ok opinions needed
I got turned down again because of my low income in 2011.
They said I could get a job that gives a w2, work there for a month and have 30 days income to show or I can wait until after I file my 2013 taxes.
I sent them some more info because I was getting Social Security and that doesn’t go on the tax returns but I thought I told them about it and I hadn’t.
So I waiting for an answer as to whether or not that will make a difference because the SS ends in July. They can’t count it now but we’ll see if they can count it towards the average.
The first mortgage company told me to call back August 1st. I don’t know what is the difference between now and then?
So
today a house was just reduced $10,000 and I can pay cash, they are asking 14,000.
There is a problem with description in the title and I am waiting to see what the problem is. Of course if it’s a major problem then the deal is off, if it’s a minor problem then I have to decide.
The house is in town.
On the plus side there is lots of stuff within walking distance, the people are friendly.
On the down side it is a end of unit town house and right on the street. No front yard at all.
If I open the window the sidewalk is right there.
There is off street parking, a parking pad big enough for two cars in the back yard.
What is left of the yard is tiny and fenced in with a privacy fence, needs a new gate.
I talked to several of the people around and they say it is quiet for the most part.
One man is getting ready to sell his house, asking $137,000. His house is a bigger 3 bedroom with 1 and a half baths, the one I am looking at is 2 bedroom, 1 bath, and a finished attic that can be another bedroom.
The town is racially diverse, people seem nice and polite. It kind of reminded me of Mayberry with a few guys sitting outside the barber shop and people sitting out on their stoops. There’s a church on one corner (not that I ever go) and a playground on the other corner.
Even though it’s mostly townhouses there is a mix of different styles on the street. Some of them are huge with ivy climbing up the walls. No trash in the street, everything is pretty clean.
The house is sound and solid, with new windows. The bottom is brick, the top floor is aluminum siding, the roof is tin and show no signs of leaking.
On the downside, it’s right next to the alley and everybody going up and down blow their horns I guess to let other people know they are coming through. You can’t hear it inside the house though except for when I opened a window on that side.
The hot water heater is new and the furnace is fairly new.
No central AC but it’s forced hot air so the duct work is already there.
The down side.
You can tell somebody bought the house to rehab it and there is still a lot of cosmetic work left to do. The floors are awful, everything need painted, the carpet is gross. It needs a fridge, and a new back door and a new gate for the privacy fence.
And plumbing. All of the copper pipes are gone, zip, zilch, nada.
There are probably hard wood floors under everything but they are probably not in good shape.
The rooms are small.
There is a circuit box with breakers, not fuses, and there are safety outlets in the kitchen and bathroom.
I would still want the wiring checked.
The basement is small, only under the kitchen part, it’s unfinished but dry.
The living room has a drop ceiling which has missing tiles under the tub and I would want that checked out. I don’t want to climb into the tub and find myself sitting in the living room. It looks like new wood has been put in but I’d still want it checked out.
The bathroom needs everything new. The kitchen needs new cabinets, however I could make do with what is there for now.
The realtor feels like
$14000 is a good deal.
We estimate $10000 to make it livable, $30000 to fix it up.
Probably a month before I could move in and I don’t know how long it will take to close on it.
After paying cash and closing I won’t have much cash left to rehab.
Of course I have to find out what the legal issue is with the title.
I was thinking about offering $10,000.
The realtor thinks that is too low since the price just dropped today. He says if we wait a week they might go lower, of course with this price it may sell tomorrow.
Of course mortgage company 3 may call me back and say we are good to go.
Mortgage company 1 may have the same problem as 2 and 3 with the low income year.
I think the sensible thing to do would be to wait until after I file next year but that won’t work with the HFH here. Then I could save even more money.
I could move out and rent for a year.