U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-14-2008, 06:34 PM
 
Location: kcmo
712 posts, read 1,894,679 times
Reputation: 373

Advertisements

I have $65k in cash.. I wanted to build a new house but lots and taps fees/construction money is little low.. (I was thinking if I held off the tap fees) I might be able to get the house done and pay $20k+ for tap fees later.. (I'm guessing it's more than impossible to get a construction loan)

Most lots in my city are $50k.. then you add $20k tap fees and most sellers probably aren't gonna accept a lowball of $20k..

So that leaves me switching to houses.. which I can either treat as a lot w/ tap fees or not.. houses in my city start at around $30k and many are available say 100+ at $60k or so.. (assuming interest rates rise and the bottom isn't hit this number should triple) but of course most of the houses are not that nice (livable some and don't require any work.. or minimal work) but I see that I can get good condition houses in better neighborhoods for 120k or so..

I don't have a credit history I guess.. and I went into the bank that I have the $$ with in a savings account and applied for a mortgage just to see if I could get one..

My bank reported the following
- I don't have a payment history period.. (I do but maybe not in my name)
- I have a $400 judgment against me at that very bank for a unpaid account with Check systems (I have no intention of clearing this up either.. I guess it will clear itself up in 2011 I believe)

Other factors
- I work for myself and I was asked to estimate the money I make a year..
- For 60k loan I'd be looking at I think $400 a month in a payment; based on a 30 year loan looks like it would cost $150k

The question really is.. if you had outright cash to buy house(s) would you do so.. or would consider a loan good with a $60-65k cash down payment?

Given my banker never called me back.. I can possibly assume no one is interested in my business.. or perhaps no one I would want to deal with..
Reply With Quote Quick reply to this message

 
Old 09-14-2008, 10:51 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,597,370 times
Reputation: 249
your kind of all over the board. what are you trying to do?
Reply With Quote Quick reply to this message
 
Old 09-15-2008, 12:05 AM
 
Location: kcmo
712 posts, read 1,894,679 times
Reputation: 373
More then likely buy a house.. consider ripping it down and rebuilding.. or just take a nicer house for the long term..
Reply With Quote Quick reply to this message
 
Old 09-15-2008, 07:58 AM
 
Location: Fort Myers, FL
1,286 posts, read 2,597,370 times
Reputation: 249
what are the tap fee's your referring too? are you talking about taping into a sewer line?
Reply With Quote Quick reply to this message
 
Old 09-16-2008, 06:54 PM
 
Location: kcmo
712 posts, read 1,894,679 times
Reputation: 373
Yep, water and sewer tap..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top