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Snor
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Snor answered:
I would suggest you buy at 700k house, 6 months later when you cant make the payments, then you will be forced into forclosure and my investor friends will be able to buy your property at an auction for 250k.
thats my advice and while you at it, ramp up some credit card debts, and maybe buy a new car since you seem to think 121k is alot of money. thats chicken feed.
thats my advice and while you at it, ramp up some credit card debts, and maybe buy a new car since you seem to think 121k is alot of money. thats chicken feed.
@luke, its not about "trying to get him to borrow 100k less", you seem to be focused on what he was approved for and not what he can "afford". I just showed you how even a 417k mortgage could very very tight for him. I dont mean to point fingers at you but it just seems like realtors (who's job is to buy and sell homes) rarely have any clue when it comes to home affordability.
I understand why that is so, its because the bigger the purchase the bigger the commission.
I understand why that is so, its because the bigger the purchase the bigger the commission.
@Andy and Luke,
THis is going to be my final post on this, it just seems like people cant calculate. So I am going to help you out here. Here is the math, since you make 121k combined, lets use that. Since you are married and have no dependents, your combined take home with no 401k, or medical or dental is $6442.62 per month.
So aprox.. $6442.62 per month. a loan for $417k @ 5.65 over 30years and property taxes of 3500 a year will give you a house payment of about $2900.87 that is almost half of your take home pay, no including any of the debts i listed below.
Plus with new house, you are going to want some new furniture.. Therefore 6442.62 - 2900.87 = $3541.75 is left to take care of the following below.
Retirement = 15% of 121k = $18,150/12 = $1512
401k
roth IRA
traditional IRA
$3541 - Amount left after mortage - Retirement $1512 = $2029
Therefore you have about $2029 left for normal expenses and savings.
Normal expenses.
- home insurance
- medical
- dental
- Car payment
- Car Insurance
- Gas for car
- food
- electricity
- Gas
- credit card
- student loan?
Long term saving for retirement..
401k.
Roth IRA
Traditional IRA
THis is going to be my final post on this, it just seems like people cant calculate. So I am going to help you out here. Here is the math, since you make 121k combined, lets use that. Since you are married and have no dependents, your combined take home with no 401k, or medical or dental is $6442.62 per month.
So aprox.. $6442.62 per month. a loan for $417k @ 5.65 over 30years and property taxes of 3500 a year will give you a house payment of about $2900.87 that is almost half of your take home pay, no including any of the debts i listed below.
Plus with new house, you are going to want some new furniture.. Therefore 6442.62 - 2900.87 = $3541.75 is left to take care of the following below.
Retirement = 15% of 121k = $18,150/12 = $1512
401k
roth IRA
traditional IRA
$3541 - Amount left after mortage - Retirement $1512 = $2029
Therefore you have about $2029 left for normal expenses and savings.
Normal expenses.
- home insurance
- medical
- dental
- Car payment
- Car Insurance
- Gas for car
- food
- electricity
- Gas
- credit card
- student loan?
Long term saving for retirement..
401k.
Roth IRA
Traditional IRA
Sarah, i agree with part of what you said, its people like him why we are in the problems we are facing now. He takes a loan for a property, he can "barely" afford. According to him of course "just need sacrifice on some things". Then he loses his job or something else happens then guess what he can no longer afford to keep the house, it goes into foreclosure or something. What is funny to me is that i know people around me, make upward of 250k and live in homes that barely cost 400 or 500k.
Andy i can see your future, you are going to become what we call "house poor". That is, nice house like the jones but have to eat sardines.. wise up. buy way below what you can afford..
Andy i can see your future, you are going to become what we call "house poor". That is, nice house like the jones but have to eat sardines.. wise up. buy way below what you can afford..
Snor answered:
Jackie, seems like you are about to be got, you are trying to be penny wise and pound foolish. Why do you refuse to talk to a real estate attorney?
1. The buyer is not waiving anything. (the 3% he or she included in the 5% towards buyers closing cost), which I am assuming had she not been an agent, you would only negotiate 2% of your listing price?
2. I think someone mentioned this, but lenders are very strict rule regarding how much a seller can contribute to closing.
3. $269, 000 not sure this is correct, what about taxes to date, insurance (assuming you have those escrowed)
4. Why would the agent just say what???, its not the buyers agent job to calculate your bottom line #, its yours so stop being a baby.
Anyway you are on the right path to be got. Keep it up and your next post maybe, "I got got by the agent". Pay the 300 bucks and talk to a real estate attorney, or be got.
1. The buyer is not waiving anything. (the 3% he or she included in the 5% towards buyers closing cost), which I am assuming had she not been an agent, you would only negotiate 2% of your listing price?
2. I think someone mentioned this, but lenders are very strict rule regarding how much a seller can contribute to closing.
3. $269, 000 not sure this is correct, what about taxes to date, insurance (assuming you have those escrowed)
4. Why would the agent just say what???, its not the buyers agent job to calculate your bottom line #, its yours so stop being a baby.
Anyway you are on the right path to be got. Keep it up and your next post maybe, "I got got by the agent". Pay the 300 bucks and talk to a real estate attorney, or be got.
Snor answered:
Thank you all for your comments.. appreciate it. Now i will proceed to delete this thread.
Jym, Jam, or Wham whatever your name is, talk about a troll, this fool just registered yesterday.. hahahahaha
@ok, kids, cool down, because it doent matter what anyone say in this forum, the site is being built you can cry blood.
@ Mike,
Well its not just getting the site, there is huge PR cost. Actually this is a huge part of my planned budget right now. My focus right now is just getting the site done, i have staff of 5 data collectors, looking at public records, sites like trulia and zilliow and other real estate site, to get info on realtors.
I have developed, what i think is a cool way to get ratings (which not solely based on people, but a few other things because i am filing a IP, i wont get into it.)
Again, my reason for posting the question here was more to get feedback. Just so other realtors know, this site is being developed by consulting with brokers, realtors and attorneys.
I will update all, when we go into private beta.
Well its not just getting the site, there is huge PR cost. Actually this is a huge part of my planned budget right now. My focus right now is just getting the site done, i have staff of 5 data collectors, looking at public records, sites like trulia and zilliow and other real estate site, to get info on realtors.
I have developed, what i think is a cool way to get ratings (which not solely based on people, but a few other things because i am filing a IP, i wont get into it.)
Again, my reason for posting the question here was more to get feedback. Just so other realtors know, this site is being developed by consulting with brokers, realtors and attorneys.
I will update all, when we go into private beta.
@Mike,
No dont work for software firm, its interesting, i sold my house and using the proceeds to bank roll this project for now. However have a very interested investor, an torn between just doing it myself for now or taking seed money. I just thought i would throw it out there since sellers and buyers frequent this site.
The realtors seems to be so concern about what a system like this will do "to them", but i really believe, enough to sell my house to do this project, that its necessary. Even more so now with everything going on in the industry.
I wont disclose how the rating system will work, but it will consider a range of what i call "activities".
No dont work for software firm, its interesting, i sold my house and using the proceeds to bank roll this project for now. However have a very interested investor, an torn between just doing it myself for now or taking seed money. I just thought i would throw it out there since sellers and buyers frequent this site.
The realtors seems to be so concern about what a system like this will do "to them", but i really believe, enough to sell my house to do this project, that its necessary. Even more so now with everything going on in the industry.
I wont disclose how the rating system will work, but it will consider a range of what i call "activities".
@Mike,
That is a great idea, however am not sure it work, since Trulia and Zillow has different goal and objectives. The sole purpose of the site is to give buyers a platform to "evaluate" realtors based on there dealings with other clients. I know that realtors run rampant in NY, burning clients without anything stoping them. Well in 2 months we go into private beta..
That is a great idea, however am not sure it work, since Trulia and Zillow has different goal and objectives. The sole purpose of the site is to give buyers a platform to "evaluate" realtors based on there dealings with other clients. I know that realtors run rampant in NY, burning clients without anything stoping them. Well in 2 months we go into private beta..
@ Debt Free,
Whether or not its exciting, the site is in development right now. I am currently talking to a group of investors and they seem to think the idea has some legs.
Whether or not its exciting, the site is in development right now. I am currently talking to a group of investors and they seem to think the idea has some legs.
@ Deborah, regarding "Can you rely upon public feedback? You may be opening yourself up to potential litigation. " see yelp.com
Last time i checked realtors sell and buy for "the public", so who else is qualified but the people you serve?
Last time i checked realtors sell and buy for "the public", so who else is qualified but the people you serve?
@ Bay,
Thank, sure will let you know. The information will be pulled from a number of sources, along with individuals. I am currently working on a system where the client will have to provide some "verifiable" data so as to avoid just bashing because they can.
My intention/motivation is simple, I have heard great and horror stories as it relates to realtors. As a one time NY brownstone owner, landlord and current home owner. I have been on all sides of the coin and i can tell you there a some realtors that deserve great commendation, as well as some needs to choose a different profession.
I am sure users of this site, will know about it once it goes live.
Thank, sure will let you know. The information will be pulled from a number of sources, along with individuals. I am currently working on a system where the client will have to provide some "verifiable" data so as to avoid just bashing because they can.
My intention/motivation is simple, I have heard great and horror stories as it relates to realtors. As a one time NY brownstone owner, landlord and current home owner. I have been on all sides of the coin and i can tell you there a some realtors that deserve great commendation, as well as some needs to choose a different profession.
I am sure users of this site, will know about it once it goes live.
Hey Bill,
A can of worms is necessary to get this industry into shape, for far too long realtors have been mis-behaving and i think a rating website will help people to recognize those that dont adhere to the rules. And since you (not singular, but plural) represent people with subjective/opinions then who better to review you than them?
A can of worms is necessary to get this industry into shape, for far too long realtors have been mis-behaving and i think a rating website will help people to recognize those that dont adhere to the rules. And since you (not singular, but plural) represent people with subjective/opinions then who better to review you than them?
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