All Forum Posts by: Edward Burns

Ask for an explanation for any charge(s) you do not understand. If you are paying cash, there is no requirement for insurance (foolish not to have but not required), so why it is included in the closing cost I do not know. I do know that buying for cash here, the insurance company just wrote the policy with a binder committing to the policy and sent me a bill about 45 days later. It definitely was not included on the closing paperwork or charges.

If cosmetics have been overlooked, I would carefully check to see what else might have been neglected. Be sure to have a good inspection done.

Have you gotten feedback on the houses from viewers? If so what do they say?

In addition, while it does not make a difference in some locales, you are essentially in the holiday season. Anyone making an offer today, I would expect closing in 30-45 days, right between Thanksgiving and Christmas and I do not know about anyone else, but I would like to move at that time with everything going on.

Lowering the price might help but I might be more inclined to pull 1 or 2 from the market until after the holidays and then relist so that it appears as a new listing and maybe generate interest that way.

The source of the money to buy the property will not have an affect on you. Whether the buyer has the cash on hand, uses a Hard Money, or borrows the money using other assets does not make a different (for all you know he might have thousands of shares of Ford he bought at $1 a few years ago and does want to sell because of taxes).

Painting the walls and ceilings in a neutral color is probably a good idea. As far as carpet, unless it is real bad, I would just clean and leave. Most buyers are going to want to do their own decorating and would replace the carpet anyway.

I would take the bonus and the tax refunds and put them in the bank, cd's or money market. Some placed where the money is safe but somewhat accessible. Allow this to become your emergency fund. Remember that an electrician does make good money after his apprentanceship but it is seasonal work so your household income may fluctuate throughout the year. Plan for that.

Now start to see where expenses can be trimmed, almost everyone can trim their living expenses some (even $10/week is more than you have in savings currently), and start a real estate investment fund add the 2015 tax refund (note 18 months from now roughly) and you have a start. In the meantime learn, figure out the local market, what works and does not work in your area etc. Look towards investing in 2015 not next year, you will happier that you did.

Typically anything to slow down the wind and add insulation in usually a good idea in the Great Lakes Area. However, realistically there are different paybacks for weatherization. If the house truly has no insulation in the exterior walls and or ceiling I would start there and forget the storm windows. If the ceiling is uninsulated I would buy batts of fiberglass insulation and roll them over the ceiling (if you plan on remodeling do not attach them, merely roll them up, store them during remodeling and then install properly). Assuming you are going to living there during the winter, locate all your plumbing and any that run along outside walls need to protected. You live in the upper Midwest and know the weather so at least this year do your best to minimize the "damage" to the property and your wallet. Then come spring start the real improvements.

Congratulations.

First, as far as escrow payments (included with your mortgage payments) I would not be overly alarmed. While it will take a year or so, they will adjust the payments so the escrow account does not have too great of a surplus.

My only concern is wide variance in the price of comps. Are you sure these are similar to what you are buying?

People that have trouble renting because of past behavior can prove to be very good and long term tenants. In this case, with the problem being 12 years ago (almost 40% of his life) and with him never actually been found guilty of a crime, I would not hesitate to rent to them providing everything else checks out. I would make sure to check references and previous landlords to make sure.

@Belinda D.

While you may not get any better answer, I would try the hospital business office. A hospital receptionist at the "welcome desk" would have very little knowledge of what the hospital does financially, (s)he is trained to directing people to patient rooms, location of various facilities etc. not to answer questions on property.