A list of such offerings likely does not exist. However, the best way to identify "lease option" property is to consult with a local real estate professional. Additionally, many people considering this option, think otherwise once they have a clear appreciation of what is involved.
This being said, one of the major factors is that sellers usually insist on a significant non-refundable deposit to protect their investment. Before getting too serious about this avenue, it would be wise to do a little research before hand.
This is actually quite common with borrowers whom have had previous loan mods or short sales. Once a borrower hits that magic 120 day late, the lender can encrypt an I-9 MOP Code on the tradeline. Therefore any lender who attempts to run a loan application through the AUS (automated underwriting system) will get a Refer meaning the AUS can not approved them. Although FNMA recently put out a Memo stating these loans can be purchased by FNMA but must be manually underwritten, the problem is many lenders won't do manual Conventional underwriting due mainly because their Investors won't purchase these on the Secondary Market. The only other option is to remove anything over 90 days from your credit report. I have seen this done a number of times over the years with a persistent consumer or with the help of a credit specialist. Hope this helps!... more
The key to this answer is whether the listing broker actually has an approved short sale. If the bank has not approved any number - or at least a range - there is no point in discussing price. Here are key factors: is there a servicer involved? If so, more complicated. Is there a second involved? If so, more complicated. Has the listing agent/broker ever completed a short sale? If no, more complicated.
The lender calculates a few things : 1) was there PMI on the loan that will be short. If so, their loss is not as bad. 2) They also get paid to short sell rather than foreclose - sometmes. If so, their loss is not as bad. 3) If the value of the house has dropped enough, the shortsale may be preferrable to a foreclosure. 4) the condition of the house. 5) Who occupies the house - borrower? tenant? vacant? and 6) the strength of the buyer. Short sales are not fast, are complex, and it is best to use an experienced professional.... more
I wanted to respond to the individual who mentioned that the HAFA program was FHA only. That is not true. The HAFA program was originally created by the Treasury department in 2009 (launching in April 2010) and then Fannie Mae and Freddie Mac created their own (launching in June 2010). FHA has it's own program but it is separate from the basic MHA HAFA short sale and deed-in-lieu programs. Realtors all need to go to www.HMPadmin.com which is the servicer and professional's website and review the Making Home Affordable Handbook to have a better understanding of the programs. Consumers must go to www.makinghomeaffordable.com to understand it all better.
I am a trainer in the HAFA program and speak about it on average 4 to 5 times a month with hundreds of students in the room. I have found that although there was a slow start with only one or two agents in my classes who have had a successful HAFA short sale to now in the area of 7-10% of the students commenting that they have been successful with HAFA. It's all about education and understanding how it all works.... more
The ReStructure Company, Inc. does structural building inspections and reports. Depending on the circumstances, reason and/or final use, the building inspections or report can be very detailed with plans, sections, estimates and cause or effect analysis to as simple as a visual site inspection with a verbal narration. The ReStructure Company, Inc. has prepared reports for litigation, Real Estate transactions, conflicts with builders, support for insurance claims and to evaluate a building for the Owner. These reports are provided based on a hourly rate and expenses. Inspections and reports can be done by all or one of the following; a Professional Engineer, licensed builder or an estimator. If appropriate, a billing rate sheet, project history, court experience will be provided to a prospective client .
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Perhaps they can refer you to someone in the Providence area if they dont go that far. Best of Luck... more
In the last 3 months 14 condos have sold in braintree, The average days on market for those properties is 190 and the sale price to original price ratio is 90% which means the average discount off listing price is 10%. When trying to calculate how a market is fairing look at absorbtion rates to see how many months of inventory is on the market, essentially supply and demand . I did the calculations for you and right now there are 10 months of condo inventory on the market, which is a lot. Looks like a buyers market to me.