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i've never bought a house or property before but i've had an eye on this house for years. it's very close to my 80+ year old grandmother and my father (heart & lung problems) i'm always doing their shopping,doc appointments,grass cutting etc etc for them.i live on "family" property right now but i NEED a place to my own. if i can get this house i will have my own place,be close enough (about 1/2 block) to help out but be far enough away to have a little space.

i'm attempting to buy from owner. so i'm not paying any agents .the asking price was $35,000 but i got him down to$33,500... i've checked over the house very very well. been in every craw space,attic,basement with flash lights. well my inspection was about 6 hours long. i didn't want any suprizes. the house is everything the owner has claimed. it has some probs mostly cosmetic stuff, but it does have new siding and a new roof so thats a plus.

it has three bed rooms,i full bath,kitchen,living room and dinning room.the owner has run an appliance service out of the house for a few years and is just looking to get out of "town" he is buying a place out of city limits to avoid city tax on his busness. the lot is approx 50' x 150'. the property is actully making money. the have a lease with a rental company across the street and they pay 100 a month to park a few trailers there. but there also a pre school next door that willing to pay 125 a month for parking after the rental place contract is done...i think i could give part of a yard for 100 a month... that can just help make the house payment. i can live where i'm at till the house is ready to move in so theres no real be hurry to get moved in....and oh yeah theres a small garage there as well.. little work shop in the back..... not enough room to really work on anything but enough to keep a mustang dry :0)

okay heres where i'm running into trouble. the house was appraised last year at $30.500. the bank is willing to go $29.800. closeing cost,title search,etc,etc is roughly $766.00 bucks..... so i need to come up with $4,466.00. where do i get it?! i called Citifinancial and they was more than happy to loan me 5 grand at 25% total payback was $12,400. sorry but i'll pass on that... surly theres a place that will let me put up the mach1 for the money. cars and parts all i have to put up..i know i have enough stuff to sell and raise the money but i can't do it fast enough. i really don't want this house to get away from me... it's a good deal and someone is going to snatch it up. and almost forgot the house number is 260 :0) how could i pass up the first V8 in the mustang? any ideas of what companies to talk to? our credit is good so no probs there.


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No matter HOW you get the money, you must be careful in what you tell the financial institutions. Generally, the down payment is required to be "free and clear" money. You are not allowed to borrow it, in any way.

Any possibility that the current owner will carry the remaining balance, allowing you to make payments to him on it? You can shop loans to try to find one that requires less down, but it looks like they're lending 90% of the asking price, so it may be hard to find a lender willing to lend more.

I'm just floored that there are still 3 bedroom houses in this country for under $35k. That same house in Sacramento would be close to $200,000 or more.
 

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you need to trim your fleet down, houses are a little of a bigger priority than cars and in most cases a better investment also. especially for what you can buy the house for!
 

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Discussion Starter #8
i'm going to try and sell a bunch of stuff including cars, even is if take a big loss on them. i need cash and fast i just hope i can raise it in time. it would suck to lose a bunch on the cars and still not get the house because i ran outta time..... i'm going to sell the 3 89 cougars,87 t-bird,84 mustang....i just wish they all was in better shape so i could get more otta them.......anyone wanna buy a few i'll make ya a heck of a deal... :0)
 

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I was in the proces of buying my first house when I met my wife. At the time, I qualified in NJ for a program for 1st time home buyers. They would loan you about 10% IIRC. If I stayed in the house for 10 years, I wouldn't have had to pay it back. if I did sell before the 10 years, it would have been pro-rated.

In my case, the house sale was to settle an estate sale. Even though I was the high bidder and had everything ready to go, the sellers of the estate took a cash offer that was about 10 grand less. This meant a 30 day closing vs a 90 day closing.

My advice is to talk to an account in your town.They should know of any state or federal programs to help you out. also beg, borrow any money you can! Also you can get unverified income morgages as well. Again, a good accountant should be able to help you out. Good luck!
 

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why not buy the house for the $33500 + the $4500 = $38000. Have the existing owner pay the $4500 for the down and closing cost. As long as it appraises what is the difference. I have done this several times with investment properties. Maybe dont work in your area
 

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Giving advice to someone who has fallen in love with a house always makes one feel like a "meanie", but someone smitten has a tendency to overlook reality. First of all, why does this guy think his house is worth more than the appraised value? Secondly, don't even think of signing anything until you have had a professional inspection. Not saying you don't know what you're looking for, but... chances are you don't know what you're looking for. Too many stars in front of your eyes to see what a professional inspection service might uncover. That inspection will cost some more money, but will be invaluable. If there is mold damage, termite problems, foundation settling, poor soil conditions, etc, it would be cheaper to bulldoze the site and start over. Find out what kind of work he has had done recently. That may help to zero in on areas of concern.

Now, on to your question. Johnpro is correct in that you can't come up with the money by getting a loan. Period. Even if you get a loan from a relative, they will have to sign something that says it's a GIFT, not a loan. {Hint: I've had to do that before too, but then paid the money back.)

From your signature line, you've got way more rolling stock than anybody can do justice to. If you had them all parked outside, it would fill your "cash cow" parking facility. Problem is, it may take time to pedal some of them. Talk with the owner to see if he would help finance you, or if he'll bear with you while you pedal some vehicles.

Good Luck! You live in some real pretty country. ::
 

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First time replying in about a year.

Ok, I just bought a house is why I haven't talked in quite a while. You are obviously online...use lendingtree.com. Mostof the lenders will go for what is called an 80/20 loan. What that is a, is a first mortgage for 80% of the house, and 20% on a second mortgage to eliminate the need for mortgage insurance. You are in a unique situation that the cost is low enough a typical personal property loan could suffice, but the law would require a mortgage to protect the lenders.

Sell a car or four, check into lending tree. Most everyone will require an appraisal anyway that will cost $150. When you add termite inspections $15, gas inspections $40 to $100, city occupancy permits $15-$50, recording fees $75, closing fees $300, title insurance $450 (usually).....that $766 in closing does not sound accurate to me. So, take a larger than normal loan, and incorporate the closing costs like in a FHA loan. Hire an inspector, and get a survey.

If you are planning on renting the parking lot anyway, without a survey, it is very hard to write a binding lease. When you have the survey, you can write a lease, that will increase your income, and thus make the property more valuable.

I am sure though by the sound of things, you will be using most of the parking lot yourself! ::
 
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