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06070 : Real Estate Advice

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  • Home Buying3
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Activity 5
Mon Feb 27, 2017
Enslepaintanddecor asked:
Thu Dec 29, 2016
June Buerkle answered:
Why is your credit score only around 660?

If there are old issues that will fall off soon ... wait until your score improves. If the 660 is your current score and it is likely to stay around 660 for more than 12 months..... then you shouldn't buy a home as your cheaper option will be to rent.

Oh, you will get many responses with ways you can get loans with your poor credit score ... but those are from people that will make money off you and not be there after the deal has closed and the home owner expenses start to kick in.

With a 660 score .. you will pay more for the privilege of getting a home loan (potentially tens of thousands of dollars in increased fees), your insurance costs will be higher (potentially hundreds or thousands per year).

Also, will you have access to money for a $5,000 replacement HVAC unit or $10-20 thousand for a new roof?

Owning a home is not cheap and doing so with a 660 makes everything more expensive.

Clean up your score and get above a 730 and you will save tons. Otherwise, enjoy renting and let somebody else pay for the roof, HVAC, weather heater, septic tank, HOA fees, etc.
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Wed Jun 26, 2013
Peter Nowak answered:
Great question. There is a lot of back and forth on this issue. Regardless of the true fact, there is a perceived negative with any home that has the larger main power lines near or on the home's property. These type of homes stay on the market much longer and sell for less than the same home on the same lot without any large power transmission lines. Your largest concern should be the resale of this type of home. ... more
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Fri Sep 24, 2010
Brent Bell answered:
Ernesto,

Not everyone knows that in Connecticut with one call to the tax collector's office for the town, you can ask 3 important questions about any property address in that town. 1) What are the current taxes? 2) Is the current owner current on their tax payments? and 3) Are there any other taxes for this property in addition to the town real estate taxes (i.e. fire district taxes)? ... more
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