HoleyMoley, Home Buyer in Saint Petersburg, FL

Looking for a Condo/Mobile Home / Townhouse in St Pete/Clearwater/Largo/Pinellas Park Area.

Asked by HoleyMoley, Saint Petersburg, FL Mon May 14, 2012

My husband and I are looking to purchase a condo/mobile home/townhouse. We are between 31-37 years old. We have two dogs (cocker spaniel & english bulldog plus a cat. Most of the properties that we have been seeing around our budget are either senior communities or not pet friendly. We would like something no more than 25K which we could pay cash. Anyone have any suggestions? We have a realtor helping us but she said we need to apply for a loan. Whole thing is that we own a business (tattoo parlor) and like the majority of the business owners we dont report that much of a revenue for tax purposes. We are in fear of not getting approved. Our apartment lease ends in July 20. Looking for something near our business at 71st Ave / 49th St in Pinellas Park. 15 miles radius. Please someone help with suggestions.

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The big banks really aren't keen on lending to those who are business owners, earn contingency incomes or live on income generated in any fashion other that a W-2. (Strike 1)

Some bank will find the effort on processing a $25K loan to exceed any potential profit. (Strike 2)

Purchasing a $25,000 residence can actually result in your real estate professional spending 6 to 60 hours in find and acquiring your home. The net result is they will have worked for nothing. Actually, less that nothing. The compensation won't even cover their expenses, let alone their efforts. (Strike 3)

Come to grips with this reality and confirm to your real estate professional you do understand the environment and will continue to be loyal to them. Articulate to your agent you understand the compensation structure and that your agent will not be placed in such jeopardy because YOU will make of any compensation deficiency.

Now, having completed such planning, you have a good basis for an agent to be proactive on your behalf and actually create solutions for financing and compensation. There is opportunities out there. But you must understand, this is a business not a hobby.

Take a look at what is on the market in the Tampa region by setting up your free account.
http://www.MyListingbook.listingbook.com

Now, the solution to your situation is unlikely to be found on the MLS. You need to be on your agents A-List. Being on your agents A-List may suggest soliciting help from other agents on Trulia places your agents efforts in jeopardy. If your agent does not have an A-List or no idea what that means....then one of the agents responding here may be whom you should be working with.

Best of success in acquiring your new residence.

NOTE: Drive into the mobile park on East Bay Drive (behind Wings). They may still be in possession of mobile homes 'given' to them by former occupants. Be aware, mobile homes have a HIGH monthly rent, but are bought and sold just like cars, not via the MLS or real estate agents. Please exhaust these options before engaging a real estate professional whose time, very likely, will be wasted.
0 votes Thank Flag Link Tue May 15, 2012
contact me JeffHoltz29@yahoo.com
0 votes Thank Flag Link Mon May 14, 2012
If you don't have cash, then the only thing to do is to apply for a loan. It is what it is. If you don't get approved at one lender, go to another. If you apply to several lenders within a couple of weeks, it won't be as bad on your credit done further apart. Know this, you can get prequalified verbally by a lender and they do not pull your credit. If you go for a preapproval then they will pull your credit. If you are SERIOUS about buying a place then you must get preapproved and be ready to pounce when a good deal or property you like presents itself. Snooze you lose. Getting preapproved can take several days. Once approved, you will lock in an annual % rate good for between 30-90 days, depending on the lender. You will then know exactly how much "house" you can go shopping for.

As you may figure, not reporting income may hurt you right now. It may mean that you have to wait on your home purchase.....and report more income.

Consult with and stick with your Realtor. She is there to help you. She will earn every penny of her commission on $25000 which will amount to, in most cases, about $300.

Your best bet right now may be to simply rent and save to buy down the road. Best of luck to you.
0 votes Thank Flag Link Mon May 14, 2012
You are going to find it hard to find a place that meets your criteria in the price range you would like to stay. I'm sure you are being asked to see what you can qualify for as an effort to increase your price range flexibility. Self employed if fine but financing is going to be based on your tax returns so as long as you have been claiming income they can use that as the basis of your income. Of course, your credit score might create a different situation depending on how that show up. What type of monthly payment do you feel comfortable making? One option might be to put a significant amount down and ask the owner to take back a 1st mortgage at a reasonable rate and term With a good chunk of money down it is a win win situation for both parties.
There are several complexes that allow pets of that size in Pinellas Park but the prices are going to be higher. (Forest Lake comes to mind?) . Another option would be to find a mobile home not in a park. There are several areas north of 94th and 61st Area that have a community of mobile homes mixed in with in-fill newer homes.
0 votes Thank Flag Link Mon May 14, 2012
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