Vicki Gay

Typically the seller will not allow you to take possession until the transaction records. If something happened and it did not record this could create a touchy situation for the seller...you know the old saying, "Possession is nine-tenths of the law"! - Fri Aug 29 2008, 14:35

I don't believe so. If you signed a contract (lease) whether you have a copy or not isn't relevant...it's a binding contract. I would get a copy or contact an attorney to help you out. - Fri Aug 29 2008, 14:30

I don't believe so. A long time ago lenders used to allow mortgages to be assumed without qulifying but not any longer. It's not very safe for any of the parties involved. First of all, the seller is still tied to the mortgage and if the buyer defaults on the payments it could ruin his credit not the buyers. Secondly, the buyer needs to have the property deeded to him, why would a seller turn over the deed to their property while remaining financially responsible for it. And third, lenders want to make sure that you qualify for their loan especially given the current mortgage problems were seeing. There are lot of scams out there so be careful! - Fri Aug 29 2008, 14:25

I'm a real estate agent in the Roseville, CA area and I believe right now is an excellent time to buy. Prices are extremely low and interest rates are still low which may not be the case in another year. Even if prices continue to fall another 10% or so we may see interest rates rise so you wont be gaining anything from waiting. It's also a buyers market meaning there is a lot of inventory available to choose from. Something you don't have when prices are escalating rapidly. Right now you can take your time and pick a choose the house that's perfect for you.

One of the things I like to help my clients understand is all the benefits you receive from owning your home. The tax write offs are substantial and real estate always appreciates over time. It is cyclical like all investments but if you're in it for the long haul and take care of the property you should see a nice profit within 10 years or so. Any investment has it's ups and downs, but wealth accumulation when owning a home occurs much quicker than renting. You also have the ability to really make your home your 'castle' too by improving, renovating, and remodeling, something you're not able to do when you rent.

Credit is tight right now but if you can manage to save a down payment, keep your credit in good standing and have a stable form of income, right now is a GREAT time to buy! - Thu Aug 28 2008, 15:46