Financing in Milton>Question Details

Teri Kloeppi…, Other/Just Looking in Janesville, Milton Wi...

Does anyone in the Milton School District list homes rent with option to buy or a land contract?

Asked by Teri Kloepping, Janesville, Milton Wi are Sun Sep 16, 2007

We are a wonderful family, who have some bumps in the road and would like to move into a home we love and stay for good. We just don't have a huge downpayment and alittle ugly credit, so now with housing markets clamping down it will be even harder for us to have "our own home". My husband works full time at night, Iam a full time student going for my associate degree in nursing, and also work part-time. We have 3 very beautiful children, who mean everything and more to us.

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Lee Adler’s answer
here's what you should do in my opinion. go to Ziprealty.com. Look at the properties that are coming up for foreclosure soon. Contact the owners of those properties with the postcards you can get through Ziprealty.com. If you get lucky, you may find someone willing to lease with option. it's certainly better than ruining their credit with a foreclosure for most people. And worst case scenario, if you are not a good person and you default on the current owners and don't pay them, they just end up where they started and would have been foreclosed on anyway. so they delay a foreclosure at the very least. at best, they sell you the house in 5 years and don't have to get a foreclosure at all.
That's my suggestion.
0 votes Thank Flag Link Wed Mar 2, 2011
Sorry, I am a homeowner in the area and am thinking of selling. In my opinion you are a poor investment risk. You are essentially asking for seller backed financing. If your "ugly credit" is preventing a traditional lending institution from loaning you money for a mortgage, why would a regular joe like me want to risk renting to you? I don't mean to be rude, just honest. Good luck.
0 votes Thank Flag Link Fri Nov 23, 2007
Teri,

I received your email but was not able to respond. I wish you the very best. 1 important note, once you are approved you will have bargaining power with sellers. Let me know how you make out!

Linda J Sears
0 votes Thank Flag Link Thu Sep 20, 2007
Teri,

Couple of quesitons for you. Would you qualify as a first time home buyer. If you do, Bank of America is offering a wonderful program which is 100% financing with no PMI. The rate is usually low to mid 6's. It is not dependant on a credit score and you can be in a home for $500.00 out of pocket. There are closing costs attached but they can be in the form as a gift or paid by the seller (adjust the contract price). If you are not a first time home buyer they are offering 95% financing with no PMI. Check with your local Bank of America. They are offering the very best programs right now.

PS hope you enjoy Milton. It was a beautiful place when I lived in Massachusetts.

Best of Luck,
Linda J Sears
0 votes Thank Flag Link Mon Sep 17, 2007
It's not too often that you see people marketing their property lease to own. However that doesn't mean the option isn't available. You can make an offer on any property with any number of requests, it just depends on wether or not the seller is willing to accept it. In a softer market, it is more likely that a seller would be open to creative ways of selling their home.
Just be sure that you know what you're getting into. Consult a real estate attorney to make sure everything is made clear to you before you act.
Web Reference: http://www.spotlightre.com
0 votes Thank Flag Link Mon Sep 17, 2007
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