Thinking about buying a house - HELP!

Discussion in 'Teacher Time Out' started by MrsTeacher2Be, Jun 19, 2009.

  1. Crzy_ArtTeacher

    Crzy_ArtTeacher Comrade

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    Jun 22, 2009

    Oh Jem, unfortunately I think that number could be correct. In my parents rural area they pay 8,000 a year for taxes and DH's parents pay around 13,000 for a small lake side property in New England.
     
  2. Jem

    Jem Aficionado

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    Jun 22, 2009

    Update: we visited the last house yesterday. It was FABULOUS, by the way. We wanted to buy it on the spot. Anyhow, the taxes were correct based on the selling price the current owners bought it for-close to 900k. The price has dropped to 700k, so our taxes would be around 6k a year, which is more manageable. I guess out here it's about 1.4% of your purchase price for property taxes. We'd love to offer around 650k for it, but it's a short sale, so I don't know if that would work. My parents are coming out this weekend and we're going to have them take a looks-it's very, very cool, though. TONS of work needed (the entire second floor is a gutted attic), but huge lot and a solid house.
     
  3. Peachyness

    Peachyness Virtuoso

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    Jun 22, 2009

    Jem, the house my hubby and I bought was a short sale and we offered way less than the asking price. Now, the bank did decline the first offer and countered with a higher amount (higher than the listing price!). We took a shot and countered again, just a little bit more, and they accepted it, still way low than what they wanted.
     
  4. MrsTeacher2Be

    MrsTeacher2Be Companion

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    Jun 22, 2009

    Ok ladies, I have a dumb question - what's a short sale?
     
  5. Peachyness

    Peachyness Virtuoso

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    Jun 22, 2009

    From what I've learned, it's just one step away from being foreclosed. The house is being sold less than what the loan is, I guess. The owners still live in the house and from what I've learned from the owners, they were still paying something each month???? but the bank makes the decision whether to accept an offer, decline, and all that. THe bank also paid part of the closing cost ($5000 for us). So, I feel kinda bad for the bank because we must have gotten the house WAY low than what the loan was. But, it's a buyers market right now and it was the only way we could afford this house.
     
  6. MrsTeacher2Be

    MrsTeacher2Be Companion

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    Jun 22, 2009

    Oh, ok. Thanks
     

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