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EconProf
ParticipantThat’s correct. The lender doesn’t want to do all the due diligence and paperwork necessary to take on a new debtor. Plan to refi it, or….
just informally start paying on the loan in place of your parents. If it is good rate, this may be the best course of action. Of course, all kinds of problems can crop up when family finances get mixed up like this. For example, what do other siblings say about this? Also, lender may force a sale or refi if they find out your parents are breaking one of the many covenants on the pages and pages of fine print your parents signed to get the loan.ParticipantThat’s correct. The lender doesn’t want to do all the due diligence and paperwork necessary to take on a new debtor. Plan to refi it, or….
just informally start paying on the loan in place of your parents. If it is good rate, this may be the best course of action. Of course, all kinds of problems can crop up when family finances get mixed up like this. For example, what do other siblings say about this? Also, lender may force a sale or refi if they find out your parents are breaking one of the many covenants on the pages and pages of fine print your parents signed to get the loan.ParticipantThat’s correct. The lender doesn’t want to do all the due diligence and paperwork necessary to take on a new debtor. Plan to refi it, or….
just informally start paying on the loan in place of your parents. If it is good rate, this may be the best course of action. Of course, all kinds of problems can crop up when family finances get mixed up like this. For example, what do other siblings say about this? Also, lender may force a sale or refi if they find out your parents are breaking one of the many covenants on the pages and pages of fine print your parents signed to get the loan.April 28, 2011 at 6:57 AM in reply to: Anyone know about “Bridge Housing” (affordable housing) #689914ParticipantIt is hard to get in and a great deal if you are lucky enough to qualify. Only a very few of the poor hit this jackpot of fairly high quality housing for perhaps half off the free market rent. You’ll likely keep your income low so as to continue to get this lucky gift from your government. Because the government pays about twice the market price to buy or build these units, the taxpayer gets a raw deal, but politicians are able to claim they did something about affordable housing, so everybody’s happy, except anyone who looks deeply at the true costs and true benefits.
April 28, 2011 at 6:57 AM in reply to: Anyone know about “Bridge Housing” (affordable housing) #689982ParticipantIt is hard to get in and a great deal if you are lucky enough to qualify. Only a very few of the poor hit this jackpot of fairly high quality housing for perhaps half off the free market rent. You’ll likely keep your income low so as to continue to get this lucky gift from your government. Because the government pays about twice the market price to buy or build these units, the taxpayer gets a raw deal, but politicians are able to claim they did something about affordable housing, so everybody’s happy, except anyone who looks deeply at the true costs and true benefits.
April 28, 2011 at 6:57 AM in reply to: Anyone know about “Bridge Housing” (affordable housing) #690596ParticipantIt is hard to get in and a great deal if you are lucky enough to qualify. Only a very few of the poor hit this jackpot of fairly high quality housing for perhaps half off the free market rent. You’ll likely keep your income low so as to continue to get this lucky gift from your government. Because the government pays about twice the market price to buy or build these units, the taxpayer gets a raw deal, but politicians are able to claim they did something about affordable housing, so everybody’s happy, except anyone who looks deeply at the true costs and true benefits.
April 28, 2011 at 6:57 AM in reply to: Anyone know about “Bridge Housing” (affordable housing) #690741ParticipantIt is hard to get in and a great deal if you are lucky enough to qualify. Only a very few of the poor hit this jackpot of fairly high quality housing for perhaps half off the free market rent. You’ll likely keep your income low so as to continue to get this lucky gift from your government. Because the government pays about twice the market price to buy or build these units, the taxpayer gets a raw deal, but politicians are able to claim they did something about affordable housing, so everybody’s happy, except anyone who looks deeply at the true costs and true benefits.
April 28, 2011 at 6:57 AM in reply to: Anyone know about “Bridge Housing” (affordable housing) #691089ParticipantIt is hard to get in and a great deal if you are lucky enough to qualify. Only a very few of the poor hit this jackpot of fairly high quality housing for perhaps half off the free market rent. You’ll likely keep your income low so as to continue to get this lucky gift from your government. Because the government pays about twice the market price to buy or build these units, the taxpayer gets a raw deal, but politicians are able to claim they did something about affordable housing, so everybody’s happy, except anyone who looks deeply at the true costs and true benefits.
ParticipantThis is the kind of amateur, scuzball landlord that gives us all a bad name. Fortunately, her greed and stupidity can work to your advantage if you follow urbanrealtor’s advice.
ParticipantThis is the kind of amateur, scuzball landlord that gives us all a bad name. Fortunately, her greed and stupidity can work to your advantage if you follow urbanrealtor’s advice.
ParticipantThis is the kind of amateur, scuzball landlord that gives us all a bad name. Fortunately, her greed and stupidity can work to your advantage if you follow urbanrealtor’s advice.
ParticipantThis is the kind of amateur, scuzball landlord that gives us all a bad name. Fortunately, her greed and stupidity can work to your advantage if you follow urbanrealtor’s advice.
ParticipantThis is the kind of amateur, scuzball landlord that gives us all a bad name. Fortunately, her greed and stupidity can work to your advantage if you follow urbanrealtor’s advice.
ParticipantSounds like you are falling in love with this house, and willing to pay more than what the market (and an appraisal) would dictate–a dangerous place to be. I’d wait and let the market educate the delusional owner and his/her agent. Your point that an appraisal would not support their holdout price is your best ammunition. Stay on friendly terms with the seller and agent and be patient.
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