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Any creditor has the ability to modify its reporting on your bureau reports, but if the debt is valid then most generally won't when it comes to collection agencies. Keep in mind that the act of paying the debt, or any situation where the creditor/collection agency updates your information causes a restart of the seven-year period the item will remain on ...


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As part of the purchase process, you should get some kind of document packet, containing both financial information on the condo association, and meeting minutes. Read the meeting minutes; that's where you run into issues like "that lovely creek in the back yard overflows into the crawlspace in heavy rain, and it can't be fixed because of environmental ...


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My conversation with a VP at a US lender is that the home needs to be move-in-ready. Otherwise the mortgage would be contingent on completion of repairs to the remaining items . It's pretty particular actually -including dents to drywall fixed, painting completed etc. Now the actuality may be different than that official stance: I certainly did get loans on ...


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This is a material change in the offer and may result in the seller backing out. Your $350K approval may also have been based on a $200K down payment, so that may mean your lender backs out. The first thing I would do is ask you lender if you can do $125K down, if they agree get the loan approval modified and then see if the seller is willing to change terms....


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Private appraisals are not used to calculate taxes. Tax assessments are performed by the government (city/county/state) collecting those taxes. You can use an appraisal to appeal a tax assessment, but the appraiser you hire won't send the information off to them for use. In fact, if you hire the appraiser independently, they shouldn't send it to anyone but ...


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Your situation is complex because there are so many differences between you. I'll expand on Kaz's answer with a few more points. The first choice you two should make is how much of the house expenses you want to take on. This is not limited to the initial payment as house expenses are numerous and will come continuously, often unexpectedly. Keep track of all ...


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Just forget for moments that you are the partially owner when you live there...Just collect all rentals money from other tenants+you. Sum the amount and just split 68% and 32% Problem solved :)


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I would recommend that you think of this arrangement as a simple business. Whether you formalize this or not, I believe it's a useful paradigm for handling things fairly. The scenario starts with you and your brother each owning some portion of this business. With your arrangement, you may decide that you each have equal voting power (i.e., you both have ...


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The way to do this is to separate the 3 different roles you're playing: Role #1: You and your brother as owners of the property who pay the mortgage. Who pays how much? How is that used to calculate how much of the house you 'own' when you come to sell it? (Ideally the answer would be 50:50, with an adjustment for the different down payments, so maybe more ...


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You really need to wear two separate hats, the tenant hat and the (co)owner hat. Your brother will wear a co-owner hat as well. You should also, separately, loan your brother enough money that you make equal down payments. He should pay you back separately, outside of whatever you do with the house. See my other answer here for more: Two siblings own home ...


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Seriously, why not keep it clean and pay rent as if you were one of your own tenants? Yes, you get some of it back if you "pay" yourself out of rental proceeds, so why make it complicated? Not only that, but there's a way to see you paying less rent as a theoretical loss, since what you pay is less than you'd receive from a regular tenant. ...


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I analyzed S&P data looking at the 100 15 year rolling returns from 1903-2018. No period produced a negative return, and only 5 of the 100 were below 4%. This was to look at the common advice to "take the 30 year mortgage and invest the difference". The difference being the savings from the payment required for a 15 year mortgage. You're ...


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How much risk are you willing to take? As a first pass, if the investment option is going to work, you'd need to make more than 3% after tax on your money. At this point in time (April 2021), there isn't anything that is going to produce a risk-free after tax return of 3%. In general, it would be unusual if a mortgage-holder's could get a risk-free return ...


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