Need some real estate advice. What should I do here?

[Grub Master]

I would talk to a septic tank guy before considering buying. New lines will be $5k at a minimum and depending on the size of your lot might not even be possible to replace. Do you know if county sewer is an option? $1200 rent is a bargain for a decent house right now. I get that for a900 sq. ft house. Any 3 bd 2 bath will cost you north of $1400 easily. If you want to get a quick idea of the value fixed up, you can Zillow your address and click on the map and see what the neighborhood houses have sold for.

 

[basstracker89]

If you can, stop paying rent as soon as possible. Just don't buy right now as the market is up unless you can get a great deal. If you do a mortgage, pay it off as soon as you can. Then life will start getting better

 

[sambo77]

With the current interest rates at 5+ percent I'd hold off on doing anything at the moment. I looked at a 379000 dollar house yesterday and was gonna buy it until I found out at 5 percent with taxes and insurance it'd run me 2600+ a month. Over 30 years over 700000 dollars.

I doubt rates will go below 5% for at least a decade.

 

[1006]

I do not think prices are going to go down, instead, wages will go up, particularly in big profitable companies. It is the 1970’s all over again. Nobody wins, the numbers just get bigger.

 

[roundhouse]

I doubt rates will go below 5% for at least a decade.

When we bought our current house , in 2001, the rate was 9%

Y’all acting like 5% is high .

If the price is right and you like the home, and you have good credit and a down payment etc , buy it .

—-IF—- the rates come down , you can Re-Fi .
But the rates ain’t coming down until the next crash.
Which would be next month or it could be 13 years from now , no one knows , and anyone who claims to know , and isn’t a billionaire from correctly predicting every economic change in the last 30 years , has no idea what they are talking about .

“Needs septic repairs “ is a very very vague description

It could be just a clog ,or it could be very expensive .

Most septic systems 50-100 years with hardly any issues .

Most problems are just needs pumped and the inlet and outlet pipes installed correctly, and sometimes you need to install a “crossover “ where you bypass the first 20-40 feet of field line exiting the tank .

Or it could need an entire new system .
But if you’re a single guy you can limp a old system along for years with not much problem .

If you have six women or kids living in the house , then that’s a different story .

At least with this house you know most of the problems

Other houses have those problems hidden , usually hidden on purpose For the sale .

 

[Bypass]

When we bought our current house , in 2001, the rate was 9%

Y’all acting like 5% is high .

If the price is right and you like the home, and you have good credit and a down payment etc , buy it .

—-IF—- the rates come down , you can Re-Fi .
But the rates ain’t coming down until the next crash.
Which would be next month or it could be 13 years from now , no one knows , and anyone who claims to know , and isn’t a billionaire from correctly predicting every economic change in the last 30 years , has no idea what they are talking about .

“Needs septic repairs “ is a very very vague description

It could be just a clog ,or it could be very expensive .

Most septic systems 50-100 years with hardly any issues .

Most problems are just needs pumped and the inlet and outlet pipes installed correctly, and sometimes you need to install a “crossover “ where you bypass the first 20-40 feet of field line exiting the tank .

Or it could need an entire new system .
But if you’re a single guy you can limp a old system along for years with not much problem .

If you have six women or kids living in the house , then that’s a different story .

At least with this house you know most of the problems

Other houses have those problems hidden , usually hidden on purpose For the sale .

My current house is at 2.25 percent 1200 a month for a 279000 dollar house which is now a 500000 dollar house.

I bought it while Trump was president.

 

[yardboss1]

The current housing market is working just like tequila does. Folks are desperate and make bad decisions that they will regret.

 

[streetroc]

The field system needs to be replaced on the septic tank. The rental company is supposed to come fix that but they forgot to get the correct permit so the repair crew had to reschedule.


What is the first step in the process of trying to buy the house? Do I contact the rental company first or a mortgage company?

 

[HKMurkure]

The field system needs to be replaced on the septic tank. The rental company is supposed to come fix that but they forgot to get the correct permit so the repair crew had to reschedule.


What is the first step in the process of trying to buy the house? Do I contact the rental company first or a mortgage company?

First step is to realize this will be a long process.
Contacting the owner to determine if the home can be purchased should be step 1.
Contacting a mortgage professional should be step 2.
You will need to complete a budget with line item repairs and invoices for the work to be completed.
Once the lender has helped you figure out the type of loan to use and your qualifications, determine amount needed for repairs/draws schedules, then an appraisal will be ordered.
Realistically, this purchase will take between 60 - 90 days and will most likely be on the longer side of the estimate.

 

[sambo77]

When we bought our current house , in 2001, the rate was 9%

Y’all acting like 5% is high .

If the price is right and you like the home, and you have good credit and a down payment etc , buy it .

—-IF—- the rates come down , you can Re-Fi .
But the rates ain’t coming down until the next crash.
Which would be next month or it could be 13 years from now , no one knows , and anyone who claims to know , and isn’t a billionaire from correctly predicting every economic change in the last 30 years , has no idea what they are talking about .

“Needs septic repairs “ is a very very vague description

It could be just a clog ,or it could be very expensive .

Most septic systems 50-100 years with hardly any issues .

Most problems are just needs pumped and the inlet and outlet pipes installed correctly, and sometimes you need to install a “crossover “ where you bypass the first 20-40 feet of field line exiting the tank .

Or it could need an entire new system .
But if you’re a single guy you can limp a old system along for years with not much problem .

If you have six women or kids living in the house , then that’s a different story .

At least with this house you know most of the problems

Other houses have those problems hidden , usually hidden on purpose For the sale .

I'm not acting like it's high. All I was doing is pointing out they won't come down. From rate over the course of last 40 years 5% is below average. 5% is still a good rate, especially considering they'll be in the neighborhood of 9% by next year. I bought my home in 2019 at 4.25% I'm at 2% now from a refinance.