steph08
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Post by steph08 on May 13, 2021 8:18:54 GMT -5
You shouldn't have a problem getting them combined into one parcel. We had to split one of our parcels when we sold our old house. We owned a house on one parcel and an abandoned house/9 acres on the other parcel. When we sold our house, we split the abandoned house section off to sell with the house (as it was right next to it and expanded the yard) and kept the 9 acres. We just hired an attorney to handle everything, and it was only like $500 to get it done.
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TheOtherMe
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Post by TheOtherMe on May 13, 2021 9:15:45 GMT -5
My sister and many farmers here have split the house in to a separate parcel. That mostly happened during the farm crisis so if they lost the farm, they wouldn't lose the house.
They own two different farms. They did not split off the rental house. Just the house they live in.
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stillmovingforward
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Post by stillmovingforward on May 13, 2021 9:45:01 GMT -5
You can also just sell the 2 parcels together. We owned 3 parcels, sold one and kept 2. We just did a refinance and they appraised the 2 together.
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minnesotapaintlady
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Post by minnesotapaintlady on May 13, 2021 9:52:39 GMT -5
Ok. That's what I was wondering...if appraisals could be of combined properties. I'd hate to lose buyers that couldn't front an extra 50-100K for the raw land in order to qualify for a loan.
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tractor
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Post by tractor on May 13, 2021 14:41:40 GMT -5
You could always grant a driveway easement along the east side (?) of the front parcel (between the garage/barn) for someone to access the back. If it has a nice building site, it would be desirable. Around here 1/4 mile for a driveway isn’t all that unusual, and someone would pay a premium for the privacy.
Otherwise, combining them into one parcel would be easy, I just did it at the Township with a call to the accessor.
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Miss Tequila
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Post by Miss Tequila on May 13, 2021 18:48:46 GMT -5
Can any of you that buy and sell real estate a lot give me some advice here? I bought my land back in 95 and did it contract for deed with the farmer I bought it off of. Because you can't build on land you don't own outright we had it surveyed into two parcels. The front parcel I paid outright with the down payment (10K) and the remaining 20K was to be paid to him at the rate of 2K/year for 10 years. It's long paid off, but of course the land is still in two parcels. When you look at Zillow or I get an appraisal on the house it's only the front 5. If I ever sold it would have to be the entire 15. I'm wondering now if that would cause a problem for a buyer because the property wouldn't appraise high enough and if I should see about having them legally combined again? I'm not sure that is even possible without having to do something with the mortgage as well and I won't consider a refinance just for that. I'm just trying to get ahead of any potential problems in the future.
As you can see, the back 10 pretty much has to go with the front 5 as it's landlocked and there isn't much space for an easement for a road to go through the front, which is a shame because the back 10 has beautiful valley views. A real nice building site in the way back...you'd just have a hell of a driveway.
I used to work for a title company. You can combine the two deeds into one. I did that when I bought a two unit. They were owned by two different people at one point (who in the hell would buy half a house?). My title company combined into one deed when I bought it.
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buystoys
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Post by buystoys on May 14, 2021 9:15:44 GMT -5
We combined out three lots into one when we bought the house. There weren't any ag credits or any reason to keep them separate. By putting them together, we get a discount (homestead and over 65) for all the land instead of only one lot.
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minnesotapaintlady
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Post by minnesotapaintlady on May 14, 2021 10:31:44 GMT -5
Forgot about ag credits. I don't think I'll do anything until right before I sell (whenever that is). Currently the taxes on the back 10 are only $80/year. I don't know if ugly things would happened if they were reclassified as residential.
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countrygirl2
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Post by countrygirl2 on Jun 2, 2021 23:05:34 GMT -5
Don't worry about appraisal, I guess. Son paid $65k over listing and it appraised for the whole $560k, they seem to be doing that I guess. Things are really changing all around me, stuff I never heard of.
Property sales are on fire anymore. I've tried to get hubs to sell all of our rentals right now. We could make a bundle.
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bean29
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Post by bean29 on Jun 3, 2021 10:25:50 GMT -5
Don't worry about appraisal, I guess. Son paid $65k over listing and it appraised for the whole $560k, they seem to be doing that I guess. Things are really changing all around me, stuff I never heard of. Property sales are on fire anymore. I've tried to get hubs to sell all of our rentals right now. We could make a bundle. Can you get him to sell just one? Selling one in an inflated market would give you a buffer if the market crashes and you have a loss on another one.
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countrygirl2
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Post by countrygirl2 on Jun 3, 2021 18:51:45 GMT -5
He wants to get rid of the post office as its a 1910 building. He said its going to need a new furnace, its probably 40 years old. And he said might need a roof. But I don't really want to. We have all kinds of letters from groups that own them wanting to buy it. The downside is if it burned or something I believe our lease says we will replace it.
We earn $416 a month, have 5 year contracts at a time. The expenses are $650 ins and less then that in property tax. It has a new roof or newer but hubs said it really isn't right. We need to get an appraisal of the old bank vault door and stuff as folks have said its worth more then the building. But I haven't done anything about it.
Another house, his folks would likely sell for $75k at least, maybe $85k. The mobile is there, we rent them both for about $1050, a month, And I don't know what another little place with 10 acres of melon land, that's more expensive, could be worth from $50k to $80k for the land and maybe $40k for the house. We rent the house low, we need to do work there to raise the rent and were busy with others. Those people rented from his dad, suppose over 30 years or more total by now. But we never have to do anything there, his dad made that agreement. He doesn't want to have to remodel till its empty, then could get more. It has new windows, roof, and I put a new furnace, AC in before he retired. It has a nice garage too on about an acre, way out. It's cosmetics it needs.
Another house would sell right now, all are rented for I suppose $60k maybe $70k, we need to put new floor coverings in is all. We were going to do the kitchen and bathroom and the tenant has not gotten back. Hubs said he could do it in a week. That one is $500 a month, the other house is renting for $450 a month. I'm raising rents first of next year. It would sell maybe $45k to $50k. Here the prices are impacted by pure lack of available housing. I saw a small 2 bedroom for sale at $92k the other day, so I may be undervaluing. But my prices are fairly realistic. I tried to go on the low side.
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busymom
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Post by busymom on Jun 3, 2021 18:56:49 GMT -5
I agree with you, countrygirl2, that if I was even thinking of selling, I'd sell NOW. A real estate agent I know is literally scrambling to try and find anyone with a house they want to sell. The demand is huge, at least around here.
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countrygirl2
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Post by countrygirl2 on Jun 3, 2021 19:14:48 GMT -5
We have to be careful it will trigger the higher medicare and other fees if we report above a certain amount of income and there will be capital gains on all of them.
I just don't think it will be a problem to sell here even in a down market. Nice, affordable places are impossible to find. Just have to see, we need to do it over about 3 years.
Roughly I think that's about $300k worth of property. We sure don't have that in it.
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pooks
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Post by pooks on Jun 4, 2021 10:57:21 GMT -5
Boise seems to be cooling. Houses aren't moving as quickly, even one in a great neighborhood has been on the market for over a week. Stepson just sold his house due to a transfer, so that is probably the top of the market. His luck just goes that way.
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alabamagal
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Post by alabamagal on Jun 4, 2021 11:38:19 GMT -5
Our house just appraised for refi at $305k. We bought for $238k 18 months ago and spent $20k on upgrades (wood floors, paint, fence). If you take out the $20k, that is annual return of 13%. Houses in our neighborhood are still selling fast.
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finnime
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Post by finnime on Jun 4, 2021 13:45:59 GMT -5
Houses going here within 24 hours. Agents give a deadline for "bids"- not even offers, but bids, and then they are collected and reviewed over a day.
We've had only handful of sales over the past 3 months, but I realized that was due to the paucity of listings. Instead of 24 houses for sale there have been more like 8 in the last quarter. It's interesting. We are trying to save the money needed to bring our home up to "good", not great, and plan on listing within maybe 6 months. Could be sooner, depending on DH's health among other factors.
People really want to live in this particular neighborhood.
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Tiny
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Post by Tiny on Jun 4, 2021 14:48:21 GMT -5
Was visiting a friend last night - and the townhouse next door was purchased (closed in November 2020) 6 months ago for 260K has a new For Sale sign out front. The townhouse is listed at 299K.
It was fixed up for when it was on sale in 2020 - so new carpeting, new gray flooring and "faux white marble" counter tops in the kitchen (it had existing white cabinets) and a fresh coat of the same shade of gray wall paint in every room.
I'm guessing they will "break even" on the sale (and moving expenses, other expenses associated with buying and selling a house within a year. )
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jerseygirl
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Post by jerseygirl on Jun 4, 2021 15:58:37 GMT -5
Our house is valued at a ridiculously high price on Zillow (increase of $200,000 in last 6 months) If we wanted to downsize or move to a lower tax better climate this would be the time
But we won’t primarily because of family, and we can afford it but hoping property taxes don’t increase due to these prices
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Post by Deleted on Jun 4, 2021 16:12:21 GMT -5
I’m glad Mister and I bought in 2019. If we were looking to buy now, we couldn’t afford to buy in this neighborhood. Well, technically we could, but it would cost more than we would want to pay. I already joke that we just barely got in the neighborhood anyway. Just one street over from us, there are huge $500k and $600k houses.
Next door neighbors paid $295k last fall and Zillow had their house worth $330k last time I looked. Their house is bigger and newer than ours, and has a pool.
I have 2 coworkers that sold their houses in the same suburb within the past 6 months. One moved to another suburb on the other side of town and one moved to another county nearby. They both paid well over $600k for their new homes. One sold his prior house to investors and got $30k more than he expected. The other, his house was almost paid off and the suburb they both moved out of is pretty popular, so I imagine he did well on the sale of his house too.
One of them, his wife is a nurse practitioner, so I ASSume she makes good money. The other one, I don’t think his wife makes much more than we do. My coworkers and I have the same base salary, but both of them work OT. I don’t. I STILL can’t imagine buying a house that cost over $600k. That buys a LOT of house in this area, one is over 5k sf.
I’m going to eventually ask one of them how he managed to be able to afford a house like that. He and I talk about money stuff and he’ll understand that I’m not asking to be nosey, I’m trying to learn some things. Because clearly they know some stuff I don’t. He didn’t use the proceeds from selling the first house to buy the new one. The first one didn’t even go on the market until a month or so after he moved into the new one. If Mister and I sold sold BOTH houses, I still wouldn’t be comfortable buying a house that cost that much. Especially not when I’d like to retire within the next 10 years. They are both closer to being eligible for retirement than I am. So I have questions lol.
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TheOtherMe
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Post by TheOtherMe on Jun 4, 2021 18:58:35 GMT -5
I still dream of moving back to Colorado. In my heart of hearts, I do know it will never happen because I don't play the lottery.
I rented a mountain house in 2003 for $750 per month. No parking. About 500 sq ft. Froze the entire winter. Had been a company house for a mining company at one time. I see today one of those is listed at over $500K. For 500 sq ft and the kitchen and bath in the one I rented were much nicer.
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countrygirl2
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Post by countrygirl2 on Jun 4, 2021 19:24:55 GMT -5
I just hope son and wife got a decent house. Sight unseen is not good.
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jerseygirl
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Post by jerseygirl on Jun 4, 2021 19:47:22 GMT -5
I still dream of moving back to Colorado. In my heart of hearts, I do know it will never happen because I don't play the lottery. I rented a mountain house in 2003 for $750 per month. No parking. About 500 sq ft. Froze the entire winter. Had been a company house for a mining company at one time. I see today one of those is listed at over $500K. For 500 sq ft and the kitchen and bath in the one I rented were much nicer. That is a crazy price!
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CCL
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Post by CCL on Jun 4, 2021 19:56:25 GMT -5
I just hope son and wife got a decent house. Sight unseen is not good. They didn't even go out and look at it? Houses in my area are selling quickly. Prices have gone up more than I've ever seen around here. Mine has nearly doubled in the 5 years I've had it. People like this area. Of course, I knew that, which is one reason I bought here. We've considered moving, but where would we go? I don't think I'd sell this place, anyway. I don't want to give up my interest rate.
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Post by Deleted on Jun 4, 2021 20:07:43 GMT -5
I just hope son and wife got a decent house. Sight unseen is not good. The funny (to me) thing about the house next door is that the neighbors that lived there when we moved in, bought the house sight unseen. They were moving here from Nevada. Current next door neighbors did the same thing. Their realtor gave them a video tour, but they didn’t see the house in person before they bought it either. I think it worked out for both of them. It really is a nice house and the neighborhood isn’t horrible.
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countrygirl2
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Post by countrygirl2 on Jun 4, 2021 23:34:31 GMT -5
If they had held off to go look at it, it would have been sold. The people that bought sons, bought it sight unseen too. I never heard of such a thing. As hubs said over half a million dollars sight unseen, damn. I hope he doesn't learn a sorry lesson.
It's been appraised, he is having it inspected, and closing with a title company. The location looks good, the schools are excellent.
Son is paying down $180k and keeping out $70k in case he needs to fix anything, so he is aware. He has other money, but sure would hate to see him have to spend more on it. But I would have had dad or I go look it over. I sure hope its not a mistake. But I wonder if he has been feeling bad for some time, is why he didn't want to take a trip out also. DIL had kept telling me his stomach was getting bigger and bigger, she thought he was getting fat.
Actually I think they both need some down time. They never get away from little guy. Also covid has stressed so many people and disrupted lives. This will give them a break. DIL is going back out with her BIL and the dogs I think the 11th. They sign on the house the 21st. I'm sure her sister and BIL will watch out for her. Then we are going out in July so hubs can help if she needs it and take grandson out. Sons orders were changed to report August the first. They aren't picking up their things till July now. So they will all get a break son, DIL, and grandson.
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countrygirl2
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Post by countrygirl2 on Jun 4, 2021 23:36:17 GMT -5
If I were trying to protect farms I would make them 2 LLC's and that way they could just come for one asset at a time.
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Post by Deleted on Jun 5, 2021 8:14:32 GMT -5
I mentioned the house next door earlier in this thread. The last sale of a house with the back yard facing the lake was about $320K in late 2019. It was a bit bigger than mine and on a slightly larger piece of property. DH and I bought 6 years ago and paid $258K but enclosed the back porch ($26K), replaced some leaky windows, added plantation shutters and most recently installed quartz countertops in the kitchen. House next door listed for $449,900 a month ago, subsequent markdown and I just heard it went for $425K. Wow. That also has a back yard facing the lake and is slightly larger than mine, with more hardwood flooring. Of the previous 4 houses I've owned, I had a large profit on two and barely broke even on the other two. This may be a winner!
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Post by The Walk of the Penguin Mich on Jun 5, 2021 13:41:49 GMT -5
We have to be careful it will trigger the higher medicare and other fees if we report above a certain amount of income and there will be capital gains on all of them. I just don't think it will be a problem to sell here even in a down market. Nice, affordable places are impossible to find. Just have to see, we need to do it over about 3 years. Roughly I think that's about $300k worth of property. We sure don't have that in it. It is only for a year and what you make on the houses may way exceed anything you’d be paying for IRMAA, so don’t use this as a total decision as to whether or not to sell. You can also time the sell such that the income from the rent is not added to the income from the gains.
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Post by The Walk of the Penguin Mich on Jun 5, 2021 13:45:04 GMT -5
I just hope son and wife got a decent house. Sight unseen is not good. Most military people do this all their lives. What your son has done is not uncommon. In fact, I have moved into 8 homes, sight unseen in the first 18 years of my life. Even if the house wasn’t perfect, we found ways of making it work for us.
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NancysSummerSip
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Post by NancysSummerSip on Jun 5, 2021 15:27:50 GMT -5
Prices are stupid high here. Houses in my neighborhood, built in the 1980s are going for $400,000 and up. Last one on my street that sold went for $475,000 and the new owners ripped out every inch of marble the last owners put in. Further east, older houses that are 2 bedroom / 1 bath and built in the late 1960s to early 1970s are in the $300,000 range. No pools or extraordinary neighborhood amenities, either. This is a bedroom community, which makes it attractive. Close to the ocean and river, which is also attractive. A few nice parks, decent sidewalks, good police and fire departments. Solid but not overbearing code enforcement. No schools at all; all the kids are bused to the next community over for school.
I saw a McMansion around the corner, just went on the market today. $7.5 million. Very modern, all stone, concrete and glass, built maybe five years ago. I have no doubt someone with a boatload of money will not only buy it, but tear it down. Already happened a half-block north of us.
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