Buying first house- issues with me getting mortgage but fiancee providing down payment?

Hi folks, thanks for the help. I'm located in CT.

My fiancee and I are trying to buy a house. I won't bore you with our life story, suffice to say we're trying to do it ASAP. We wouldn't be able to do it if she hadn't gotten a large life insurance payout a bit over two months ago. However, she has very bad credit, while mine is OK. So the mortgage has to be in my name, although we're putting her on the title.

She's capable of putting down $50K on the $325K house that has passed its inspection. But now the mortgage provider is saying that it would be better if she gave me the money as a gift and the checks came directly from me. I am a little worried that there might be tax or otherwise unexpected implications to this transfer, so I was hoping to get some clarification on that topic. Again, thanks for any advice you could throw my way.

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Hipster Buyers: What amenities do you desire?

What desirable amenities would a modern hipster most likely respond to, besides the granite counters, jetted tub standard fare?

  • Level 2 charge station
  • Level 3 charge station
  • Tesla Wall unit – off grid possibilities
  • Bluetooth enabled home spaces

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Need some advice for a first time house buyer. Fear the house is high maintenance ?

Liked a single family home to buy, but a little skeptic after reading the previous work done on the house.

  1. Stucco replacement on the right side elevation of the room and frame repairing of the south side of living room due to water seeping in between stucco paper and framing in year 2000. It costed $21,000.This is a recurring problem according to the report but the report said it occurred so soon again due to work not done properly in the previous repair (year 1999) and also due to stucco. Don’t know if stucco was replaced in 1999 though.
  2. Vinyl siding was done too in year 2000. Costed $25,000.
  3. There was water intrusion problem in rear and front bedroom too but the owner didn’t get that fixed.
  4. Back deck was repaired in 2001 costing $2480.

What would you guys suggest? Would this house need very high maintenance or we should be okay with small repairs here and there? Stucco is expensive and don’t want to go through this every few years.

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Buy outright or get a mortgage for first time buyer?

Hey everyone, longtime lurker, throwaway account. TLDR at bottom.

Now, I know I need a real financial advisor to help with a lot of these questions but I want to know what people who have had more experience and have thought more about these matters think.

I’m early 30s, married with 2 kids under 5. Wife is SAHM, combined we have about 250k student loans @ 6.8%. Currently we rent because I’m in training/schooling, about to get my first real job and moving to a city we are both familiar with so we know the parts of town and where we want to move. It’s relatively low cost of living large city in the southeast.

Next year is my first “real job”, around 300k/year some small bonus structure (1 month pay max). Do not expect salary to drastically change, will go up every few years but probably never over 400k even at end of career unless I go into administration. We are also lucky that we have around 1 million in low-mid risk investments (mutual funds mainly, managed by large company) from our families. We also have around 50k in checking/ savings as liquidity. We’ve used the investment money through schooling and training to live more comfortably, and had deferred any decisions about paying back student debt until we were settled after our prolonged adolescence through higher education.

My wife and I want to be smart with money and want to maximize our own retirement funds and savings while putting as much into 529s for kids as possible now that I have a real job. We’d been planning to probably refinance to 4.5% and pay off 250k student loans in 5-10 years.

We don’t feel like we need a big fancy house, we are looking to spend 350-450k.

Does it make sense to just buy a house outright using money from investment funds? We would then put money that would have gone to mortgage into retirement/ kids educational funds? Or should we not touch money in investments, and take out mortgage and pay back over 10-15 yrs? Or is there a third path I don’t know about?

TLDR: 30s, 2 kids, 300k income, 250k debt, 1 m investments (stocks, mutual funds), want 350-450k house. Should we outright buy or take out mortgage?

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Question about the Georgia Real Estate State Licensing Exam

I'm 18 years old and looking to get my real estate license, I completed my schooling online through the Georgia MLS Training Institute. I passed my school exam already. I am curious if taking the cram course is a must to pass the state exam though. The cram course is all booked until December and I am eager to get my license sooner. I know the school exam is the same format(4 hours 152 questions) as the state exam but is the content similar? I've heard the state exam is a lot harder but that was all from people who took it years ago who said the school exam was super easy. I feel like they might have made them more similar now. If anyone could give me some insight I'd be appreciative!

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a developer left me a message today, wants to talk about buying my house

Anyone have any experience with this? I have no idea where the offer or buyout price should be in relation to market value, how to go about negotiating it, or what I should expect to happen next. I haven't called him back yet.

The developer bought a bunch of property next to my house about 3 years ago. it's basically a giant corn field. They want to develop it into high end apartments. Today he called and left a message that went something like this:

We've talked to your neighbor, and are expecting to purchase his property, and he told us you have talked, and might be interested in selling yours as well. If this is the case, and you do have interest, please call me back.

He's a huge developer in our area, and owns a few malls and other large, well done apartment complexes in the neighboring towns.

Here's my question: How should I expect the offer process to go? What's fair, in relation to market value? For example, if my house is worth $500k on the open market, what's it worth to a developer? I own 2.5 acres in a very desirable town, in a town where land is kinda hard to come by.

My house was cheaper than the average because of the location and odd shaped flag lot, but I would need to be able to afford to stay in town – i'm a firefighter here, and my kids are in the school system – so I would need to make out well enough to move locally.


Pic for reference showing property layout for reference:


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What are my financing options adjacent vacant lot- BC Canada

So there is a vacant 2 acre lot up for sale and would like to consider purchasing it for the purposes of future development and/or investment- approx 200k. As far as my personal finances are concerned, i am retired and my primary asset would be the land and property i reside on with an assessment just south of 1 million (which i own outright).

As far as i understand the purchasing conditions in my area of vacant land i would need 50% down.

I was hoping i could get some advice on what my financing options are for both the down and the residual- in hopes of avoiding any high interest options with the intent of just sitting on the property for a handful of years.

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Contractual Agreement vs. Selling House

I am in a situation that I could use some advice for. My job is relocating me to another city. I have already purchased a home in the new city, but am having a very hard time selling my current house as a. I have only lived in the house for 3 years, so I don't have a ton of equity built up, hence the reason I am selling by owner.

I have met with a couple realtors, and after crunching the numbers, it looks as though I will likely owe money when the house sells. I frankly do not have the extra money put aside to take a loss on the house.

I just met with a gentleman that is interested in a contractual agreement, instead of purchasing the house outright. He said he would take over the mortgage payments and have the title in his name. He would then in turn rent out the house out. After 2-8 years, he would purchase the house at what we owe on it. He offered either money up front, or money paid to us when he purchased the house in a few years.

Obviously I would get a lawyer involved to make sure this contract would be beneficial to us, but this type of scenario is new to me. We wouldn't take much of a loss on the house, but we wouldn't have to worry about two mortgage payments. What are the pros and cons of this type of agreement?

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Seeking advice

Hey I'm not sure if I'm able to make this kinda post here but I think I found a house I'd be able to make a good percentage of money on. I've been looking for a way to get a loan big enough but I don't think I'd be able to get the loan with a bank because I've never had a credit card so I believe my credit score is 0 I'm only 19. I was wondering if any of you know how to get your score up quickly or any alternatives. Thanks

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Need Some advice on land real estate decisions

I have been presented an opportunity to buy the land that is in my family, before it gets sold to outsiders. It is cropland in North Dakota at 640 acres. The value of the land is around 2 million. I am just an average Jane and wanted to know what I needed to do to try and buy this land.

Would opening a business and buying the land under the business work? If so, do banks typically lend that much money to new businesses.

So with this land, its not just sitting there, it's currently being rented out by farmers and they pay an estimated 100k a year. With this income on the land, is it feasible to buy the land?

Please help me with anything that can be of assistance. I do not know enough about real estate to know what direction I should take.


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