If you're ready to make the move to North Georgia for a part-time home or full time home - this property is beautiful to build any kind of home you would like. It's in the highly desirable Area of Fannin
I'm sorry for your loss. I'm hoping your husband left you some money from life insurance. If he did, DO NOT use it for buying a house. Keep that to live on.
When buying a house, a co-signer is only used for increasing your ability to borrow more money or to have assets for down payment. It will not help you to buy a house if your credit is bad. You have to qualify on your own.
I would recommend a lease purchase to give yourself time to fix up your credit. This allows you to lock in your sales price now in case prices go up (if Obamacare goes into effect, housing prices will drop due to unemployment from closed businesses unable to pay for health coverage).
Other options may include private money, though the rate is twice as high and it costs more out of pocket.
This is normal and is a common strategy for sellers in a multiple offer situation. Since they see they have a few interested parties, they are trying to get the potential buyers to raise their offers and get the highest possible offer. Talk to your agent about strategies for how you will proceed. Be prepared that if needed to offer you best and highest offer - make sure it's an offer that both meshes with sales comps and is a price you are comfortable paying for the home. A multiple offer situation can be tricky but try not to let it stress you out, make sure you are comfortable with your offers, and let your agent guide you through the process.
A listing agent will make recommendations, but the bank has the last word. $40,000 in 4 weeks is quite a price reduction, though. It could be that a defect or repair issue was uncovered in the property. Perhaps, a previous buyer did an inspection and found repairs were needed. Ask your realtor to speak with the listing agent. If there was a previous inspection done, the listing agent should share the negative findings with your realtor.
If you don't have a realtor, considering consulting a one for assistance. Trulia would be a great place to start.
Obtaining a pre-approval letter is the only way the seller can assure that a lender has made a commitment to give you financing. This is to avoid the property being taken off the market and then finding out the buyer's financing is not in place.
Pre-qualification letters are not worth the paper they are written on. More often than not, the loan officer has not verified the buyer's debts, assets, pay stubs, or tax returns.
I'm new to Trulia and almost 99% a Buyer's Agent but I don't think any listing service allows one to select two categories. But I happen to have two clients who are looking specifically for rental property right now and so I appreciate your conundrum.
I think your agent is right that more folks are looking for second homes rather than pure rental plays. But my two clients are the exception to that rule, and the local MLS does not have a category for Rental Cabin.
So, my, less than perfect suggestion, is make it Residential in the MLS and Income/Investment in Trulia and Zillow (for a month at least) and see what happens..
Speak with your Realtor to go over the options available in your local listing service (we call it MLS here in Massachusetts). You really want to market the property as its "highest and best use" to obtain the greatest amount of value for the home. A sharp Realtor will be able to provide you with this analysis and certainly a licensed appraiser would be able to do a highest and best use report on the property. Then once you know the best use, you focuse your marketing towards that type of sale..... more
If you mean on the MLS, that's up to the rules on your local MLS. But the answer's probably "no." You can do a "sale" and a "rental"--and have two listings that way, but not two "sales."
Suggestion: If you're willing to continue renting, list one under "sale" with the comment that seller will be willing to consider owner-financing or a lease-option. But another under "rentals" with a similar notation--that the owner would be willing to consider a lease-option or lease-purchase. Check with your agent to see whether such an approach would be permitted.