If you submit your bid for the home based on the seller disclosure that the roof was replaced 5 years ago, and the home inspection shows that it was patched over with a new layer. This is just a temporary fix, possibly last 2 to 5 years depend on whether it was done right or not. Obviously, the seller has misrepresented a material fact that might influence your decision to purchase. You have 2 options in this case:1. Go back to seller to re-negotiate the price, but make sure to provide seller with inspection report and any other facts to justify price reduction. Hopefully seller is motivate and reasonable to enough to work with you. Since they are willing to pay for your closing costs. They may or may not be willing to a price reduction. 2. Assuming you really like the home, I would recommend getting a roof certification from a licensed roofing company, depend on what state, city you are in. It cost about $150 to $200 here in San Gabriel Valley. The roof cert will tell you the conditions, and the remaining life of the roof. You can also use this roof cert along with the home inspection report to re-negotiate with the seller. If seller is not willing to budge on price reduction, then you have to make a decision whether to move forward or not.
If you google mortgate calculator, there are a lot of site out there that does have the calculator, then you can fiddle around with the numbers. Have fun.[content removed by Zillow due to self promotion. Please refer to our Good Neighbor Policy for details.]
Depend on how you see it, 1) some people have a chunk of cash sitting in the bank and earn little interest next to nothing, they rather take that money and buy a home free and clear and not have to worry about mortgage payment. The home could either be owner occupied or rental. As for rental, depend on where the home is locate, it can generate some good return plus the appreciation of home values. In the San Gabriel, Arcadia, Temple City area, about 40% of home purchase are all cash 2) Some people prefer to leverage the money by taking out a loan with 20% to 40% down payment. They want to take advantage of the tax deductions.
This is the slow time of the year. I would give incentives to prospect tenants like move-in special $200 off the first month rent on a year lease, $350 off if they signed a two year lease. Also you can offer to refund the credit check fee if their application is approved and they sign a one year lease. Also, I would try Craigslist as it syndicate to other websites like hotpad.com, oodle.com, zillow.com and trulia.com and it all free. Hope this help
Given the flexible closing date, once you have locked in the interest rate, lender will try to get the loan closed before the lock expired. In your situation, to be on the safe side you might want to extend the interest lock, it will cost you at least a few hundred bucks. The amount varies depend on how many days is the extension; lender usually have 15 days block, and 30 days block. Also, they will ask you for all the documentation again to update your loan package. Hope this help