Home Buying in Lehigh Acres>Question Details

Ingrid Torres,  in New York

should i go for the seller financing?

Asked by Ingrid Torres, New York Fri May 8, 2009

hi, i recently inquired on a home located in lehigh acres, where the seller is95% financing a brand new home never lived in with 5%down for 30 years @4% with a 7 year balloon......i have the contract but have not signed it(i live in NY....want to go down there first and look ), What steps should i take if i am serious about this home?This is an as is sell and am not so sure. The agent is very helpful and patient, however, i don't want to put any money down yet.........can someone tell me how to go about this (my first home)thanks, ingrid

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If you have not walked inside the home yourself, I would not do it.

I cannot stress enough how important it is to see the homes in this town in person before you buy. There is alot of misrepresentation of properties in the town.

If you are able to get a regular loan, get to Lehigh in person and spend a week or two finding your dream home. Now is the time, but it requires a bit of patience and work.

Also be aware, financed offers have a hard time going against cash offers in this market. If you find a house you like, you need to act fast.
0 votes Thank Flag Link Sun May 10, 2009
ingrid i saw the same houses honestly they were thirty thousand dollars more than the foreclosed ones i bought they are over priced and what about the ballon? what is the interest rate going to be then would you even want it
0 votes Thank Flag Link Sun May 31, 2009
My best advice for you Ingrid is to call a real estate attorney as these matters can be very complicated. I know it may cost you $200-$400 but this is a HUGE investment and you need to be protected. If you are not sure where to find an attorney and you do not have a recommendation from friends or family, call a reputable real estate agent in the same county as Lehigh acres and ask for a recommendation. Good Luck!
Web Reference: http://www.NonaLiving.com
0 votes Thank Flag Link Fri May 8, 2009
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