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Renting in Mass
Joined: 26 Jun 2008
Posts: 381
Location: In a house I bought in December 2011
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 Posted: Sun May 24, 2009 11:33 am GMT Post subject: |
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| Brian C wrote: | | They are moving into assisted living. |
I'm almost certain that when I buy it will be from downsizing baby boomers. They have enough equity that they can afford to price their houses correctly. |
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CC
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| Posted: Mon May 25, 2009 9:35 pm GMT Post subject: |
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| Renting in Mass wrote: | | Brian C wrote: | | They are moving into assisted living. |
I'm almost certain that when I buy it will be from downsizing baby boomers. They have enough equity that they can afford to price their houses correctly. |
Actually I found many baby boomers don't think that way. Most of them don't have much saving for retirement and many of them are still paying mortgages because they took the equities to pay kids' tuitions, debts...etc (For example, one of my wife's friends at the age of 53 is still paying 30 years mortgage after refinanced many times). And it's their last chance to get big bucks. They usually tend to wait and hope the market will get better (it's silly), or chase the market down slowly.
I think sellers are still lucky, even they don't think it's a good time to sell a house (They are wrong. They just ask too much money for their houses...... it's not that bad, at least in Boston). Without the artificial low rate's support, housing market would have been drop like a rock. Though sooner or later people still will have to face the reality, especially the unemployment rate will get even higher this fall. |
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Brian C
Joined: 13 Feb 2009
Posts: 98
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| Posted: Wed May 27, 2009 7:08 pm GMT Post subject: |
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Update: They agreed to my requests.
Went from $312k to now $307k and they address two of the four issues.
The two items for me to address were going to replaced anyways (kitchen issues).
I will disclose the location soon, but here is a teaser on what the property looks like:
Rates are creeping back up. I didn't lock yet because I didnt have a P&S signed off. My initial rate went from 4.85 to 5.0% now. But my mortgage guy will be tracking rates the next few days.
Closing will be June 26th. |
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balor123
Joined: 08 Mar 2008
Posts: 1204
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| Posted: Wed May 27, 2009 10:38 pm GMT Post subject: |
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I think you want to lock the rate ASAP. Treasury is losing the mortgage battle.
If I were industrious, then I'd match this picture against the database of street view pictures on Good Maps. But it's probably just easier to wait  |
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nickbp
Joined: 26 Feb 2009
Posts: 75
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GenXer
Joined: 20 Feb 2009
Posts: 703
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| Posted: Thu May 28, 2009 11:27 am GMT Post subject: |
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| The problem is, nobody knows where the rates may go, and government is keeping them absolutely in the gutter, maybe to be able to sell treasuries which have 'higher' yields relative to everything else. This may last a while, and nobody knows when rates start increasing - it could be another 2 years of fluctuating rates. So I think this rate (around 5% + or - 0.25%) is within reason, and besides, it will not make much of a difference. While over the life of the loan you will pay about $13k extra with a 5% vs. a 4.75%, you can always pay the loan out quicker and pocket the $13k. |
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Brian C
Joined: 13 Feb 2009
Posts: 98
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| Posted: Fri May 29, 2009 1:56 pm GMT Post subject: |
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Update: P&S has been signed. I have till June 19th to secure financing. So far my mortgage guy has asked for about 20 different verification documents (bank account statements, stock statements, employer history, school loan balances, car loan agreement, etc).
The location of the property: Quincy in the Merrymount area
Why? Half-mile from the T and center of town. 1/4 mile from the ocean/beach. And only a 25 minute drive to work. |
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Renting in Mass
Joined: 26 Jun 2008
Posts: 381
Location: In a house I bought in December 2011
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| Posted: Mon Jun 01, 2009 1:12 pm GMT Post subject: |
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| Congrats on getting them to agree to your requests. It sounds like a great location. Good luck with the financing. |
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john p
Joined: 10 Mar 2006
Posts: 1820
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| Posted: Mon Jun 01, 2009 1:24 pm GMT Post subject: |
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| Nice work. Congratulations. |
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balor123
Joined: 08 Mar 2008
Posts: 1204
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| Posted: Tue Jun 02, 2009 3:55 am GMT Post subject: |
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| Ditto. |
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Brian C
Joined: 13 Feb 2009
Posts: 98
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| Posted: Tue Jun 16, 2009 8:26 pm GMT Post subject: |
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Update:
After playing with the mortgage guy on getting a somewhat decent rate, I finally located at 5.3%
My timing could not be worse when my offer was accepted when rates were 4.85% then took off. My loan commitment date is this Friday so I needed to lock. In future, if you think rates are good lock it with documentation! |
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john p
Joined: 10 Mar 2006
Posts: 1820
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| Posted: Tue Jun 16, 2009 10:22 pm GMT Post subject: |
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| That sucks about the jump. Think of it this way, anyone who bought during that time pretty much dealt with the same situation. Don't beat yourself up for it, that place is very nice and that area has alot to offer. Congrats again. |
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melonrightcoast
Joined: 22 Feb 2009
Posts: 236
Location: metrowest
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| Posted: Wed Jun 17, 2009 6:18 pm GMT Post subject: first time buyers "credit" |
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Brian C.
Hi and congrats on your new home! I've been meaning to ask you: who will give you the $8000 first-time buyers credit prior to you filing your taxes? The IRS, your lender ... someone else? Just curious how that works.
_________________
melonrightcoast ... are you? |
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Brian C
Joined: 13 Feb 2009
Posts: 98
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| Posted: Thu Jun 18, 2009 4:33 pm GMT Post subject: Re: first time buyers "credit" |
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| melonrightcoast wrote: | Brian C.
Hi and congrats on your new home! I've been meaning to ask you: who will give you the $8000 first-time buyers credit prior to you filing your taxes? The IRS, your lender ... someone else? Just curious how that works. |
When I close on the property next week, I will provide the IRS proof of sales for the home. I will send a addendum to my 2008 taxes that will be applied toward next years taxes. This is how I receive the $8k early (actually 2-3 weeks after submitting the forms).
But here's the downside. When I do my 2009 taxes they ask for the $8k back through my taxable income. If I don't give the government enough money in 2009, then I could be writing a big check instead of seeing a refund. To offset this, I will be increasing my federal deductions to they can take more every paycheck.
I don't think the average person is thinking this over when requesting the money early. Its not like you have years to pay it off like last year. Ive run the numbers with my father (an accountant) and I will be able to give back most of the $8k by Feb-March. |
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melonrightcoast
Joined: 22 Feb 2009
Posts: 236
Location: metrowest
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| Posted: Thu Jun 18, 2009 7:00 pm GMT Post subject: $8K tax credit |
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| Quote: | But here's the downside. When I do my 2009 taxes they ask for the $8k back through my taxable income. If I don't give the government enough money in 2009, then I could be writing a big check instead of seeing a refund. To offset this, I will be increasing my federal deductions to they can take more every paycheck.
I don't think the average person is thinking this over when requesting the money early. Its not like you have years to pay it off like last year. Ive run the numbers with my father (an accountant) and I will be able to give back most of the $8k by Feb-March. |
Good thing you knew to talk with an accountant ... and it is very handy that your f-i-l is one . I wonder if there will need to be a "bail out" of this credit come tax time next year when all the people without your foresight have a big tax bill that they cannot pay.
Also, a bit of unsolicited advice from someone who bought a fixer pre-kids: get ALL the work done on the house before you have them. And, when you do have them, hire a professional baby-proofer service to do your home. Or, at the very least, have them point out everything that needs to be secured and what products to use. I think if we had done those two things, our lives would have been MUCH less stressful.
Best of luck and I hope the closing goes without any hiccups.
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melonrightcoast ... are you? |
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