Concessions are a set dollar amount or percentage of the purchase price that a seller agrees to contribute to you, the buyer, towards your closing costs. Therefore "CONCESSIONS AND REQUIREMENTS before calling" means if you will be requiring concessions in order to finance your purchase, you should have all the details of your concession request available when you call on the property. This way the Seller knows up front if your financing concessions are agreeable before the home is even shown. Hope this helps!... more
According to the fiduciary rights of an agent, an agent MUST relay to the seller any offer that is made. Otherwise, they are not filling their duty and therefore can be reprimanded. In other words, selfish people are also breaking the rules. Absolutely ridiculous.... more
Depending upon the financing you qualify for, you can have 5-20% down payment (to give you an idea of what purchase price you can handle). You will also need 4-5% of the purchase price for closing costs.
My best recommendation? call Dominick Sutera of Academy Mortgage Corp at 516-655-2900 (or desutera@BankAMC.com and provide him with your criteria.
Dominick will tell you exactly what you can afford...no obligation and no cost.
Rent to own is similar to a car lease. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright...... more
In this area most owners prefer to sell outright, therefore such opportunities are rare. Do keep in mind that rent to own can be risky, and one could stand to lose a bit of money, therefore do inform yourself well beforehand. Rather try to save up for a downpaymenr, FHA only requires 3.5% down and do continue improving your credit...... more
Regardless foreclosure proceedings, or not, the rent needs to be paid in accordance with your lease agreement. For any necessary legal advice consult with an attorney who specializes in real estate.... more
At this point mickey there are only two options either the seller comes down to the appraised value or the buyer comes up with the difference of 30,000 because the bank will only lend appraised value.... more
I have seen estimates stating that 29% of deals that go to contract and require a mortgage, donâ€™t close. That number boggles my mind. It means that even after a buyer and seller come to terms on
There are several pros for the renter, the first having an opportunity to build credit towards a house that can be theirs to own, also the time to be able to clear credit or save money for the down payment and closing costs. For the seller, it is knowing they will have a tenant that will take care of the property as it was their own. The key factors is to have teh tenant prequailifuied prior to signing a lease, make sure they can afford that sales price, that they will be approved for that monthly payment. They should simply nee dtime to save teh down payment or clean soem credit, they should be able to obtain a mortgage in 2 years or less. If they can not obtain a mortgage in this amount or in this time, they are not a good fit for that home.
Please see my blog for a complete list of tips and advice on how to rent own for tenants and for home owners... more
Congratulations on your upcoming wedding. If you came to me, we'd look at what would work with your current down payment; consider an FHA loan which only requires 3.5% down. This would qualify you for almost $142,000 purchase. I realize this wouldn't buy much in your area, so the alternative would be to save more or obtain an approved gift for additional funds.
I would suggest you meet with a local lender to verify my numbers, and yours and possibly create a plan to be able to buy. Perhaps some wedding gift money will come in to help. I wish you the best.... more