COA 4131 1st Edition Lecture 11 Outline of Last Lecture I Owning II Steps in Buying Home Outline of Current Lecture III Steps in Buying Home IV Property Taxes V Selling a Home VI Consumer Mortgage Information VII Transportation and Vehicles Current Lecture A Steps in Buying a Home a Step 5 i Closing 1 There is often wine or soda or something that will put buyer at ease so they don t get cold feet and back out 2 Sometimes seller has second thoughts and cold feet but more times than not the buyer gets cold feet 3 Some people like character and eerie vibes but should realtor tell this info a Probably should but don t have to ii Points 1 B Property Taxes a Fair market value b Assessed value c Billed and paid once a year d Refinance e Second mortgages home equity loans i If you want to add a second story some bedrooms or a pool you can add another mortgage ii Borrowing from your own house to do something else iii Have to pay off first mortgage first 1 First mortgage is 1 000 and second is 200 so you d pay 1 200 C Selling a Home a Setting the price i 10 of homeowners sell their house themselves without a realtor ii Some people try this and end up going to a realtor when it doesn t sell 1 usually after 6 months iii Home Depot is dabbling in real estate iv Multiple by 3 to see how much you can afford for a house v First time buyers make up 40 b Marketing c Realtor D Consumer Mortgage Information a Florida State University Credit Union E Transportation and Vehicles a Leasing i Brand new car for 3 years ii Monthly payments may be less than leasing than owning iii Advantages 1 It s an asset you can t own 2 It s convenient a You can have a more expensive car than you could afford if you owned b Realtors need nice cars 3 Don t want to get involved with buying and selling car which is a process 4 Your job company might pay for your car iv Disadvantages 1 You do not own it 2 Extra cost 3 Should have 36 000 miles on it a Most Americans drive 45 000 and they know that b Have to pay a premium when you go over 4 Repair a You re in trouble 5 Where you are in the world if you transfer what do you do with the car v 30 of people lease at some point b Buying i Used New 1 The best used car you can buy is a leased car a They ve only driven it for up to 3 years b Has low mileage 2 Want to test run the car 3 Think about gas prices ii Saturn 1 http abcnews go com Business wireStory id 8718533 2 Set price and would not budge a Went out of business in Tallahassee c Fixed variable cost i Gas variable 1 SUV 85 100 ii Fixed monthly payment
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