Dz

What exactly are your "damages". Is your house 500 sf bigger or smaller than was stated on your appraisal? and how did that impact you financially? Did you refinance in the last 5 years? Did you view the interior of the home before you bought? These are some things a lawyer may ask you about. - Mon Sep 15 2008, 23:55

Maria Morton from Prairie Village wrote:
"Or 1% monthly of monthly rent paid monthly + 1% of deposits paid at lease signing.
Or 1% + 1 months rent paid all at once.
Or 2 months rent paid all at once.
Or 1% + 1 months rent + charge for credit check paid all at once.
Depends."

I'm sorry Maria, but I really don't understand your answer.

Whoever gave the question thumbs down,
I'm not sure why you'd thumbs down this question. Do I need to clarify something in my question? - Wed Aug 20 2008, 13:57

Heather,

You'll have 4-5 months after the Notice of Default was filed, and about 30 days after the notice of trustee sale. The notices should have been sent to you, or go here http://www.accessclarkcounty.com/depts/Recorder/PublicInform… and follow the instructions to find out when these notices were filed if you're not sure. You could also try calling 455-4336 to find out.

At this point I wouldn't continue to make payments on anything. You should absolutely talk to a bankruptcy attorney. You could try a short sale, but at best it will minimize the effect on your credit. Credit is important, but it sounds like right now you've got more important things to take care of.

You WILL be able to rent. You may have fewer choices for a while, but you WILL be able to rent a place. Focus on finding work and staying positive. Don't spend all your money trying to keep up with payments because you'll need it for rent and maybe a larger security deposit.

Talk to a bankruptcy attorney, find any job you can, start with a small apartment or house share, and get ready to start fresh. There's no reason you would lose your son or end up homeless, and there's no reason you can't continue to be an independent proud single mother. - Wed Aug 20 2008, 02:51

I am curious if Cindy has found that "lucky" agent in Cuyahoga Falls and bought a home? and whether the advice given here helped in any way. - Fri Aug 1 2008, 15:57

That's my point, Cindy. Yes, you'll need to find someone you want to work with, but give them your name, social, and sign that form and then you'll get what you want.
I would walk into a larger real estate office in your area, talk face to face with an agent...even if you sign that form and aren't happy with the agent, you could go to the broker to assign you a different agent from that office.
I've got an agent here who'll bend over backwards for me, but he knows I will use him. I've got no problem pre-qualifying with his lender, and I've got no problem signing that form.

You said
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work for free............they make darn good money when you buy a property, so they are hardly working for free.
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What I said was, How much work do you expect a Realtor or anyone else to do for free?
If you've made it clear you don't want to be a client, don't expect to be treated like a client.

If that agent has to pay for that list, why wouldn't they only provide that service for CLIENTS and not just anyone who calls or send them an email? - Sun Jun 22 2008, 13:44

Cindy,

I can relate to your frustration with finding those foreclosures. The best source will be a local realtor. I know you've asked 20, however you may need to ask your question in a different way to get the info you want.

Educated says,
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"I love how realtor's won't give you any straight forward information unless they have you in their back pocket."
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Although I don't believe that's entirely true, there is some truth to that...and why not!
How much work do you expect a Realtor or anyone else to do for free?

Some people are making money by selling the information. Realtors make money by giving the information to clients who will use them to buy a home.

The information is there, however, to get it free from a realtor, it may be delivered in a different form than the massive lists (with outdated info) available instantly on your computer. The free lists are usually put together by a local realtor to promote their business. It's possible no realtor has done that in your area and even if they have, it'll still be tough to find. It doesn't mean you won't be able to get the foreclosure info...but you may have to get in someone's back pocket to get it.

I would interview local agents and ask them if you agree to use them as your agent, are they able to show you foreclosure homes that would meet your needs. Realtor will naturally give better and more complete service to someone who can show that they're a ready, willing, able, and loyal buyer. - Sat Jun 21 2008, 22:00

if you don't know who is the sucker at the table...it's you.

Lease options can be a good tool for controlling a property before you're able to buy, but you should really know what you're doing before you jump in.

3 years ago, I wanted another investment property, but didn't have any capital and credit was already stretched thin. I was unsure about the direction of the market, but did expect rents to increase (which they did). So instead of putting $30k down and having a $1350 monthly payment, I lease optioned a unit in the complex. $185k was the agreed purchase price and $2000 option money for a 2 year option and $950/month with $50/month towards purchase price. At that time $185k was a bit high, but not too bad, similar units were selling for around $175-$180k.
At first I sublet the unit out for $900/mo and after 6 months raised it to $950 for the rest of the 2 year period. If the market went up, I would either buy the place myself or if my financing situation hadn't improved, I would have sold and pocketed the difference at a dual closing...but it didn't go up... it went down...way down...even more than I had guessed it could have gone...so I didn't buy it.

And that's the best $3000 I've ever lost! Had I bought that $175k condo with payments at $1350 and $30k down, which is now worth about $125k...it would have been a BIG loss.

My point is plan carefully. If you do a lease option, use it to your advantage, not the landlords. If you're ok walking away from the house and your option money if things don't work out, then go for it. If you don't think prices will increase that much in the next 18 months, then wait it out. If you can qualify for a less expensive home now, consider buying smaller and upgrading in 18 months...lot's of "options"... consider them carefully! - Sat Jun 21 2008, 22:34