It is possible to purchase from out of state, we can do everything via internet these days. With Skype and Video you can see a property before purchase. I would go over every detail, just completed a transaction with an out of state client. You can call or email me for more information.
Weichert Realtors, Gold Coast
There is a shortage of houses relative to buyers in the area but it is NOT impossible to get a home. Once you have your pre-approval, I would be more than happy to assist you in finding your new home. (We need the pre-approval to know what your price range is). Feel free to contact me at 951-240-2205 or Shanna@RealtyBySR.com and I can set you up in the MLS to receive listings which meet your search criteria as soon as they become available. You will want to act quickly as homes are going fast once they are listed.
Anyone can back out but there will be consequences if you do so you need to visit a lawyer and let them advise you. You might not have to sell, but it might cost you a lot to make it go away your way. I would think you owe a full commission to the real estate company that listed your house and found a buyer. That buyer is going to want compensation too.... more
There typically are 2 documents (though they can be combined). There's a lease which pretty much resembles a typical lease.
There's also an option agreement that specifies the purchase price, the time length, the option credits (if any), and those sorts of details.
Some folks include a third document--an actual sales contract--that's pretty much completely filled out. That helps confirm all the details in the option agreement, but the sales contract is contingent upon the tenant-buyer fulfilling the requirements specified in the option and in the lease.
Technically, from a buyer's standpoint, it's preferable that the option and lease all be in the same document. From the seller's standpoint, it's preferable that the two be separate. But either way can work.
As I said, the actual sales contract can be done at the same time or it can wait.
Hope that helps.... more
Honestly, I just answered a rent to own question : http://www.trulia.com/voices/Home_Buying/My_rental_home_was_bought_by_rd_party_investor_a-425928
Did you see what happened to them??
I don't think rent to own is a good idea for a number of reasons. Housing is affordable in Murrieta, if you have to rent for credit or job issues, then find a 1 year lease until you are able to buy. But, buying would be your best option.
Best of Luck,
CA DRE# 01810641
Here in Southwest Florida, you will find that on average there is a 2% ish ( estimated ) In total closing dues besides the commision. Be sure to get a pre hud or speak with the title company before actually quoting any numbers. =) Hope this Helps... more
As explained, we would strongly recommend consulting an attorney prior to getting involved in any similar activity.
Simply stated, the buyer and seller, in this scenario are withholding funds that the lender(s) appear to be entitled.... more
I can't comment on the mortgage situation. There are a few mortgage brokers on Trulia who will be able to answer that question.
On the real estate side, if you can hold onto your condo for a couple years and be able to afford your new home, then that's the way I would go.
What you need to do is to figure out how much negative income you will get from your condo (potential monthly rent minus mortgage, minus insurance, HOA fee, rental expense (advertising, potential vacancy, reparirs, cleaning - although some of those should be covered by the security deposit)), remember that you can write off your loss and you can also depreciate your rental property (which will also decrease your cost basis when you want to sell) and come out with your really monthly negative cash flow on rental property that way.
Then you have to find out how much new mortgage you can afford after that; do you have a decent downpayment and what kind of house can you get after $350K loan? Will you also be paying PMI? Will you be buying something that needs to be fixed up or move in, what kind of location? Not knowing Riverside, it's hard for me to see what you might be able to buy and if there are great deals out there.
My other assumption is that as you are still paying off student loans, you and your wife are probably looking at stable increased income. so you might be tight on your budget for a year or two and then be able to live more comfortably after a while. However, make sure you have some cushion in case there is emergency - you don't want to lose your house(s) should that happen.
All something to consider when you are making 'long' term investment such as real estate.
The Department of Veteran's Affairs does not view a short sale as a preforeclosure, lenders just need to ensure you have no derogatory credit within the last 12 months. Each lender is free to add their own "overlay" guidelines which can require a seasoning period after a short sale, but that is not a VA requirement, it is a lender requirement. Many lenders follow VA's guidelines on it anyway, so it's not too difficult to find a lender who won't turn a short sale into a big deal if you are applying for VA financing.
If the short sale was on a VA mortgage, VA will subtract the amount of the claim they paid from your available entitlement. You can determine this by ordering an updated VA Certificate of Eligibility. Once you get that, subtract the amount of the entitlement that was charged to the claim from $134,375 (this is the total maximum entitlement for Veterans buying in San Diego County). After you get that total, take the remainder times 4 and it will give you your maximum new VA loan amount for 100% financing.
For example, if the VA paid a $30,000 claim (that shows up on the certificate of eligibility): $134,375 minus $30,000 = $104,375 times 4 = $417,500 maximum new VA loan for 100% financing in San Diego County.... more
On a lease to own, you will still be the owner of record under the lease. Once the lease option (to own) is exercised then the person leasing from you buys you out with a new loan and note in his name.
Bruce & Shelley Adams
Eagle West Realty
Murrieta, CA... more
Or you can check places like this...
This would help with a national outlook and for local market information, employment outlook, foreclosure rates ect.. there are also many resources.
Do not know why you are selling, but it's a good time to know the market if you are selling or buying...
\Good luck, Dunes... more
A quick summary of lease to own means you're leasing a home with an option to purchase it at the end of the lease. Depending on the specific terms of the lease, you typically put a bigger deposit up to start the lease but it goes towards your down payment on the purchase at the end of the lease. There are several different terms used for these deals. Sometimes a certain portion of your monthly lease payments are also applied to your down payment on the purchase of the home. If you would like more detail feel free to contact me.