or brand new.Thanks!
Yet another interesting headline in the world of health and well-being. Did An IV Cocktail Of Vitamins And Drugs Save This Lumberjack From Sepsis?
A 51-year-old man nearly died from septic shock, when a crushing injury led to overwhelming infection. After getting an experimental treatment, he’s recovering well, but some doctors want more proof.
In 2014 my dad passed away while living in my childhood home. My parents were divorced and I’m the only child but they still co-owned the home. I took over my dad’s half. At the time I wish I had requested my mother buy me out but I was only 19 and had a plethora of other things to deal with in the matter. Now I’m planning to buy a home at the end of this year in the city I live in but I do not want to be legally and financially responsible for two homes. Among that my mother and I have a rocky relationship and she uses the home to blackmail me.My mom has been living in the home since my dad passed away. There is a mother-in-law suite in the back of the home where my mom charges anywhere between 500 to 600 dollars in rent depending on who has lived there. Our house is just a few steps from the beach and A1A so our property taxes are around 2400 and our insurance is also about 2000 a year. My mom has lived in the house mortgage-free as it was completely paid off many years ago. I’ve brought up the idea of her buying me out or we sell the house altogether but she bounces back and forth from “I can’t afford to get a mortgage” or “I don’t want to pay rent anymore” to “I will live in this house forever” and “I’d rather own the house myself.” Every month we talk about it she has a different idea of what her life should be like. This has gone on for two years.On top of that my dad let the house go to shambles. The two things that haven’t gotten fixed yet is we need a new roof and a new septic tank.A few weeks ago I told her that she can buy me out for 50k (my half is worth 85k) and I will walk away and be good with it. I so desperately want this money for a down payment on my future home and this will be the second year its getting pushed off since my mom wont decide.We are both so unknowledgeable about this topic and I dont think this is helping my case. I want to show my mom that she can afford a 50k loan on her 33k yearly salary. She is worried about interest rates being 10%+ on the loan and thinks a loan for our case dont exist. She also told me that she spoke to a real estate agent and they said that the only way this can work is if I give full ownership to my mom FIRST(?) and she will take out an equity loan for 25k and give me the money. She will then in the next few years fix what needs to be fixed in the home and then sell it in three years and give me the rest. She claims she wants to do this because “she doesn’t want to live in a shitty home forever.” This is just a snippet of the ongoing decisions my mom throws at me.So where do I go from here? What are her loan options? What are our options? What can I do for myself? If she did finally accept buying me out for 50k what can I do to protect myself and how to do we go about proceeding in a legal way?
[PA] I’ll do my best to explain the situation. My 90 year old grandpop lives alone in a rancher style home. He’s religiously kept up with the property, inside and out, since he built it in 1995. I’ve done the landscaping now for about 10 years.He wants the house to stay in the family, and I happen to be the only one in my family in the market for a home. I love that house and would like to buy it but due to college debt, I am not in the place financially to buy. (80k in debt, just began making 65k a year, and the house is worth about 300k)What he has offered is a lease to purchase style deal. I pay $1000 a month for an agreed upon time, 12 to 24 months. That money is saved by him for a future down payment on the house.My concerns are: Is there a certain type of contract I should seek to obtain for this situation?What if my grandpop passes in the middle of this transition? How do I protect myself, or ensure the original deal is carried out?Is it smart to keep a third party out of this? (Realtor)How do I protect the “lease to own” down payment that is accrued in the event that he passes?I’m sure I missed some big questions and minor details on the potential agreement. But any info or advise will be greatly appreciated!
The seller I’m purchasing a home from refinanced sometime ago through HARP and, from what I understand, had part of the loan restructured as a lien.The problem is the seller was not actually aware of this and is not prepared to sell under the assumption she does not actually owe the $30k back.What is the likely course of events here? I’m supposed to close in 9 days and need to start making legal and moving decisions.
Hello All,I have kind of an interesting story going on here i’d appreciate some advice on…6 Months ago, our neighbor passed away. He owned the house for over 30 years. A developer came in and she bought the house for $400k, the house is delapidated but it’s a quarter acre lot in a very desirable suburb of the Boston real estate market.She held a city council meeting with the neighbors regarding the intent to build a 20 unit condo building on it. There was some opposition to it, particularly in regards to parking spaces per unit and not meeting code etc. But nothing too crazy.At that time, i offered her our property because of the size and proximity to our property, we figured it was too much for us to deal with having 20 new neighbors and thought – maybe she’d like to expand? So we asked her over one day and mentioned that “Hey, do you want to buy our property to alleviate any code issues or opposition you may be having?” etc…Our property was valued at $730k at that time. She said, she would offer us $800k. It’s also a 1/4 acre lot. So if she combined the lots, she’d have a half acre to work with, which is plenty for her build out. We were asking for 1.2M for the property. We don’t agree on price and think, well, that is that…Fast forward 6 months, we don’t hear a peep from her. Until last week. Out of the blue, there is an offer from her for 1.2M sent to my email. I call her up and explain we are now seeking 1.3 because the property is now valued at $800k.She agrees.Here are the terms in the agreement:We will pay for the Premises $1,300,000.00, of which: (a) $1,000.00 is paid herewith as a deposit to validate this Offer; (b) $4,000.00 is to be paid as an additional deposit upon the execution of the Purchase and Sale Agreement provided for below; and, (c) Balance is to be paid at the time of delivery of the Deed. And the second clause:If this Offer is accepted by you, then our obligation to buy the Premises is subject to and conditioned upon: (a) Obtaining, on or before_______________ days from your acceptance of this Offer, an inspection of the Premises satisfactory to us; and, (b) Execution by you and the undersigned, on or before March 1, 2018, of a mutually satisfactory Purchase and Sale Agreement setting forth all of the terms and conditions of this transaction, which shall then become the agreement of the parties; and, (c) Buyer obtaining, on or before 40 days from Buyer’s obtaining all necessary final permits and approvals for the project, a satisfactory written commitment from an institutional lender for mortgage financing in the amount Which would typically make someone happy that they got the price they were asking for. But i’m suspicious.Why?He doesn’t have enough skin in the game. That’s a low amount of money to put up considering the price.What if another developer comes along offering more?What if there is something we are missing that would put us at a disadvantage with the city for agreeing to this P&S?I can’t say why i feel something is off, but him agreeing to our price just makes me feel like i’m missing something.Anyone have any ideas or input regarding this? Should i be taking something else into consideration that maybe i’m missing?We are going to ask for a higher deposit and a non-exclusivity clause, but still giving her first right of refusal.Any input would be greatly appreciated!
Ok. I pose this question and ask legal and no one touched it. You may also remember my previous posts here… So this is a klusterfuk, but I went through quite an ordeal trying to sell my house. The buyer insisted on holding me to their interpretation of some language in the purchase agreement. There was an issue that had a $120 fix or a $800 fix. Same outcome either way. No advantages to the more expensive. Ultimately they forced me to undo the cheaper fix and pay for the more expensive one, threatening lawsuit and arguing that was not their understanding of the agreement we both signed.I wanted to fight it, but everyone in my life told me that that was stupid. And I should just pay it and walk away.Over the course of sale my realtor mentioned that a waterproofing system in the basement had a transferable lifetime warranty. And they just needed to call to transfer it. This used to be the case, but now I’m being told otherwise.Now I’ve had to deal with the Waterproofing Company, and it turns out they changed their policy. A 45-day countdown started from the date of sale. The new owner can either apply for a 2-year warranty, or they can get the lifetime if they can provide the original paperwork issued.I really don’t feel like going out of my way to find this paperwork for them. And it seems petty, but almost poetic to say ” if it was so important, you should have included it on the purchase agreement that you we’re so insistent on following to the letter.”My question is am I opening myself, or my realtor, up to any potential issues in the future if I fail to produce the paperwork? I’m 80% sure I still have it somewhere, but I really don’t feel like driving across the state and digging around a locker to look for it. Especially after how rude and discourteous they were to me.
Hello everyone. I am buying my first home in the next year. I am trying to plan out all outgoing costs for this purchase. Does anyone have a good site, article, rule of thumb, etc. on how to estimate how much I will need to have saved for closing costs? I have heard such a wide range of estimates. I have heard as low as 2% all the way up to 8% of buying price. That swing is a huge difference. Any help to get me in the ballpark would be great. Thanks in advance.