I'm thankful for it...I'm surprised it's getting that cool at night with those daytime highs
I agree. This should be nationwide.The Missouri legislature has passed a bill that eliminates the state income tax on Social Security benefits and public pension payments and provides a property tax credit for senior citizens. The credit would apply to seniors who are 65 and older and would effectively freeze their property taxes.................... About time for those of us that have paid taxes from day one and have been squeezed even in retirement. enough is enough!!
No. The negotiations stopped when they listed incorrect info on the offer. The realtor thought our place was sold. We asked for a purchase based on a contingency of this place selling....which is still up in the air. We are getting "bridge money" (from relatives) to buy the next place that will be repaid once our place sells. Our folks are looking at this transaction logically while we are far more emotionally involved.The AZ house did they come back to squeeze more money out of you?
RiRealor - is the path you're recommending "seller financing"? If so, I've read up a lot on this and am a fan. By using a servicing company and title company this can be done fully binding and legal and these 3rd parties enforce the terms, not the seller. However, if it's KD selling his home to a friends or family buyer and they decide down the road to default, I don't know that I'd take the risk of bad blood no matter the well intent at the start. On the other hand, if this new property KD is looking at is willing to seller finance to KD, I say go for it. Win-win for both parties if he can convince them.Kern- looking at my screen name and you can guess what my career is ( not all of us are bad, I promise!). Growing up, i moved every 6-7 years and this continued until I was 30. Finally settled on the East Coast and have been in RI for past 20 years. My quick read on your post above- your home probably did increase in value by 250K in the last 3-4 years, just like the rest of the country. Its for this reason, many who have owned for a long period of time decide to sell, cash out on the equity, and move to a lower cost area(CoL, taxes, median price, etc). But- the struggle is the current interest rates are not favorable for many to move which is why in some parts of the country there is a significant drop in supply of homes, resulting in the prices still going up, even with 7% interest rates! Not as much out west ( due to higher supply of homes) and Phoenix pricing has dropped YoY almost 10%, but remember that their market has skyrocketed over 40% since COVID shutdown. if you are borrowing the money to purchase, it can be favorable to both parties for a longer term loan as that money wouldn't be making much more than 4% right now in the markets, and if you agree to pay back the note at a similar rate, you are well ahead of the current rates.
My tip for your house- get it looking as nice and clean as possible- paint goes a long way! Good luck!
I sold a lake house to my niece that really wanted it. In my case, I lowered the price till she could afford it, not the point of this story. The point is I owned it outright and held the note on it as your bank would. I had a standard loan agreement made up, and we agreed on a 4.5 percent loan. I told her that there was no doubt that I loved her, but I would foreclose on it in a heart beat if she jacked with me. She knows me and she knows that as nice as I am, I can be equally cruel. The loan agreement stated all this legally, but I thought a friendly reminder as open as possible was in order. This was a great deal for both of us. Insurance and taxes needed to be kept current and the payment date was her choice and it went like clockwork for 12 years. She sold it and I was paid in full. Between us, foreclosure would never have bothered me. The interest I made was enjoyed and taking it back and reselling it again at a higher price due to market change would not have bothered me one bit. I'd do it again in a heart beat.RiRealor - is the path you're recommending "seller financing"? If so, I've read up a lot on this and am a fan. By using a servicing company and title company this can be done fully binding and legal and these 3rd parties enforce the terms, not the seller. However, if it's KD selling his home to a friends or family buyer and they decide down the road to default, I don't know that I'd take the risk of bad blood no matter the well intent at the start. On the other hand, if this new property KD is looking at is willing to seller finance to KD, I say go for it. Win-win for both parties if he can convince them.