Here's a link to a blog I wrote on how to find rent-to-own homes: http://bit.ly/findaleaseoption
A tip when you're calling FSBOs and rentals (both of which are ways to find rent-to-own properties). Don't call new listings. The new listing people are hoping to either sell or rent, respectively.
Hope that helps.... more
Yes, you should have a Realtor. The site salespeople represent the builder. Sure, they can facilitate the purchase just fine. But they are not there to look out for your best interest. It costs you nothing (usually) to have a Realtor represent you with a builder. A good Realtor will know the process and be a huge help to you. And yes, even though the builder has to pay the Realtor's commission, you are still likely to get a better price on the home with the negotiating assistance of an agent. One thing to be aware of though.....if you visit the sales site and register with the builder, the you have actually waived your right to representation. Make sure that your agent is the first point of contact for any home that interests you, and that they come with you on your first visit to the site. New construction offers some of the best buys going right now. Keep in mind that the builders are willing to negotiate down from their asking prices, unlike a few years ago. Also, ask about their incentives. Many are offering creative incentive packages just to bring buyers in the door. Good luck to you.... more
All loans that will be sold to the secondary mortgage market (i.e. Fannie Mae and Freddie Mac) require that there be a minimum loan amount of $50,000. If the home is in need of substantial repairs, there are some loans that allow you to wrap the renovation costs into the purchase price/loan amount.
As to your credit score, well it is a little low but you may be able to get a loan with it. Your best bet is to go and talk to a lender to see how much loan you can qualify for. Good luck!... more
The catch would be how much they are going to buy your home for. A few Realtors in town offer this arrangement as well as the "if you buy this home, I will buy yours" pitch. On that particular deal the buyer has to buy a property worth more than the home they are leaving AND sell for (from what I've heard) %80 of the value. I am of the opinion that the for-mentioned realty company will set the price. It would be up to the seller to decide if the set price is reasonable.
Ian E. Stein
Prudential One Realtors
Mainly because sites like Trulia, Zillow etc don't pay for the data and are not always current with the status of the properties shown. While many agents like myself log in a couple of times a day and maintain our listings, unfortunately many others do not.... more
This really is a question for your Realtor. Not sure what fees and taxes you're talking about. I am a Certified Short Sales Specialist and I've never had to deal with fees and taxes in a short sale that would be the buyers responsibility because the owner's lender did not meet contractual requirements. If you could be more specific I could be more specific. Call/text/email the details and I'll do what I can.... more
The best answer, without knowing all the answers is a big "maybe". Talking with my loan officer, it depends on the nature of how it arose, total amount due, and monthly obligation associated with the lien. As with all potential buyers I work with, my best suggestion is to talk with an experienced loan officer and share with them the supporting information, your income and other debt information, and allow them to pull your credit history. And I have an excellent experienced loan officer, working for a recognized lender, that I can get you in contact with. If she can look at your info, talk with her underwriters (the ultimate decision makers), she can get you an answer that will allow you to make informed decisions...before you invest time and money in the buying process...give me a call at your earliest convenience and I will be happy to get you in contact with her..thanks and have a great day! Craig Scanlon... more