Home Property

High home appraisal, what are the positives and negatives?

I’m a first-time home buyer. I know you want the property to appraise for the asking price or more. Is there ever such thing as too high of an appraisal when getting a mortgage? I’m doing a guaranteed USDA loan. I had to use one of their approved appraisers. My mortgage officer told me it was rare that a home is valued much more than the purchase price because the USDA likes the price to come in very near the purchase price.

The appraisal was 25% over asking . . . Is the USDA going to take issue with this? I mean for my personal worth this is a great thing, but I’m worried they aren’t going to like the appraisal.

Also, would this be considered instant equity? Ideally I’d like to take out an equity loan that is about 5% of the appraised value of the home to pay off unsecured credit. My mortgage broker said no way, but that was before the high appraisal.
Ooops I meant 25% over selling price.

The only possible problem is the underwriter could carefully review the appraisers work and see if they made some mistakes. This should not be a problem for you. I would not get real excited. You probably did make a good purchase, but the appraiser may have also made a few mistakes and the "real" value may be more similar to what you paid.

I see no way this is a problem for you.

The bank will not make you a higher loan based on the appraisal.

Posted in home property appraisal | 3 Comments »

Does rental property complicate buying a home?

If you buy your first home and their is a rental unit attached to it then how will that affect the home buying process? Will you not qualify for the normal tax credits? Will the bank treat you any differently?

No the lender will not. You are buying a primary residence to live in. The rental only makes the property more valuable. Years ago first time home buyers always bought a two family house. The lender takes into consideration the rent money as income for you , Allowing you to make the house more affordable

Posted in home property rentals | 1 Comment »

i want to buy this home went to auditor search on property and says the owners name then bankrupsy does that m

mean they went bankrupt looks like they didnt pay taxes either.

Now find where foreclosure actions are filed in your area and find the name of the foreclosing lender.

Posted in home property search | 1 Comment »

Buy mobile home for rental property in florida?

Just wondering if anyone had an answer to this? If I bought a mobile home to rent out in a mobile home park, do I have to qualify to live there, such as credit check, etc, if I am just buying it for "rental purposes" only? Do most mobile home parks let people sublease? Just looking for extra income, and there seem to be a lot of 55 and up mobile home communities here. I thought it would be a great idea, nobody else seems to think so.

Although in most areas a MH park will not allow you to rent, Florida has some many snowbirds, many parks allow you to rent. You will have to check the rules with the various parks.

The problem is for 6 months out of the year, the place may sit vacant. There are very few people that would qualify for a 55+ park that would want to rent it in the spring/summer months.

Posted in home property rentals | 5 Comments »

Will real estate property values ever appreciate in Chicago?

It seems like I’m doomed, along with millions of other people…doesn’t looking like home values in Chicago are ever going to go back to what they were before housing economy collapsed.

if by "what they were" you mean 2007 — the answer is "no" — as in no time soon.

That was a bubble. prices were totally out of line with reality. They’re back to 2003 levels, on average nationwide, and probably have another 20% to go DOWN before they truly hit bottom.

why should property prices go up? jobs are scarce. wages are down. and it looks like both conditions will stay that way for quite a while.

taxes are up and going higher, too. look out for RE taxes to go up — every county and city in America has a budget problem and most of them lack the backbone to tackle their employee unions.

Posted in home property values | 2 Comments »

Does anyone know where any single wide mobile homes in park property for sale or can point me to a lead?

I am desperately in search of a mobile home for sale preferably in L.A. or Orange County A single wide for a good low price.

call a mobile dealership and see if they know of any

Posted in homes property | 1 Comment »

Buy mobile home for rental property in florida?

Just wondering if anyone had an answer to this? If I bought a mobile home to rent out in a mobile home park, do I have to qualify to live there, such as credit check, etc, if I am just buying it for "rental purposes" only? Do most mobile home parks let people sublease? Just looking for extra income, and there seem to be a lot of 55 and up mobile home communities here. I thought it would be a great idea, nobody else seems to think so.

Although in most areas a MH park will not allow you to rent, Florida has some many snowbirds, many parks allow you to rent. You will have to check the rules with the various parks.

The problem is for 6 months out of the year, the place may sit vacant. There are very few people that would qualify for a 55+ park that would want to rent it in the spring/summer months.

Posted in home property rentals | No Comments »

Purchasing a resale mobile home, does on have to pay sales tax as well as property tax? Live in PA. TY!?

If the state of PA has a State Sales Tax, then yes you have to pay sales tax. Every state I have ever lived in or bought something in (regardless of its’ size), you have to pay sales tax if that state has one. New Hampshire is the one state I have lived in that didn’t have Sales Tax. Lucky ducks…

Posted in home property sales | 1 Comment »

what happens to my parents property if they go into a nursing home?

my mum is going to have to go into a nursing home but me (her son) my wife (her carer) and our son live in her home (was my dads till he died) what happens to the home? can we still live there? i know a debt against the property will rack up as she will be classed as having enough capital because she owns the home but will they force sale or will we just pay ‘rent’ to them or something? thanks in advance.
i am in the UK, sorry should have mentioned that.

why can’t your mom just transfer over house’s deed over to you? then you have the option of continue living in your home ,rent it out and move into an apartment or sell it

Posted in home property sales | 3 Comments »

Do I have to share the property appraisal with the sellers?

My husband and I are in the process of buying a single family home. Our offer has already been accepted by the sellers and we have already had the property appraisal done. Their listing agent told our agent that some neighbors called the seller (he does not live in the state) and indicated that they believe the listing agent priced the house too low (which is not true– it is market value). The appraisal came back just $5,000 over the listing price that we agreed to. The house needs well over $5,000 in repairs. We are concerned that by showing this to the sellers, they will want to back out of the contract–we are only 3 weeks from closing. They haven’t paid for anything and have refused to fix some faults in the property, they are not given any contribution as it is.

Are we obligated to show the sellers the property appraisal?

No, you are not obligated to share the appraisal with the sellers. You have a contract, the opinion of the out of town busy body is not withstanding.

Posted in home property appraisal | 2 Comments »