First time home buyer's tax rebate

135

Comments

  • SPEEDY MCCREADY
    SPEEDY MCCREADY Posts: 26,850
    KDH12 wrote:
    Sounds like you are good to go on the house unless the bank (that owns the property) finds a ways to drag it out and complicate the process which I think is common in foreclosures

    who knows

    but coming from a fellow long term renter, you are in for a whole new world kinda love hate relationship
    The bank that owns the property, took almost a fucking month to give an answer, after we put in our initial bid.

    I wasnt too fucking happy about that...... hehehehe

    But in the last week...


    I have given $1000.00 earnest money
    $500 for a lawyer
    $300 for an inspector.....

    So I am $1800.00 in to the process....hehehehehehe
    Take me piece by piece.....
    Till there aint nothing left worth taking away from me.....
  • KDH12
    KDH12 Posts: 2,096
    and the hands say open for money as the process continues


    there is nothing worse then looking at the settlement document and seeing how much money is involved just in the closing, everyone gets a cut

    so it is a foreclosure not being sold "as is" they are going to actually make the repairs indicated in the inspection? Is it FHA?

    Also most villages or townships will also do an inspection (a second one) which will be paid for by the seller
    **CUBS GO ALL THE WAY IN......never **
  • lukin2006
    lukin2006 Posts: 9,087
    SPEEDY MCCREADY wrote:
    So...

    I am now under contract....
    Had Mr. Inspector over on Saturday.....
    We have some minor repairs/work to do....Nothing MAJOR(Thank God)
    I will see Mr. Loan Officer tomorrow....
    Hope to be in the new house in 30 days........

    Life is good....

    Then Mr. Obama can send me my check for $8,000........

    And life will be better.......

    Thats great congrates on the house and getting a 8000 cheque!!!
    I have certain rules I live by ... My First Rule ... I don't believe anything the government tells me ... George Carlin

    "Life Is What Happens To You When Your Busy Making Other Plans" John Lennon
  • SPEEDY MCCREADY
    SPEEDY MCCREADY Posts: 26,850
    KDH12 wrote:
    and the hands say open for money as the process continues


    there is nothing worse then looking at the settlement document and seeing how much money is involved just in the closing, everyone gets a cut

    so it is a foreclosure not being sold "as is" they are going to actually make the repairs indicated in the inspection? Is it FHA?

    Also most villages or townships will also do an inspection (a second one) which will be paid for by the seller
    Well, here is the deal...

    The house was bought 5 years ago for $279K....The guy who bought it put in a brand new kitchen (granite counter, new appliances, new cabinets), he also put in a brand new bathroom (new ceramic, new sink, blah blah). Then he remodeled the basement, and added a bathroom (again new ceramic, new shower, blah blah blah). He OBVIOUSLY had plans on flipping the house for a profit, and then we all know what happened to the housing market. It looks to me, that he held on to the building hoping to sell, as long as he could, then he was foreclosed.

    So YES the building is being sold "as is", but the ONLY major issue, which isnt that big of an issue, is the roof. I need to replace the roof, but it only has one layer of shingles, so I am allowed to just throw another layer on. It will not have to be a tear down. Other than the roof, the ONLY thing I can see that might delay me moving in (after the village inspection) would be some minor electrical issues. But those electrical issues will take my electrician no more than 4-6 hours to take care of.
    Take me piece by piece.....
    Till there aint nothing left worth taking away from me.....
  • KDH12
    KDH12 Posts: 2,096
    who needs a roof, it is about summer time..... hahaha
    **CUBS GO ALL THE WAY IN......never **
  • SPEEDY MCCREADY
    SPEEDY MCCREADY Posts: 26,850
    Also, my furnace, hot water tank, and air conditioning, are all less than 5 years old.

    So YES it is a foreclosure, YEs it is being sold "as is" but I am getting a good deal. Mr. Inspector said "Its a no brainer"
    Take me piece by piece.....
    Till there aint nothing left worth taking away from me.....
  • SPEEDY MCCREADY
    SPEEDY MCCREADY Posts: 26,850
    Mortgage is approved....At least that is what Mr. Loan Officer just said......
    Seller came up with $2800 towards closing...
    Lender will cover the rest....

    I have to come up with $6,900 down....NO closing costs out of pocket.....
    Rate of 4.75%

    LIFE IS GOOD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
    Take me piece by piece.....
    Till there aint nothing left worth taking away from me.....
  • inmytree
    inmytree Posts: 4,741
    SPEEDY MCCREADY wrote:
    Mortgage is approved....At least that is what Mr. Loan Officer just said......
    Seller came up with $2800 towards closing...
    Lender will cover the rest....

    I have to come up with $6,900 down....NO closing costs out of pocket.....
    Rate of 4.75%

    LIFE IS GOOD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    Life is good...congrats....
  • SPEEDY MCCREADY
    SPEEDY MCCREADY Posts: 26,850
    inmytree wrote:
    SPEEDY MCCREADY wrote:
    Mortgage is approved....At least that is what Mr. Loan Officer just said......
    Seller came up with $2800 towards closing...
    Lender will cover the rest....

    I have to come up with $6,900 down....NO closing costs out of pocket.....
    Rate of 4.75%

    LIFE IS GOOD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    Life is good...congrats....
    THANK YOU....
    Take me piece by piece.....
    Till there aint nothing left worth taking away from me.....
  • SPEEDY MCCREADY
    SPEEDY MCCREADY Posts: 26,850
    SPEEDY MCCREADY wrote:
    KDH12 wrote:
    Sounds like you are good to go on the house unless the bank (that owns the property) finds a ways to drag it out and complicate the process which I think is common in foreclosures

    who knows

    but coming from a fellow long term renter, you are in for a whole new world kinda love hate relationship
    The bank that owns the property, took almost a fucking month to give an answer, after we put in our initial bid.

    I wasnt too fucking happy about that...... hehehehe

    But in the last week...


    I have given $1000.00 earnest money
    $500 for a lawyer
    $300 for an inspector.....

    So I am $1800.00 in to the process....hehehehehehe

    Add $400 for the Banks Processing Fee....

    I am now $2200.00 into the process......
    Take me piece by piece.....
    Till there aint nothing left worth taking away from me.....
  • KDH12
    KDH12 Posts: 2,096
    SPEEDY MCCREADY wrote:
    Mortgage is approved....At least that is what Mr. Loan Officer just said......
    Seller came up with $2800 towards closing...
    Lender will cover the rest....

    I have to come up with $6,900 down....NO closing costs out of pocket.....
    Rate of 4.75%

    LIFE IS GOOD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


    that is a mighty fine rate, 4.75

    we got 5.5, might have been lower if my wife had a little better credit score
    **CUBS GO ALL THE WAY IN......never **
  • KDH12
    KDH12 Posts: 2,096
    don't forget we have a roofer in the family

    you probably saw him a few Saturdays ago
    **CUBS GO ALL THE WAY IN......never **
  • SPEEDY MCCREADY
    SPEEDY MCCREADY Posts: 26,850
    KDH12 wrote:
    don't forget we have a roofer in the family

    you probably saw him a few Saturdays ago
    If you are talking about Marty.....

    He already has the job.....He was the first person I called after I went and looked at the house, the first time.....
    Take me piece by piece.....
    Till there aint nothing left worth taking away from me.....
  • KDH12
    KDH12 Posts: 2,096
    yes Marty

    just don't give him the beer til the job is done ;)
    **CUBS GO ALL THE WAY IN......never **
  • SPEEDY MCCREADY
    SPEEDY MCCREADY Posts: 26,850
    KDH12 wrote:
    yes Marty

    just don't give him the beer til the job is done ;)
    Hey KDH????

    After you were "under contract" to buy your house....How much longer did it take to actually close???

    A month?? Longer???

    Just curious....
    Take me piece by piece.....
    Till there aint nothing left worth taking away from me.....
  • KDH12
    KDH12 Posts: 2,096
    I do not have the exact date without going throug paperwork but...

    we went under contract the last week of August 09 and closed November 6th '09

    so just shy of 2.5 months

    we were a direct sale
    **CUBS GO ALL THE WAY IN......never **
  • SPEEDY MCCREADY
    SPEEDY MCCREADY Posts: 26,850
    http://money.cnn.com/2010/04/23/news/ec ... htm?hpt=T1

    What some people will do for $8,000.00
    Take me piece by piece.....
    Till there aint nothing left worth taking away from me.....
  • KDH12
    KDH12 Posts: 2,096
    waiting for the 8K is no easy task

    since we closed in November I claimed it with our 09 taxes instead of doing an amended 08

    well it is going on 10 weeks now and they said they have no idea how much longer..... maybe 4-8 more weeks

    I look at it like this "the longer the they take, the less I can spend" ;)

    it will come in handy for Christmas :lol:
    **CUBS GO ALL THE WAY IN......never **
  • SPEEDY MCCREADY
    SPEEDY MCCREADY Posts: 26,850
    KDH12 wrote:


    What suburb you going to?

    I know you don't want advice but..... we closed on a house in November, South Burbs

    and the closing got postponed 2 or 3 times we were suppose to close on 10/15 and it ending up happening 11/6

    at this point expect the unexpected cause things will keep coming up.... not to be doom and gloom
    Yesterday I called both my lawyer and real estate agent....
    Incompetent
    and Unprofessional......

    Yesterday was not a good day.
    Take me piece by piece.....
    Till there aint nothing left worth taking away from me.....
  • SPEEDY MCCREADY
    SPEEDY MCCREADY Posts: 26,850
    Deal goes sour....
    No House....
    No Obama tax credit....
    My real estate agent sux monkey balls....
    My lawyer isnt getting paid.....
    Im contemplating taking legal action against the seller and the real estate agent.......
    Yes...This deal turned ugly....Well, ugly is an understatement.....hehehehehehe


    Life goes on.....

    Saturday I will be looking at more houses......UGHHH!!!!!!!!
    Take me piece by piece.....
    Till there aint nothing left worth taking away from me.....

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