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#3
09-16-2021, 02:59 PM
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Apparently they were having a new home built but due to price increases on materials like lumber they ran out of funds, so they couldn’t sell their home anymore since they had no where to move to. Her real estate agent says this has been happening a lot for anyone trying to have a home built. Whatever funds they allocated to build the home is no longer able to cover the costs It was a bit of a nightmare for her. She sold hers and had to move into mine for a few weeks. I kept telling her that now she is going to settle for the first thing she can find due to the situation but she said she didn’t want to back out of her sale because having cash in hand available to put down on a new home was a better position than doing one of those buys contingent on selling hers. Luckily after a few weeks at mine she found a nice new home, bought it, and I helped her move in these past few weekends But ya it was kind of a nightmare process. Buying a new car is a nightmare now too I learned (the hard way) | |||
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#4
09-17-2021, 12:06 AM
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The problem is if I sell I have to buy a super inflated home or move to the boonies. A 500k house in Texas is also like a 1.5 million dollar home in a lot of the USA
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Last edited by Bardp1999; 09-17-2021 at 12:12 AM..
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#8
09-17-2021, 01:53 AM
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Owning a large home is perhaps the most overrated aspect of the American Dream. It puts distance between family members, takes a lot to maintain and you will fill the space with shit you don’t need.
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#10
09-17-2021, 02:37 AM
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A mortgage is just like a really large loan, is the way to look at that. I’m order to qualify for a big one, one needs to have decent-good credit. The way to get good credit is to borrow money via loans or credit cards and be Johnny-on-the-spot with making payments, or else the serious people just put a large sum on a card and then immediately pay it off You normally need to put down 20% of the home price as a down payment, which is out of reach of juuuust about everyone. Luckily the government offers a one time First Home Buyer (FHA) loan where you only have to put down 3.5% of the price. These are basically the only way most people could ever get their first house But it’ll cost you in the long run, it’s not free money. If you put down less than 20% down payment, you will have to pay an additional interest payment each month until you get to above 20% down (technically you need to still re-finance which is essentially selling the mortgage to a different lender at a lower insurance rate and payment, ignore this though if this is sounding too complicated) You need to get a real estate agent to make an offer on a home, and if it’s accepted, it goes to an inspection period where an appraiser makes sure it’s actually close to the value of its price. You and your real estate agent get the inspection report, and decide based on it if you still want to buy, and what repairs you want to see done before you buy. The repairs don’t have to be actually done, if not, then the cost of the repair would be taken out of the price. If you accept then it goes to a closing date where the title is transferred via a title company The handy thing is, things like home insurance and property taxes are bundled right into the mortgage. So it’s just one thing you have to pay each month The TLDR: Do an FHA loan to only have to put 3.5% down, then re-finance once you get to having paid 20% down (will take a number of years unless you come into extra money), to get the monthly payment hundreds of dollars lower (usually) | |||
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