Any questions related to Home Ownership. There is a related specific tag for Mortgages. It is recommend you include a country, state tag, or location in your question.

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16
votes
5answers
4k views

Dad paying for my new home in cash. How can I buy the house from him?

We found a home we would like to purchase (U.S.). It was the 2nd day on the market and there were already two other offers for it, so we decided to make a cash offer ($230K) as my dad agreed to pay ...
14
votes
5answers
283 views

What factors are to be considered when deciding to go with a 15 year fixed vs a 30 years fixed?

What factors are to be considered when deciding to go with a 15 year fixed vs a 30 years fixed? Pretty simple really; I could make the payments on a 15 year fixed, but at today's low interest rates, ...
13
votes
2answers
478 views

Seller refuses to accept offer on home until after inspection

I'm currently trying to buy a home (that happens to be a foreclosure), and the bank who owns it is allowing us an inspection period, however they are unwilling to accept our offer until after the ...
13
votes
4answers
338 views

Owner-Financed home sale or Land Contract — how to handle the transaction and the ongoing entity?

My sister and I inherited a property in a rural, backwater area rather inconveniently located to where we live. We've got zero interest in keeping it. To wit, we put it on sale and now are recieving a ...
12
votes
6answers
3k views

Is it okay to put household utilities in girlfriend's name if I own the home?

I just bought a house. My girlfriend is going to be living with me, but the house is in only my name. To split the expenses, we are planning on her paying all of the utilities. Is there any problem ...
12
votes
10answers
820 views

Why do some people say a house “not an investment”?

I have heard a few people say that "a house is not an investment" as an argument to stay in an apartment. (To me, this seems like a stupid reason, but that is not my question.) Of course, this is ...
11
votes
8answers
19k views

In a house with shared ownership, if one person moves out and the other assumes mortgage, how do we determine who owns what share in the end?

Let us assume a shared ownership house, where everything is 50/50 in terms of deposit, monthly payments, bills, and eventually estate agent costs, and lawyer costs when the house is sold. If the ...
11
votes
10answers
2k views

Recent college grad. Down payment on a house or car?

So here's the situation I'm facing. I've recently graduated college but have been working for a while now. I've managed to save up around $10,000 aside for my "money to live" stash. And like most ...
11
votes
1answer
1k views

What is the difference between Freddie Mac, Fannie Mae and Ginnie Mae?

What is the difference between the various US housing agencies referred to as Freddie Mac, Fannie Mae, and Ginnie Mae? How were each of them affected by the sub-prime mortgage crisis (or, maybe the ...
10
votes
5answers
763 views

Previous owner of my home wants to buy it back but the property's value is less than my loan… what to do?

I've owned my home for close to 5 years and it's value is currently around $100k below my loan amount (according to zillow). I hate living here, and I've wanted to sell it for a long time. Today, ...
10
votes
4answers
1k views

Buying a house, Bank or rent to own?

We currently rent a house. Our credit is ok, but we're working on it (paying things off, disputing things, etc). We are first time buyers. We have a good relationship with the owners. We are thinking ...
10
votes
5answers
606 views

Purchasing an extremely affordable home with 10% down VS renting and saving for 20%

Background: Current Rent: 710/mo or roughly 20% of my 3700 salary take-home pay. Wife is currently in school and will graduate in two years, at which point she will likely be making a teacher's ...
10
votes
4answers
232 views

Homeowners: How can you protect yourself from a financial worst-case scenario?

Say your a home-owner, a first time buyer. You've just got your first flat and your about 1 year into your 25 year mortgage. Suddenly, something goes wrong with your job, and your made redundant ...
10
votes
1answer
908 views

Is it better to buy a house at the end or beginning of a year?

Right now I'm looking for a house, and might be closing in the next few months. One thing that I want to consider is when the closing date should be. We are flexible with the date by a bit, and the ...
10
votes
2answers
258 views

Short-sell, or try to rent out?

I'm currently considering taking a job in another state, and I currently own a home that's up-side down in it's mortgage. I'm trying to figure out what I would do with my home in the event that I ...
10
votes
2answers
232 views

What are the most important things to ask a real estate agent before hiring them?

I've been researching the best ways to search for a home, and questions have come up about real estate agents. Getting a good real estate agent could potentially save you thousands of dollars, but ...
9
votes
4answers
1k views

Is there a general rule for how much of my non-retirement savings should be spent on down payment?

I know I should X months of cash for emergencies (I've seen X range from 6 to 24, depending on who's giving the advice). But in addition to that, is there any generally accepted rule for how much of ...
9
votes
4answers
179 views

Can I use Case Shiller values to find an optimal time to buy in a recovering housing market?

I live in the NW US. I've been considering buying a house for some time now. But the market value of a house has been on a downward trend for years. I thought that around October last year the market ...
9
votes
1answer
1k views

How do Islamic Banking give loans for housing purposes?

Islamic banks do not give loans they invest in financial activities of their clients. Am I correct? If yes, then how can they provide loans for housings? Home loans have nothing to do with business. ...
9
votes
4answers
233 views

What is title insurance, and should I get title insurance for my home?

I have just sold my house and bought a new one. The lawyer I am working with to do all the necessary paperwork has sent me something about "Title Insurance". I am not quite sure exactly what this ...
9
votes
1answer
189 views

Should I take out a loan vs pay off with mother's help?

I'm considering buying a house for 200k. When buying place ($200k), I will be paying 120k as down-payment, and financing the rest. I am thinking of my mother pay an additional 80k (to buy the place ...
9
votes
1answer
120 views

Is it legally safer to purchase a short sale instead of a foreclosure?

I'm considering purchasing a home, and given todays market I've been viewing a lot of foreclosures and short sales. That being said, I have a question on short sale VS foreclosure in terms of legal ...
7
votes
3answers
948 views

Joint property ownership: 2 homeowners, but only 1 lives in the home. How to fairly split mortgage payments?

If 2 people decide to invest in a house, but only 1 of them wants to live in the house, should the interest only monthly mortgage payments be: split 50/50, the person living there pays 100% the ...
7
votes
3answers
178 views

What are the usual terms of a “rent with an option to buy” situation?

What are the usual terms of a "rent with an option to buy" situation? Is the selling price negotiated ahead of time? What does the renter potentially sacrifice except losing the equity of the rent? ...
7
votes
4answers
360 views

Looking to buy a house in 1-2 years. Does starting a Roth IRA now make sense?

My wife & I are 28 years old and are looking to purchase our first home in the next 1-3 years. Our financial situation looks something like this: 24% combined gross annual income in low ...
7
votes
2answers
127 views

How to take a home inventory?

An answer to the question Spring cleaning for your finances? Is there any activity that should be done annually, with respect to your money? mentioned home inventory: The Inventory is also very ...
7
votes
1answer
5k views

How do I sell a home that's owned jointly if my partner doesn't want to sell?

I own a home jointly with a partner. I have made all the payments, taxes and insurance since the beginning. I have a buyer for the home but my partner does not want to sell. How can I override his ...
7
votes
3answers
248 views

Saving for a down payment on a new house, a few years out. Where do we put our money next?

We currently have two rewards checking accounts. We are nearing the maximums permitted on each account, after which we receive .5% and .25% APY. It's within our means to perhaps open another one, ...
7
votes
3answers
477 views

When is the right time to buy a car and/or a house?

I am a 24 years old young IT professional. Since I don't have addictions to anything including drinking, I mostly save a lot (around 50% of my income after tax like $15-$25k a year). Currently I drive ...
6
votes
4answers
344 views

What steps should be taken, if any, when you find out your home's market value is underwater, i.e. worth less than the mortgage owed?

What steps should be taken, if any, when you find out your home's market value is underwater, i.e. worth less than the mortgage owed?
6
votes
3answers
865 views

If you buy a new home before selling the old one, what could happen from not paying the old mortgage?

I'm researching the process of selling a home and buying a new one. Several articles warn against buying the new home before the old one is sold because you may end up having to pay two mortgages. I'm ...
6
votes
4answers
537 views

Am I really house poor?

This is my financial situation and I hope that someone can guide me. I have been in the market for a house to buy. There is a house that I like and I wanted to know if I could afford it. I have ...
6
votes
3answers
342 views

Walking away from a mortgage & home - financial options

I currently have a home that is 100% Loan to Value. It has lost a significant amount of the value i paid for it -- hence now a 100% LtV guesstimate. I am able to comfortably make my payments as it ...
6
votes
4answers
2k views

How do I determine the amount of a buy out between common law partners in a home owned together?

I currently own a home with my common law partner. We have lived there for 2 years and are now splitting up. Both our names are on the house, and we have paid 50/50 for everything from down payment / ...
6
votes
1answer
116 views

How do I enter a house sale into my accounting package?

We sold our house and purchased a new one. The money from the sale went into our lawyer's trust account, and then was passed onto the vendor that sold us the new house. In my accounting package, I ...
5
votes
8answers
730 views

What part of buying a house would make my net worth go down?

I've thinking about buying a house, and how that would affect my net worth. It seems to me that if out of pocket + debt = value then the transaction shouldn't affect my net worth in the short term. ...
5
votes
4answers
222 views

Home owners association for houses, pro/cons

(there is a question about home owners associations for condo communities here, so this is a) not a duplicate and b) fit for this website) In most contexts where I hear about a home owners ...
5
votes
4answers
243 views

Sudden Wealth Management

My father passed away last week. I am not yet sure how much his life insurance is, it will be anywhere between 100k and 250k, which I know is a big range. Either way, I am having a bit of anxiety as ...
5
votes
4answers
1k views

Will we have trouble getting a mortgage for our second home if we keep our first to rent out?

My wife and I are currently saving for a home. We currently own a small condo, which we would like to keep as a rental unit once we purchase the second home. Currently our home costs are under 12% ...
5
votes
4answers
1k views

Should I wait to save up 20% downpayment on a 500k condo?

Proper 2BRs start at $500k in our neighborhood. We're looking at buying, but I'm leery of the $100k downpayment. It would reduce our savings to 50k liquid and 75k in retirement. I can easily ...
5
votes
2answers
230 views

How to tell if HOA for a prospective condo purchase is financially healthy?

I'm considering purchasing a condo. I live in a major metropolitan area; so I'm almost certainly going to end up in a building maintained by an Home Owners Association (HOA). As I'm learning the ins ...
5
votes
2answers
5k views

Can you sell your house for less than you owe and still make payments on the remainder?

I want to sell my house, but it seems that in order to do so I may need to lower the price to less than what I owe. Is it possible to make an upside down sale like this and still make payments on the ...
4
votes
3answers
492 views

Should I take money out of an old 401(k) to put a down payment on a house?

My wife doesn't work anymore and she has a 401(k) of about $80,000 from an old job. I have been kicking around the idea of taking that money out or rolling into an IRA so that I can have better ...
4
votes
2answers
241 views

What is mortgage insurance? Do you have to have it, in order to be approved by a bank?

What does mortgage insurance do? Whom does it protect? Do I need it? MUST I have it, in order to be approved by a bank for a mortgage with them?
4
votes
1answer
110 views

Does a land with an existing foundation (poured-in) qualify for a conventional home mortgage?

Based on my research, loans for land and construction lots are usually at a much higher rate than those for the purchase of a home. However, if a home does have an existing foundation poured in, will ...
4
votes
3answers
214 views

I am turning 18 and I am a Student, I need strategies on building great credit soon. Where should I start?

I am High School student in the top ten percentile and I am turning 18 in a few months. I need strategies on how to build and maintain a great credit score quickly. I have had the same job for over a ...
4
votes
2answers
373 views

Good idea to purchase condo with no home owners association?

I'm looking at REO condos on homepath.com (the site for Fannie Mae foreclosures, etc). I'm wondering, is it a good/bad idea to purchase a condo with no home owners association? Most of them have ...
4
votes
1answer
105 views

Is making an offer on a new property wise if current property is not sold or rented yet?

We are in the process of trying to rent our place. We would like to make an offer on another property, but hesitate to do so until our place is rented for obvious reasons. However, we also do not ...
4
votes
3answers
1k views

Shared home ownership - How to calculate percentages?

How do (can?) you fairly calculate the ownership percentages of a property between 3 people? *All 3 people live in the property *All 3 people have put in a different deposit amount *All 3 people ...
4
votes
1answer
187 views

Can I bring a real estate agent with me after my first visit to a new home?

I am looking to buy a house, and I am a first-time buyer. I am reading a book on home buying, and it says the following with regard to new homes: "You might have to deal with the developer's ...