 If you were a landlord and a tennant needed to break a lease 6 months early, what would you do? |
Would you hold them to the "letter of the law"? or would you be understanding?
Let's assume that the tenant is trying to find someone to take over the lease but has not been ... |
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My husband and I will own the home and she will live with us and pay rent.She has 3 kids and will use 2 bedrooms.What should the upfront rules be and how to handle any issues as they come up?
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 Can my land lord automatically warn us that if we put Christmas lights on, she'll raise our rent money?!? |
She always tries to find reasons to raise the rent money, but she crossed the line with the warning, that if we put up Christmas lights, or a Christmas Tree w/ Lights, she'll raise the rent!?
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 When buying a house, should I hire a realtor? How much does this cost? Who pays realtor fees-seller or buyer? |
| I'm looking to buy a house (1st time homebuyer). I spoke w/ a realtor who said he will help me find a home. When I asked him how much his services will cost me he said "Nothing" and ... |
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 Can my roommate evict me if my name is not on the lease? |
| my girlfriend has decided it's time for us to move on, but i'm the one who's getting kicked out of the apartment. Can she do this without warning b/c i'm not on the lease?... |
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 Buying a home...? |
| What is the first thing you need to do when you are interested in buying s home? Do I get the loan first, find a broker, or an agent? I have no clue...... |
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My home was foreclosed on in Sept. My redemption is up in April. My credit is severely bruised. How can I save my home?
Additional Details
How can I find investors willing to help or ... |
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 Is it possible to rent your flat out and use the money to buy another property? Two mortgages at the same time |
If I rented out my flat, could I then use that money to put towards another flat? I.e. have two mortgages at the same time?
T... |
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 Oustanding Mortgage when parent dies ? |
| Do you know what would happen to an outstanding mortgage when my Mum dies. The house is in joint names, her and her partner. She put £90k down and her partner currently pays the other £90k mortgage,... |
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 She thinks it's INSULTING, but...? |
| My parents want to buy her house and are offering $1.2 million. the owner of the house finds this offer "insulting" she's says she's only selling her house for $1.4 million. Yet ... |
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 Help!! What to do about real estate agent who has done nothing to sell my home for over a month.? |
| My home has been on the market for a month. The price is we feel is fair, but the agents posted only one picture of my home on one website with a skimpy discription and after a month we have recieved ... |
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 Are we in the wrong? Landlord vs. Tenant? |
me and my partner letted out a flat for 6 months
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so we moved our clothes out and left the rest there ... |
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 I live in an apartment and people upstairs are making a lot of noises? |
| people upstairs are making a lot of noises. my mom can't sleep at night. Is there anything to i can buy to put on the ceiling to prevent the noises?... |
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| How do I get my landlord to repair anything?? |
| I have been living in a house for only 2 months and it's awful. We were told by other renters that the landlord was great. Well now we have out bath water running out into the road. Mold in the ... |
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 Can a landlord charge $1600 in damages after she already took our $1500 deposit? |
| She says there is over $3,000 in damages. She is so picky that she thinks damages are painting and carpet cleaning and cleaning of drapes, which by the way we did all of those before we left. She ... |
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gidget | First time home buyer. How much will the bank loan us? |
The house is appraised at $90,000. We are approved for it, however, the seller is only asking $85000 for it. I have no idea about mortgages! This is my first one and I'm wondering if we can borrow $90,000 (the value of the home) and pay the seller and keep the rest? Or can we just turn around and get a home equity loan?
Additional Details
I was just curious. Thank you for all the POSITIVE input and advice. We don't NEED the $5000, but I just wondered if we could get it. As I said, I have NO idea how this process is going to go! That's why I ASKED. I don't appreciate some of the insulting responses. People are rude. But those of you who actually ANSWERED my question without being jerks about it, thank you so much. You've been very helpful. =) |
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Zeltar
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You can offer the seller $90,000 and ask him to pay $5000 in closing costs. This needs to be part of the offer letter.
However, just because you're approved for the full amount doesn't mean it's a good idea to take the whole thing. You should keep your mortgage payment as low as possible while at the same time being in a low risk mortgage (e.g. a 30 year fixed). A zero percent down loan is seldom a good deal. Interest rates are higher and you'll have to pay PMI (mortgage insurance). So, what looks like a savings will cost you more in the long run. |
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togashiyokuni2001
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Wow, those are some horrible answers.
Okay, here's the skinny. If the agreed upon purchase price is $85k, then that's what the bank uses for the value of the home, regardless of the appriased value. Appraisals on purchases are done to ensure that the purchase price is not more than the appraised value of the home. If you want to get $90k for it, there are a couple of programs that are in place to allow for it, but they are for home improvement only. You can't just pocket the money. If you want to use the appraisal to refinance later, first make sure you don't have a prepayment penalty, then you have to wait at least 6 months to make sure you're on title, make sure the mortgage you're paying reports to all bureaus, and make the property value increase believable to the bank. But, still, at that point you'll just be lowering your MI rate, and the amount that it will go down won't be enough to justify refinancing with all the costs involved. So, long story short, on a conventional loan there's no way to do this legally. |
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SCCRealEstateUNCENSORED.com
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Most people here told you yes but the reality of it is that you most likely cannot. As togashiy said.
When signed the contract for $85K that is what the bank will lend you, not one dollar more (given that the appraisal supports that value of $85K)
BUT if you haven't signed the contract and you are still negotiating, you can purchase the property for $90K and get a credit back from the seller of $5K (given that the appraisal supports that value of $90K)
My question to you is do you really want to pay property taxes based on $85K or $90K (property taxes are calculated differently in each state)
And to answer you last question about the home equity loan. Well you probably wont receive enough appreciation on your property to just turn after the purchase and get a equity loan for $5K and IT DOES NOT make any sense to refinance again right after you just purchase the house. No matter what anybody here says, it just does not make sense financially. |
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Amy S
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I am doing the same thing right now (First time home buyer, hopefully in a month) and you can get a loan for more than the house costs, however, like someone ahead of me said.. it wouldn't be smart to take out all $90,000 when the house is $85,000. You should take out 2% on that house costs which would be $1,800 to help pay for closing costs, fees, even minor repairs. If you credit is good enough to get a $90,000 look into a small personal loan that will have significantly lower interest rates! Good Luck, and Congratulations! |
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V(^_^')V
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yes, you can keep the rest but you pay the interest for the full 90k. your mortgage will be higher as opposed to 85k. equity loan is something else. thats after you bought your house. equity is how much your current house value minus the amount your borrowed from the bank. |
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jason a
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just get a loan for the amount the house will cost. interest is crazy, on the 85, 000, you will pay about 150, 000 when its all said and done on a 30 year note. so get the extra 5, 000 somewhere else. DO NOT REFINANCE |
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loansbytami
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The bank will only allow you to obtain a loan for the purchase price. Most banks also will only allow you to use the purchase price instead of "appraised value" when you're trying to refinance the home within the first 6 months thus, eliminating any "equity" in the home within those first 6 months.
You probably don't want to borrow immediately after purchasing the home. Especially when it is only $5,000. It doesn't make any sense to do that...... |
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Eric E
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You can get more than what the seller is asking for. A lot of times you can receive extra funds to help in paying your closing costs up front. |
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Liberty
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The mortgage company cuts a check for the purchase price. So, no you can't keep the difference. And you can only get an equity loan if you have equity in your home. |
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2cute4me
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well it depends on your credit...And your income...I no because I am a banker...It also depends on the bank you go to |
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Terrence B Knows
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what is this some sort of no money down deal
why would you want to pocket any money
you still have to make house payments
if anything you would want to put the $5000 into
paying down the note you owe
there are no shortcuts
even equity loans you have to repay
sounds to me like you will lose the home
before you begin to live in it
if this is your thinking on buyin or payin for a home |
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