Skip to main content

Forced into buying a home at 19, no idea what to do, need lots of advice.

As the title says, I'm 19 being forced into buying a $200,000 home.

TL:DR I need a lot of instruction on what steps to take as a first home buyer since I truly know NOTHING about how to do this.

I'm living in a rent to own house with my mom. We're under a 4 year lease and we have about 5 more months before we are expected to buy. I knew when we moved in I would be co-signing on the property in 3 years time. Everything took a really bad turn several months ago when my mom and landlord rewrote the lease double the price. I wasn't informed of this extreme change until 3 months after this occurred. My mom has since left her job and I have been practically the sole provider since. In the past 3 years I have put a lot of effort into fixing up this house and I simply cannot leave as it meets a lot of necessities. My mom wants to be as helpful as she can but I can tell she is extremely lost and is too distracted to really figure this out with me. I just need some help from hopefully more educated and reliable resources (while fact checking). Thank you

submitted by /u/MusicGeekdotcom
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/17rbnvk/forced_into_buying_a_home_at_19_no_idea_what_to/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/