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| Consumer & Financial Affairs Warn others about scams or provide tips on saving a few bucks. Seek advice on investments--stocks, mutual funds & 401k's. Where's the best best place to bank? |
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| Consumer & Financial Affairs Warn others about scams or provide tips on saving a few bucks. Seek advice on investments--stocks, mutual funds & 401k's. Where's the best best place to bank? |
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02-19-2013, 08:18 AM
| #1 |
| Obama destroyed America  Member Since: Mar 2005 Location: Silence!! I throw shoe at you!
Posts: 23,490
| Advice.... I'm going to buy another house to rent out and have a few questions. I found one in Alexandria, VA. Short sale. Who pays what for closing costs? It's been a long time since I closed on a house, what are the costs and who pays them? Anything else I should know? TIA 
__________________ Oh Baby, Roses are red Grass is greener When I think of you I touch my wiener "Participating in a gun buyback because you believe that the criminals have too many guns is like having yourself castrated because you believe that the neighbors have too many kids." |
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02-19-2013, 08:37 AM
| #2 | |
| 24/7 Single Dad  Member Since: Nov 2003 Location: Highway to Hell
Posts: 38,019
| Buyer usually pays unless it specified otherwise. You'll also be liable for any back taxes, HOA fees etc
__________________ The stuff cheerleaders do on hardwood, it absolutely blows my mind - Joe Biden Quote:
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02-19-2013, 09:19 AM
| #3 | |
| Cruise Director  Member Since: Nov 2003 Location: Cruiseville
Posts: 24,712
| Quote:
If the lender knows it is an investment property and you plan to rent it out, you'll probably be required to put more money down on the property. Typically it is at least 20% (in Maryland at least) give or take. Know the rules for rental property where the home will be located. Some HOAs do not allow this. We have rental property so if you're interested, I can send you all the forms and such I use. Be sure to do credit, background, reference and employment checks -- I cannot stress this enough!! Suz likes this.
__________________ A reply from you to this message will not be possible. I can't have an adult conversation w/ you in this environment anyhow. "You croc wearing, fake coach bag wearing fake tanner you. Take that." ~ Author unknown "Love your haters - they're your biggest fans." "You know you are absolutely f'ing amazing when people you don't even know hate you." | |
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02-19-2013, 09:22 AM
| #4 |
| Main Streeter  Member Since: Oct 2002 Location: St. Mary's County
Posts: 8,041
| Here's a link to the HUD-1 Form which is used in every house purchase in the U.S. It breaks everything down. Keep in mind that there is no set rule on who pays what. That is determined by what is negotiated and specified in the contract. http://www.hud.gov/offices/adm/hudcl...ms/files/1.pdf
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02-19-2013, 01:40 PM
| #5 |
| Obama destroyed America Member Since: Mar 2005 Location: Silence!! I throw shoe at you!
Posts: 23,490
| Thanks for the advice. Since it is a short sale, I'm negotiating with a bank who holds the note. There is no HOA. I have plenty of cash for the down payment. I know the renter personally, a dear friend who if they defaulted, I would just make the payment since I ultimately own the house. The location dictates that it will GREATLY go up in value due to BRAC. Win/win for me.
__________________ Oh Baby, Roses are red Grass is greener When I think of you I touch my wiener "Participating in a gun buyback because you believe that the criminals have too many guns is like having yourself castrated because you believe that the neighbors have too many kids." |
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02-19-2013, 02:02 PM
| #6 | |
| :pervinerdi:  Member Since: Aug 2003 Location: Cloud 9.
Posts: 39,356
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02-19-2013, 02:03 PM
| #7 | |
| Power with Control  Member Since: Dec 2007
Posts: 9,161
| Quote:
Hmmm, are you claiming some special insight into what future BRACs might hold?
__________________ "One fist of iron, the other of steel if the right one don't a-get you then the left one will" | |
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02-19-2013, 02:53 PM
| #8 |
| Peace  Member Since: Nov 2004 Location: waldorf
Posts: 11,955
| We just bought a house on a "short sale". Seller payed all the closing. Baja28 likes this.
__________________ When someone shows you who they are, believe them.~Maya Angelou www.childrensnational.org |
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02-19-2013, 05:12 PM
| #9 | ||
| Obama destroyed America Member Since: Mar 2005 Location: Silence!! I throw shoe at you!
Posts: 23,490
| Quote:
Quote:
Update: They already received five CASH offers all substantially above the asking price of $300K.  Off to keep looking...
__________________ Oh Baby, Roses are red Grass is greener When I think of you I touch my wiener "Participating in a gun buyback because you believe that the criminals have too many guns is like having yourself castrated because you believe that the neighbors have too many kids." | ||
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02-19-2013, 05:28 PM
| #10 | |
| :pervinerdi: Member Since: Aug 2003 Location: Cloud 9.
Posts: 39,356
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