Buying or Selling a Home/house


QUESTION: 1. If I pay $200,000 for the house price $200,000, do they charge me interest and tax?

2. If I pay 30 year for the $200,000 house, my much is the monthly payment and how much is the down payment?

ANSWER: If you don't show me the purchase contract, Henry, there is no way I can give you an intelligent answer. However, since your writing is rather confusing, I will try to answer what I THINK you meant.

1. When you pay $200,000 for a house you should not have to pay interest on the transaction unless the local city or county requires some kind of fee. Property tax is a different story. You, as the buyer, will have to pay your share of the county taxes which are per ratio for the year.

2. As for your monthly payment, the real estate agent should be able to tell you how much you should expect to pay. Or you can ask the lender (bank or mortgage broker). If I knew what your interest rate on your mortgage loan was I could tell you what your monthly payment would be.

I do wish you well.

Dick Dennis

---------- FOLLOW-UP ----------

QUESTION: I just wanted to know how do I get out of this even.  I bought $200,000 and borrow $200,000 to fixed for a total of $400,0000.  $300,000 from the bank and $100,000 come from friends.  It is 30 year mortgage, $1800/month, $5000 housing tax/year. I been paying for 7 years, but I could not do it anymore as I moved from job somewhere else and I had to rent a place there in addition to the housing mortgage.  I try to sell my house with a Realtor, but nobody is buying yet.  The bank took the house for $200,000. I am amusing nothing have change, that would inflation.  The bank did not price me for the fixing which $200,000.  I though the whole house would at least be $300,000.  

How do I get back the down payment, 7 year payments, monthly housing tax?

ANSWER: You are rather naive in the ways of real estate, Henry, aren't you? The only way you are going to get even from purchasing that house is to sell it for the total price which includes the price you paid for it, the amount you borrowed from the bank and others, including what you paid for seven years.

You are in the same boat as all those other homeowners who fell into foreclosure over the last five or six years. If you don't make your payments, the bank is going to take the property back for an amount equal to what you owe on the existing mortgage. Period.

Sorry, but I do not understand your sentence above, "I am amusing nothing have change, that would inflation."

Otherwise, I do wish you well.

Dick Dennis

---------- FOLLOW-UP ----------

QUESTION: Right now the bank took it back.  Can I take it back? I work with a Realtor. Like you said, I want to sell it for $500,000.  Will that be possible?

Like I said, Henry, you are indeed naive in the ways of real estate. No, once the bank has foreclosed on the house, it belongs to them and they will probably sell it to somebody else for whatever the market is. The house is gone. Pffft! You would have to pay them everything you owe them plus any costs if you want the house. Talk to your Realtor. He/she will verify that. One thing for sure: they won't lend you the money.
Be well.

Dick Dennis

Buying or Selling a Home

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Dick Dennis


With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.


Solving real estate problems for 37 years.

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