Can you buy a house? Yes. You can pay all cash or try to find a seller willing to do a land contract.
Can you get a mortgage? Probably not. Lenders primarily look at 3 things in approving you for a mortgage - Income, credit, and down payment.
You need to have sufficient and stable income to afford the payment. Your credit scores reflect your willingness to make payments, which is important to lenders. And the down payment forces you to have some skin in the game.
You don't need to have perfect credit, but bad credit will almost certainly mean a denial.
Your best bet is to focus on establishing good credit and saving some money before deciding to purchase a home. Owning a home is a privilege not a right, and lenders want to enforce the belief of "sustained homeownership" meaning setting you up for success in owning a home.
Best of luck!... more
The hardest thing a seller has to understand is the property is only worth what a willing buyer is willing to pay based on what a lender is willing to lend the buyer.Not what your cousin or any other
identity experience is or was. Rule # 1: is do not expect a cast in stone value.Value of properties is like looking at a great painting in every single case something is judged to be good or bad by the observer.Rule # 2 : ask questions and ask for a market analysis for properties sold and active in your area. Rule # 3 : as you interview any agent the only condition you should consider is is the agent only making me feel good or is the agents presentation relating to the conditions of the market. Rule # 4 remember every agent has to sell your home to get paid.... more
I find that Anthony Kutsaftis at Aquidneck Island Insurance does a great job. He's local, very personable and open almost every evening. He's on Aquidneck Avenue in Middletown and has given clients of mine quotes that were far less than others they received. He can be reached at 401-848-0720. Good luck!... more
Real estate market value is the price a property will sell for on the open market. Definition of Fair Market Value: The price at which a bonafide seller is willing to sell and an able and willing buyer is willing to buy. Generally speaking, the value is close to what similar homes have sold for within the past six months. The location, the condition of the property along with the land and improvements influence the market value. Of course, so do supply and demand.
Real estate assessed value is the dollar amount placed on a property by a tax assessor for purposes of calculating annual property taxes. The assessed value may or may not equal the market value.
You can determine the market value of your property by keeping track of the sales prices of similar homes in your neighborhood. A Realtor can evaluate your property and perform a comparative market analysis of your home to determine the market value.However, only a Licensed Real Estate Appraiser can appraise your home. An Appraisal is an opinion of value by a neutral third party, which is generally obtained by comparing similar properties that have recently sold to the property in question. A licensed appraiser will perform a physical inspection of your property, looking for how well the home was constructed, its general condition, maintenance issues and any upgrades that have been added. In addition, the appraiser performs an analysis, measuring the condition and amenities of your home against those of homes in the area that have recently sold as well as homes that are currently on the market. An appraiser will likely also measure the income potential of your home, or how much it could rent for if it were rented. An appraiser's impartial opinion of your home's worth is generally very close to its actual market value.
The fair market value is a critical number to know because it allows a homeowner to fully understand the value of their property.
If we can be of further assistance please contact us.... more
The Tax assessors office may be able to provide you with the tax roll for all commercially zoned properties. Here is the link to the tax rolls:
You can also search by Plat map here:
Hope that helps!... more
When it comes to any legal paperwork/questions/concerns, it's always best to consult with an attorney who specializes in real estate--therefore consider a consultation, as he/she can best advise.... more
I do not know the specifics of obtaining renewals. Edwin C. P. Foster works with CAP ( Condo Approval Partners). He has been assisting me with a development to obtain FHA approvals. He can be reached directly at 401-864-9082 and e-mail ECPF66@gmail.com.
Good luck and be well