Replies: 61
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All-In [46825]
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GITT and tell me how stupid I am
Mar 1, 2021, 10:41 AM
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House we are looking at purchasing (pending sale of current house)
3 bedrooms
Jack and jill bathroom format. Two separate toilets/sink rooms with a shared bathtub/shower in another room. It's weird
.75 acres in a subdivision, corner lot at the back.
City water/sewer, trash pickup
High speed internet/cable ready
One storage building, one shop with sheds built on.
Brand new roof
Carport
Neighbor on one side is an angel
Neighbor on the other side I wouldn't #### on him if he was on fire.
Wife of's grandparent's house so if divorced, I'm moving out.
Getting it for half price because MIL is giving us her side (50%) of what she would get in the sale.
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All-In [31891]
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You get a house you want half off...
Mar 1, 2021, 10:43 AM
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without knowing other things...sounds like a must-do.
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All-In [46825]
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Correction. A house my wife wants
Mar 1, 2021, 10:46 AM
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very sentimental stuff. She was worried that she would never step foot in the house again once they passed away. The family is very happy we are purchasing it to keep it in the family.
Hoping to sell the current house at a profit high enough to get us a new master bathroom so we don't have to do that jack and jill bull ####
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All-In [31891]
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Does the neighborhood price level....
Mar 1, 2021, 10:55 AM
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support the addition you want to do.
You never want to be the biggest/most expensive house in the 'hood.
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All-In [46825]
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There are only 3 houses bigger than this one in
Mar 1, 2021, 10:57 AM
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the neighborhood.
This one is 1600 sq ft.
The rest of the houses are around 13-1400 sq ft.
Also it's not like we are going to be selling it at any point.
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Oculus Spirit [79429]
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Only 1600 sq ft? Only way I could see that being a forever
Mar 1, 2021, 11:07 AM
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house with two kids is if you got rid of the two kids.
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All-In [31891]
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AND wife***
Mar 1, 2021, 11:11 AM
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Hall of Famer [20571]
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A wise man once told me - you always shoot for the smallest
Mar 1, 2021, 3:33 PM
[ in reply to There are only 3 houses bigger than this one in ] |
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house in a neighborhood, not the biggest. Let the other houses bring your value up, not down.
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Hall of Famer [20571]
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Nevermind - half price is half price.***
Mar 1, 2021, 3:35 PM
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Heisman Winner [137911]
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Is the State Trooper Dungeon finished and trimmed?***
Mar 1, 2021, 10:47 AM
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All-In [43673]
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I'm thinking she keeps it fairly hairy***
Mar 1, 2021, 11:00 AM
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Heisman Winner [135579]
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Isn't that the modus operandi with EVERY thread?***
Mar 1, 2021, 10:47 AM
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Heisman Winner [105551]
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50% off a house? Yo, imma say you should go for it
Mar 1, 2021, 10:50 AM
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as you instantly get 50% equity at a minimum.
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All-In [46825]
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Trying to figure out the best way to work the mortgage
Mar 1, 2021, 10:52 AM
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to me the best way would be for her parents to front us the $$ to put down on the loan which would keep us out of PMI and probably give us a lower interest rate.
Then when the purchase goes through they get that money back from the bank issuing the check for the purchase.
Only problem is I doubt they can swing that cash. (They're well off, but not that well off).
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All-In [31891]
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You lost me there...if the purchase price of the house...
Mar 1, 2021, 11:11 AM
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is 50% of the appraised value of the house, you aren't going to owe PMI. Typically, PMI is not owed when the Loan-to-value ratio is below 80% or, in other words, when you have more than 20% equity in the house.
The down-payment needed for a conventional loan I think is in the 3%-5% of loan value range...maybe more for a better rate. Say it's 5%...you would need 5% of the loan value, which would be ~2.5% of the value of the house, since you're getting it at 50% discount.
You can then take your reduced mortgage payment (presumably) and save the difference between you current payment and new payment and save up for the addition.
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All-In [46825]
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I did not know that. I thought PMI
Mar 1, 2021, 11:13 AM
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was based on % down on the loan. So let's say the house is appraised at 150. Even if I took out the loan for half, 75,000, I would still need around 20% of the 75,000 right?
Or are you saying because the loan amount is only half of the appraisal, I won't have PMI?
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All-In [43673]
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Man what he's (and all of us) saying is that
Mar 1, 2021, 11:16 AM
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you are dumb.
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All-In [43673]
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Actually, I feel compelled to help.
Mar 1, 2021, 11:19 AM
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Take the new home appraisal and subtract that from what you owe on your trailer. You'll have a negative number here.
Then add back what you THINK your new home is actually worth.
From there subtract the equity in your trailer which I assume is another negative number.
To that add back the down payment on your new home.
Now, take all estimated realtor costs and add moving expenses. Divide the previous number by this number.
Mmkay. Multiply this by the miles on your truck, then divide that by the number of times the state trooper has nutted in your wife's mouf.
You should come up with 7.
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Oculus Spirit [79429]
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Also take into account that almost no one will be willing to
Mar 1, 2021, 11:21 AM
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buy a home with a non working septic system, so you'll have to pony up the $$$ to fix it anyway.
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All-In [46825]
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CU Medallion [56069]
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You pay PMI based on equity vs. home value.
Mar 1, 2021, 11:21 AM
[ in reply to I did not know that. I thought PMI ] |
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If you have more than 20% equity in the house (which you will since you're getting it 50% off), then you don't pay PMI.
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All-In [46825]
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Re: You pay PMI based on equity vs. home value.
Mar 1, 2021, 11:24 AM
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All-In [31891]
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No...it's based on the value of the house, not the amount...
Mar 1, 2021, 11:22 AM
[ in reply to I did not know that. I thought PMI ] |
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of the loan. Most people are buying the house at the value of the house, so the loan value and house value are about the same. I think technically, they use the lesser of the loan amount or the appraised value.
You generally have to pay PMI if the loan-to-value ratio is 0.8 or higher. So if the loan is $75k and the value is $150k, then LTV ratio is 0.5. Since 0.5 < 0.8 = no PMI.
I'm pretty sure down payment % is also based on loan amount and not the value of the house. So if 5% down payment is required $75k * 5% = $3,750.
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All-In [43673]
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LOL
Mar 1, 2021, 11:24 AM
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You don't think fbcooch understands this do you?
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All-In [43673]
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Trouble is, he'll have to roll the 50%
Mar 1, 2021, 11:15 AM
[ in reply to You lost me there...if the purchase price of the house... ] |
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he is over leveraged on his trailer to the new loan. Pretty sure he owes 150% of what he purchased it for. So that puts him probably squarely back in PMI range.
Don't forget he's also having to use the "equity" in the family house to upgrade his Silverado to a 2002 model.
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Oculus Spirit [97717]
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Some issues. The price?
Mar 1, 2021, 10:51 AM
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How about sell your house. Buy that one, live in it fix up the newer larger house you got on a deal, then flip it for a larger profit then upgrade to a proper tract home with a decent bathroom situation, also in a neighborhood. Don't know what you're selling, or how much the new one costs (or half of it), but all things being equal in the two homes that's what I'd do. Leverage your 50% off deal on the new one to sell it and then get something you really want and not just take a deal too good to pass up that you really don't like.
It will #### the #### out of your MIL, and your wife will probably leave you, but that's what I'd do.
Message was edited by: Tiggity®
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All-In [46825]
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Wife of has already said once we get that house
Mar 1, 2021, 10:53 AM
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we would never leave.
So I'm not leveraging 50% to lose all of my 50% in a divorce.
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Oculus Spirit [97717]
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Wow. Well, with that info......
Mar 1, 2021, 10:55 AM
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Solid NO on the new house at half off. That's the devil's deal, and you know it.
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All-In [43673]
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So what dafukkk kind of thread is this?
Mar 1, 2021, 10:57 AM
[ in reply to Wife of has already said once we get that house ] |
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GUYS- TELL ME IF I'M MAKING THE RIGHT DECISION HERE.
10 minutes later.....
ACTUALLY I HAVE NO CHOICE IN THE MATTER BECAUSE MY WIFE BANGS A STATE TROOPER AND TELLS ME WHAT TO DO AND WHEN TO DO IT AND I GO ALONG WITH IT LIKE A SUBMISSIVE CUCK.
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Oculus Spirit [97717]
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If your wife's "forever" house is one from her
Mar 1, 2021, 11:06 AM
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family.....Wow. Not really sure where to go with that.
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Oculus Spirit [85323]
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Must be a significant upgrade???***
Mar 1, 2021, 11:09 AM
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Oculus Spirit [97717]
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One extra bedroom but one tub?
Mar 1, 2021, 11:12 AM
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Not sure. Maybe. I think he really just wants to not have to worry about the septic tank anymore or burning his trash in a wire cage.
Guess it could be considered an upgrade, but probably not worth the price he will eventually pay.
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Oculus Spirit [97717]
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All-In [43673]
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Hard to tell without more information
Mar 1, 2021, 10:52 AM
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but if your past decision making with regards to purchases can be used as a guide, I'm sure you'll make yet another terrible purchase.
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Heisman Winner [135876]
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Just know that once your wife gets settled in Nanna’s
Mar 1, 2021, 10:53 AM
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old house, the only way you are ever living anywhere else is via divorce
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CU Medallion [66054]
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All I can say is, that whatever you decide
Mar 1, 2021, 10:53 AM
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is the exact opposite of what I would choose.
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CU Medallion [56069]
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Do ghosts of grandparents wander the halls at night?***
Mar 1, 2021, 11:03 AM
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All-In [40656]
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THIS RIGHT HERE IS MY
Mar 1, 2021, 11:09 AM
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CITY BOI SWAG AYYYY
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All-In [47750]
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You built a deck out of pallets and you want us to tell you
Mar 1, 2021, 11:35 AM
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how stupid you are?
#headasplode
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All-In [26692]
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50 % off is tempting
Mar 1, 2021, 11:44 AM
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But it sounds like you’re purchasing Hotel California cause never leaving, even though you’re already checked out.
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Oculus Spirit [81061]
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I got news for ya
Mar 1, 2021, 11:51 AM
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If you get divorced, you're out and still paying for the house anyway.
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CU Medallion [73569]
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wait, you're moving??? What about the pallet deck?***
Mar 1, 2021, 12:25 PM
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Oculus Spirit [81061]
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taking it with him
Mar 1, 2021, 12:34 PM
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They don't get to keep THAT.
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Lot o points [155905]
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"PALLIT DECK DONT CUNVAY!"***
Mar 1, 2021, 1:15 PM
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All-TigerNet [12270]
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buy it. you would be lucky to get 50% in a divorce anyway***
Mar 1, 2021, 12:51 PM
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CU Medallion [60043]
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prefacing all decision by assuming you will
Feb 2, 2016, 2:11 PM
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be divorced seems to be the most pressing issue.
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Hall of Famer [22314]
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so much to unpack here... and so little time......***
Mar 1, 2021, 1:13 PM
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Lot o points [163012]
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No brainer to me. A question I have
Mar 1, 2021, 1:18 PM
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and attorney and banker should be consulted - should the MIL give you her share before you buy the other half or can this be simultaneous?
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All-In [46825]
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I think the way it's going about is her share
Mar 1, 2021, 1:28 PM
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will not be factored into the loan. So let's just say house is 150k (it's not). I would only be responsible for half (75k). That would bee the mortgage amount. All said and done I'll owe 60% of the value of the home no matter what it appraises at.
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Oculus Spirit [79429]
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Would her name be going on the deed?
Mar 1, 2021, 1:44 PM
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Have you considered that you could be getting set up as an elderly care provider? My wife has a friend in a situation like that, her MIL "gifted" them a down payment, fast forward a few years...Now that chicken is roosting in their spare bedroom and is about to cause a divorce.
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All-In [46825]
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No her name is not going on anything
Mar 1, 2021, 1:48 PM
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and it's not gifting if they never hand over money
I'm assuming
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Lot o points [163012]
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Gifts are anything of value
Mar 1, 2021, 4:25 PM
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not that there is a gift tax issue, but I would discuss this with your bank and atty before closing.
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All-In [43673]
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All-In [46825]
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Because 40% is 40% at any price
Mar 1, 2021, 1:49 PM
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if it appraises lower than what we agreed on then I'll owe 60% of that amount.
So let's say instead of 150 it appraises at 100k (it won't but hypothetically). Then I'll be on the hook for 60k.
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All-In [43673]
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I'm lost.
Mar 1, 2021, 2:04 PM
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I thought MIL was giving you 50%?
So like your MIL and let's say her sister inherited the place or something like that? And you get it appraised, MIL let's you keep her fiddy but the other person you have to buy out. Do I understand this ok? Do YOU understand what's going on? If this is correct, how do we get to 60%?
Maybe I missed something.
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All-In [46825]
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Yes they split the inheritance from the house 50/50
Mar 1, 2021, 2:08 PM
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but it won't be exactly 50/50 because there are some debt left over from end of life care. That will come out of the 50% and will end up with us at 40%.
But yes it is a buy out of the other half of the inheritance.
I used 50 in the post because it's an easier number
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Oculus Spirit [97717]
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Wife's family owns a lakehouse. And by that I mean 4 of
Mar 1, 2021, 4:47 PM
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them each own 25% of the ###### thing, and 50% of the four haven't spoken in decades. I have told wife repeatedly the thing is worthless with that many owners. I think she would probably understand you better than I do really. One guy died once and it went down to 3 owners. Next one died and it then went to 5 owners because three kids. It's a freaking title nightmare. They have a google calendar for scheduling visits in a time-share arrangement. Then they all ##### and moan because whoever had it before the other left the place trashed. Just so much meh.
And the house sits on 12 acres on Lake Murray with a TON of shoreline. But they keep fighting over the house and whatnot. Not like they'd ever wise up, split it and the land, and each move in the trailer of their choosing. Nope.
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Oculus Spirit [78889]
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All-In [40656]
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You think they're going to get either of those people
Mar 1, 2021, 1:49 PM
[ in reply to No brainer to me. A question I have ] |
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involved in this transaction? Things like this are done on napkins and post it notes.
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Oculus Spirit [79201]
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VERY***
Mar 1, 2021, 1:23 PM
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All-In [45748]
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Re: GITT and tell me how stupid I am
Mar 1, 2021, 1:51 PM
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All-In [25721]
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Re: If you have to ask.....
Mar 1, 2021, 3:55 PM
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Replies: 61
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