A lease-to-own home is basically a lease with an option to buy the home in a certain period at an agreed upon price. Usually, you have to place a large deposit to secure the lease and the option to buy. A portion of the rent can be applied towards the downpayment. Usually, you will have to pay 'above market rent' to be able to use that option.
The major drawback to a lease to purchase option would be the loss of the downpayment if you do not meet all the terms of the agreement, and if you are unable to secure financing to be able to purchase the home. In addition, if the neighborhood is not right for you or if the market takes another downturn, you might find yourself questioning why you entered into such an arrangement.
That being said, most home owners looking to sell their homes today are not interested in this type of arrangement. In many cases, they need the cash from the equity in their home to purchase another home or for other purposes.
Your best option is probably continue renting until you find the right home that best meets your needs.... more
No comparison between Bristol and West Hartford.
West Hartford was named #5 in the country for great places to live.
I would definitely choose West Hartford.
Coming in soon? I can give you a tour.....Amanda
Your best source of information any regarding safety issues is the local police department; why not visit/call and ask all your questions, they'll gladly help and you will have heard all there is to hear firsthand. See link for additional information.
Ricki, the best thing about home ownership is that you can create the stage setting for your life - you can create the spaces where you wake up in the morning, eat together and alone, entertain, share with friends and family - that's where the value of home ownership is.
It's not with the form of ownership - house or condo - and it's not about some speculation about future resale value.
Basically, you're letting the analysis take control of you, rather than the other way 'round. Figure out how you want to live - then, figure out what housing style affords you that opportunity within your budget.
All the best,... more
A lot would depend on who owns it, and why it is off the market. A bank owned property would be very different than a private owner. If you would like some assistance with this, I would be happy to try to help as your agent. If you would like to contact me to discuss it, please feel free to call or e-mail.
Century 21 AllPoints Realty
You never know, but the odds are against you. Most sellers want to sell and move on and need the proceeds to buy their next house. Most do not want to be a landlord and take a HUGE risk that you will not buy the home in a year and they will be then stuck selling it - AGAIN. You can ask, but most likely you will get a no reply.
I would urge you to rent until you are able to buy, rent to buy are very poor options for buyer/renters.... more
If it is not in livable condition, most lenders won't do it without a rehab loan, but talk to your mortgage broker. If the house is undervalued, and you have the funds to make the improvements, then you might be able to get it done. There are too many variables to give you any better answer. Each broker knows what his or her lenders will allow and what they wont. The only way to know is to talk to the professionals that can look at the specifics of the property and your financial situation.... more
Your loan officer should be able to work with you to show you the pros and cons of each different scenario you just described. FHA or conventional, Points of no points, these are questions only you can answer based on your short and long term objectives. i.e. Keep the payments down (more money down), keep as much money as you can liquid (less money down), etc.
If you don't know the answers yet, then your loan officer hasn't done an adaquate job of explaining the details of each option.
If you would like a few names of loan officers, I would be happy to give you some referrals to some that I have worked with and know will help get you the information you need to make the best decision you can.
If you would like some help finding the 'perfect' house, I would be happy to assist you with that.
Best of Luck
Without knowing your specific situation, its impossible to say. You should ask you agent to find out what the relationship is between the 2 banks, and what role each plays in the deal. He/she should be able to get that from the listing agent.... more
Why would you care where someone is from? Are you trying to figure out where to advertise? If so, the internet is the best place. You listing should be on as many different web sites as possible. Also, not just be on them, but have rich data, lots of great descriptions and LOTS of bright, clear pictures. Is your home listed now, or are you thinking of selling?
If you don't already have it listed with a Realtor, I would love the opportunity to do a CMA on your house and discuss my marketing plan with you. Any good marketing plan has to take into consideration the price point of the house, and the prospective target market. You wouldn't advertise a $200k house the same as a $500k house. They have completely different buyer profiles.
You can contact me at (860) 736-1002 or email@example.com... more
Good Afternoon Dawn,
Unfortanatly the mortgage industry isnt giving out many loans these days, your best bet may be to find a lease option where some money will be credited towards your down payment or closing costs. this will gove you time to rebuilt your credit has well. You should also check with your state agency that handles special needs, they may have some monies to assist you in the care that they will allow you to put towards getting a house. It is usually the health and human services deaprtment. Good luck on your search.... more