Archives for April 2011

Apr
07

What is the best way to finance a 50k house purchase?

Purchase house
by wallyg

Question by Brad: What is the best way to finance a 50k house purchase?
I am thinking about buying a property for about  50k while the housing market is still low. But I only have around 20k in savings. I don’t want to use it all because most likely the property will need some repairs. So, what is the best finance strategy  How much Do I or should I use for this home purchase?
Thanks.

$50,000   Sales Price

20%  =  $10,000 Downpayment

80% = 40,000 Loan

Summary: $ 10k downpayment  $ 40k mortgage

There are other options requiring less down-payment but this would give you the best interest rate and monthly payment.

Get a home inspection before your purchase to make sure the home doesn’t need major repairs.

And last but not least get a fixed rate mortgage.

Give your answer to this question below!

Apr
06

Can I keep the purchase price of my house out of the public records?

Question by dave: How do I keep the purchase price of my house out of public records?
I am about to close on a home purchase in about a month and want to prevent the purchase price from showing up in the public records. I heard that there is a way to prevent the county from publishing this information in public records, but not sure about how to go about getting this done. Does anyone know how to do this?

Best answer:

My understanding is that its not possible to avoid real estate sales from going into public records. The law states that it is a “Matter of Public Record”.  If this is important to you, consult with an attorney that knows real estate and can best guide you.

If it can be done I would be interested in finding out how.

What do you think? Answer below!