Home buying thread

Frenzied Wombat

Frenzied Wombat

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Cad said:
Very. Our city services are great. I still have to deal with the county offices the same, but for water, police, recycling, etc its all town of HP, which has concierge level service.
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And the irony is HP taxes aren't even more than Dallas taxes. To add insult to injury, the Tax assessor's office sent me the bill/appraisal for my new home the day before they shut off my water. Nothing like staring at a tax bill for 15K while your water doesn't work because of a city screw up, having to live with once a week trash pickup, a ghetto school system, and roads that look like Beirut.
 
Vinen

Vinen

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Frenzied Wombat said:
And the irony is HP taxes aren't even more than Dallas taxes. To add insult to injury, the Tax assessor's office sent me the bill/appraisal for my new home the day before they shut off my water. Nothing like staring at a tax bill for 15K while your water doesn't work because of a city screw up, having to live with once a week trash pickup, a ghetto school system, and roads that look like Beirut.
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WTF what % do you pay.

The house I am purchasing that is near 1.5M USD will only have ~ 12-14K in taxes in the Boston area (Noting that the town has a large exemption for owner occupied).
 
Siliconemelons

Siliconemelons

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You Rich liberals need to reappropreate some money to us poors ;)

In % your paying about half what I pay in tax for that 1.5m house.
 
Khane

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Vinen said:
WTF what % do you pay.

The house I am purchasing that is near 1.5M USD will only have ~ 12-14K in taxes in the Boston area (Noting that the town has a large exemption for owner occupied).
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Large exemption is an understatement if that is really your tax bill.
 
Vinen

Vinen

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Khane said:
Large exemption is an understatement if that is really your tax bill.
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35% Reduction. City has a lot of business in it and a recently build "District" (think Sodosopa) that has assisted in lowering taxes for homeowners. The hilarious part is it really is a Sodosopa as the high-rise building overlook the poor / higher crime area of town.

At the current rate of gentrification there won't be a poor area of town in a few years though.
 
Frenzied Wombat

Frenzied Wombat

Potato del Grande
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Vinen said:
WTF what % do you pay.

The house I am purchasing that is near 1.5M USD will only have ~ 12-14K in taxes in the Boston area (Noting that the town has a large exemption for owner occupied).
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2.7% in the City of Dallas-- it's pretty brutal. You also can only enroll for homestead exemption in January, which means the first year you buy a house you generally get extra fist fucked.
 
Vinen

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Frenzied Wombat said:
2.7% in the City of Dallas-- it's pretty brutal. You also can only enroll for homestead exemption in January, which means the first year you buy a house you generally get extra fist fucked.
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Yeah we enroll for our "Owner Occupied" in Jan only as well. We will get hit with 2 full price months.

Even then 2.7% is horry shit. We are paying 1.167% (-35%). Then again prices in Dallas are likely far lower on average then Somerville, MA.
 
Siliconemelons

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Oh yes... I am FL so I have no state income tax...so I suppose that's also why mine are in % higher than yours also.
 
Vinen

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AladainAF said:
Texas property taxes are high to offset the fact there are no income taxes.
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That makes sense. NH does this as well. Forgot texas was a no income tax state.

Just checked and it looks like I have to live for a year in my town before I can file for the exemption. Full tax it is! Thankfully I don't think they will raise the assessment in 2018 so taxes will only be like ~12g.
 
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Qhue

Qhue

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Sadly when I left Somerville I left behind the owner-occupied perk. Rockland not only doesn't do the homestead thing, they have a crazy high tax rate to pay for their fancy new schools.
 
Vinen

Vinen

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Take ownership this week. So many contractors coming by the tailend of the week so I can get some work done before we move in. (Painting primarily).
 
error

error

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Okay broheims - I need a bit of advice. I think I have this sorted, but I'd rather not pay to engage a lawyer. My wife and I are separated (would make a good story when I get the motivation to type it up in the divorce thread) and during the separation (mostly amicable) I tried to make the best decisions I could to protect money / assets and our children's future. So, the overall breakdown of money and whatnot is a tad convoluted so I'll save the details (unless they become ncessary). I'll try to keep this fairly simple:

We now own two homes together, one I live in and one she lives in. This was to be a tempoary situation, basically to allow me to move out and forward with my life without stepping backwards (in my mind) into renting again. We are co-signers on each loan, her being primary on the first home and me being primary on the second home. Originally the plan was for her to sell the house she's in and rent for a period of time (she's taking the hit because she's the cheater) and during that time, I'd refinance her off the second home while we split the refinance cost. She takes the proceeds from that sale and does whatever the fuck after that. This is all because neither her nor I are rich enough to afford having both homes one salary.

Well, I did a bit of research and since the first mortgage (her house) is a FHA loan you can do a loan assumption. What I want to know is whether her assuming the loan and deed will remove me completely from liability and free me up to refinance this mortgage immediately? Does anyone have any experience with this? Reviewing the document the mortgage company sent her on assuming the loan, it looks like the deed needs to be transferred first. I'd probably want a notarized document showing her intention to assume the loan prior to transferring the deed (just in case she wants to be a big turd) but other than that, it seems legit.

Thanks.
 
wormie

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The mortgage must be assumed with the mortgagee being on notice. They hold the note in both of your names and that note must be canceled and your wife has to execute a new note.

Also GET A LAWYER.
 
Cad

Cad

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error said:
Okay broheims - I need a bit of advice. I think I have this sorted, but I'd rather not pay to engage a lawyer. My wife and I are separated (would make a good story when I get the motivation to type it up in the divorce thread) and during the separation (mostly amicable) I tried to make the best decisions I could to protect money / assets and our children's future. So, the overall breakdown of money and whatnot is a tad convoluted so I'll save the details (unless they become ncessary). I'll try to keep this fairly simple:

We now own two homes together, one I live in and one she lives in. This was to be a tempoary situation, basically to allow me to move out and forward with my life without stepping backwards (in my mind) into renting again. We are co-signers on each loan, her being primary on the first home and me being primary on the second home. Originally the plan was for her to sell the house she's in and rent for a period of time (she's taking the hit because she's the cheater) and during that time, I'd refinance her off the second home while we split the refinance cost. She takes the proceeds from that sale and does whatever the fuck after that. This is all because neither her nor I are rich enough to afford having both homes one salary.

Well, I did a bit of research and since the first mortgage (her house) is a FHA loan you can do a loan assumption. What I want to know is whether her assuming the loan and deed will remove me completely from liability and free me up to refinance this mortgage immediately? Does anyone have any experience with this? Reviewing the document the mortgage company sent her on assuming the loan, it looks like the deed needs to be transferred first. I'd probably want a notarized document showing her intention to assume the loan prior to transferring the deed (just in case she wants to be a big turd) but other than that, it seems legit.

Thanks.
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You need a release from the note holder if you're going to be free and clear, either a release stating the previous note was paid in full on a refinance or a release based on assumption. Either way, you need a document from the note holder that (preferably approved by a lawyer) releases you from all liability regarding that note and the underlying security on that note.
 
Deathwing

Deathwing

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Frenzied Wombat said:
And the irony is HP taxes aren't even more than Dallas taxes. To add insult to injury, the Tax assessor's office sent me the bill/appraisal for my new home the day before they shut off my water. Nothing like staring at a tax bill for 15K while your water doesn't work because of a city screw up, having to live with once a week trash pickup, a ghetto school system, and roads that look like Beirut.
Click to expand...

Why would you expect trash pickup more than once a week?
 
Deathwing

Deathwing

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That's great, but I would deem that a luxury. Once a week trash seems like a reasonable baseline unless you're generating way too much trash.
 
error

error

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Thanks for the information gents. It prompted me to call the mortgage company and loan assumption is effectively the same thing as refinance without being subject to current interest rates. So, we're in the same boat and she needs to sell that house prior to us being able to move forward. Sigh.
 
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