Real estate General topic

[paulsharvey]

As is has been our position on all real estate dealings. Leaves no doubt and may open talks on price only.

You would think so, but almost always the offer is contingent on inspection and fiancing. So, lender often won't loan (VA is the worst) with certain things. Ive heard, that VA loans require screens in every window that opens, and other, what i would call cosmetic, issues.

 

[tradosaurus]

We didn't ask for any repairs; we originally wanted the seller to do the survey; but had to back off that to make it work out.

Selling the old house, the first buyer demanded water heater upgrade and foundation jacks, which we did before deal fell through. Final buyer just wanted to meet, and discuss breakers, were the water lines were, ect.

Could you have made that repairs contingent on the buyer signing the purchase contract?

 

[paulsharvey]

Could you have made that repairs contingent on the buyer signing the purchase contract?

It was "under contract" but the contract was contingent of fiancing and inspection. I had those repairs/upgrades to meet the contingency. She then defaulted on the contract, so we seized her earnest money. It didn't completely cover the work done, but about 2/3rds of it.

 

[paulsharvey]

If I refused to do the repairs, she could walk away, with her earnest money.

We really did try to save the deal, even extending closing date. In the end, she did something stupid (quiting her job), and something dishonest (lied about cash on hand available for closing cost).

Now, I do wonder, did she have bad advice? Did someone not tell her? Did she have the down payment, but didn't think of the $1700 also due for 1st year's insurance? I dont know.

In the end, the guy who bought it, was a better real for us anyways.

 

[paulsharvey]

On our sale; we did, at our real estate guys advice, have septic tank pumped and certified; and we provided a copy of the original, still valid, survey. So, thats roughly $1500 in value, although it only cost us $700. And, thats not $1500 saved on purchase price, thats $1500 saved by them in Closing cost.

 

[paulsharvey]

I have wondered, is there a way to transfer a homeowners insurance policy? Most homes being sold have an active policy, and getting insurance is a Major hurdle to the buyer.

 

[paulsharvey]

I actually posted this comment/question in another thread, and kinda thought it was probably more appropriate on this one.

"Since we have already veered pretty far... Just saw a picture showing metro areas with highest foreclosures, which included Ocala FL (#5) and Jacksonville (#6), which made me pause for a second, and then wonder a question....

The Villages, Top of the World, and other age restricted communities; what happens when the owner dies and the heirs are under 55? I assume they can't take up residency, and have to sell, or maybe rent to a 55+; but im not sure. Im assuming these super HOAs have rules against rentals too... So, anyone actually know how that works?"

 

[bdhsfz6]

Much will depend on the HOA bylaws, which vary greatly. In most cases, you would not be permitted to live there unless it's with a family member who is over 55. Unless renting to someone who qualifies is permitted, selling the property is often the only option.

I worked with a couple who ran into this situation and they got around the rule by having an elderly aunt move in with them. Some however do not permit anyone under 55 to reside there permanently. Again, this will depend on the HOA.

Many 55+ communities follow the federal "80 / 20" rule, which allows 20% of residents to be under 55 and there is often a waiting list.

This is certainly something for seniors with heirs to consider before buying into one of these communities. It's often wise to consult an attorney who specializes in estate planning.

 

[WinterDeere]

Sounds like a recipe for some heir to pull their own morbid "Weekend at Bernie's", until they turn 55 themselves.

 

[Sigarms]

Who the heck would want to live in Florida? Flat as heck, humid as heck, and rain / sunshine like 6 times a day

I'm only joking, but Florida isn't for me.

 

[WinterDeere]

Who the heck would want to live in Florida? Flat as heck, humid as heck, and rain / sunshine like 6 times a day

I'm only joking, but Florida isn't for me.

Agreed. Great place to visit in February, and I love taking the kids to Disney World, but I would never want to live there year round.

Mom spends winters there, as did my great grandparents for their retirement years, but even that’s too much time away from home and snow, for me.

 

[ultrarunner]

A nurse I worked with was 37 and her husband 67 and they lived in a senior community…

She was allowed to stay because she had met the move in criteria and was on title… if she moved out she would need to wait until 55 without someone 55 to be with her…

A few in the community made a deal about it knowing the husband had passed but they were set straight…

It’s almost like some of the women in the community didn’t like the idea of a man with a wife old enough to be a daughter

 

[paulsharvey]

Who the heck would want to live in Florida? Flat as heck, humid as heck, and rain / sunshine like 6 times a day

I'm only joking, but Florida isn't for me.

Parts of Florida are not flat, Tallahassee, or even where I am have some hills. Now, that's the difference between 80 ft above sea level vs. 130 ft ASL; not mountains.

I do like Florida (that's north central to the northeast), but I also like the southern extreme end of the Appalachian mountains; Huntsville/Chattanooga/Blue Ridge. When I see property listing east of Huntsville, I look at 40 acres, site build home, good hunting, ok fishing, privacy, and see its less than I paid for this place.... It makes you consider it. Couldn't live further north than that northern border of Ga/Ala/Ms/S.Car. Yall can keep the tundra of Penn/Ohio

Im not 100% convinced I want to stay in FLa the rest of my life; but likely the rest of my working life.

Weather; yeah, it's hot and humid; but not near as bad as middle Georgia, that's brutal, and no afternoon sea breeze.

I did see one Govenor hopeful is running on a Florida is Full kinda campaign. I get the sentiment, but I can only imagine what that will do to our economy.

I have said it before, I'm torn, I like woods, farms, wetlands, fishing/hunting, but without development, I dont have a job. With that, I drive 1h20m to work, to not be in the mix of that development. One day, it will expand, and in small doses, it is. Even then, you can complain about DG building a store every 5 miles; but it's nice not to drive 30 minutes to get toilet paper at 9pm

 

[paulsharvey]

So, we closed on selling the old house, and i didn't give many details; we bought it in spring of 2007, for $75,000. 3 bed/2 bath double wide (a cheaper model), with 2 acres of land, in a fly in HOA, on a paved county road. We sold it for $155k, in summer 2025. With that, we had replaced porch, roof, well pump, added the semi permanent pool, did a lot of general clearing of trash trees, build a couple nicer chicken coops, partially fenced the property, added a 3 car parking area with millings.

Funny thing, I was with my wife in Tallahassee when the funds transferred; and me and wife both agreed, Tally isnt nearly as ghetto as we had always heard. its actually got terrian, and the east and north side are pretty affluent; yeah, south west, not so much, but no worse than other medium sized cities. Only takes about 25 minutes to get across town, maybe 35 at rush hour. Kinda a nice mix of my part of Florida with north Georgia/Alabama.

Edit or additional detail; It was a 94 model, set up in 94. Apparently it had sat vacant for a couple years through a nasty divorce before we bought it. It had maroon shag carpet in every (bathrooms too) room except the kitchen, pink laminate counter tops. Through the years we redid flooring in every room except master bedroom; did tile in master bath, laminate wood in bed#2 and living/hall. Did peel and stick laminate vinyl plank in hall bath; re rooted entire thing, built an interior pantry, ect. Pointing that out that its not like it just magically grew from $75 to $155; and even after paying for 18 years on a $75,000 loan, we still owed $48k; in large part because we refinanced while my wife was in nursing school, and made a deal with the devil; refi 12 remaining years of a 20 year loan, for a full 30 years, to get payments down. We knew it was a deal with the devil, but it was what we needed to do at the time.

 

[paulsharvey]

We also closed on the cash in refi. Went pretty smooth, but rates are still pretty stagnate, and not dropped. We did do 30 years, went from FHA to conventional, paid down to lower than 80% loan to value ratio and got rid of PMI.

 

[Sigarms]

Parts of Florida are not flat, Tallahassee, or even where I am have some hills. Now, that's the difference between 80 ft above sea level vs. 130 ft ASL; not mountains.

At the end of the day, it's to each their own

It wasn't until recently I really fell in love with northern California, but there is no way I'd live there.

I've just never really liked flat places, but that's just me.

I use to joke that space mountain was the highest point in Florida, but I factually wrong, but only by less than about 150'

And yes, I should have just said the heck with it and moved to Idaho a long time ago, but not certain about work, and on the plus side, the older I get, the more I don't like snow LOL

 

[paulsharvey]

In my rough, in the head math, we nearly broke even on the sale vs the money we sent on mortage payments, repairs, ect.

Now, take insurance and taxes into account, we did not Make money on that place, but probably averaged paying about $250/month for 18 years for a place to live/raise the kids, ect

Im only pointing out, you can't just look at sale minus purchase=profit.

Edit: Maybe when you really crunch the numbers, it might work out to break even; which isnt bad for a place to live

 

[BackRoad]

There's hidden value...maybe "benefits" is a better word, that comes with owning your home and land rather than renting.

It's not a pure economic math equation.

I find the feelings of pride and self worth generated from your own efforts to build or create something of increased value to be pretty powerful.

You are actively creating rather than contributing to passive decay, though I know not all view it the same way.

 

[paulsharvey]

There's hidden value...maybe "benefits" is a better word, that comes with owning your home and land rather than renting.

It's not a pure economic math equation.

I find the feelings of pride and self worth generated from your own efforts to build or create something of increased value to be pretty powerful.

You are actively creating rather than contributing to passive decay, though I know not all view it the same way.

Oh 100%. Its just when you say you doubled the value in 18 years; that's not really accurate. Sure, if you paid cash, and had no ownership costs, kinda, but there is still opportunity costs, of what else that money could be doing.

There are also major costs to renting, beyond just the rent payment. Think of the cost (time or money, or both) in moving every couple years between rentals.

At no point did we regret buying that house. Yeah, there were struggles, and some frustrations, but it served us well.

 

[paulsharvey]

Just saw this, for my county, and figured it fit right in here; Sept 2024 vs Sept 2025.