Unfortunately with a foreclosure on your credit record, you probably won't be able to get approved for another mortgage for several years. Almost any alternative to foreclosure including short sales or deed-in-lieu of foreclosure is better for your credit rating than foreclosure itself, which can affect your ability to get a mortgage for at least 5-7 years in most instances. Take this time to get back on your feet financially and re-build your credit profile. Paying off debts, saving up a very healthy downpayment, and paying your current bills consistently on time will be essential. In the meantime, I expect you will have to rent, unless you have family or friends who can help...Good luck Rima...I hope things get better for you quickly!... more
When Toll Brothers first purchased all the land in this area, they sold some lots to a few different builders, including Catarino. A new construction by Catarino was just listed this week on Kinne Rd. If you would like any additional info on it, please let me know.... more
You might begin looking both at rentals and at property for sale. Most home sellers won't go for the rent-to-own thing but you may have an elderly couple, an investor or someone who has to buy another property out of the area soon and would prefer to rent the house to you than have two mortgages at the same time. And even if they are open to it, they will have to be asked - most won't advertise it.
To look on your own, try craigslist.com or even the Hartford Courant. But ultimately, you probably want to hook up with a real estate agent who can help you find a property.
Also, consider that any mortgage you have on the home in Phialdelphia will affect your ability to qualify for another property, even if it's rented.... more
Fran, that depends on location and definition of large. Are you building upward multi-story, or outward ranch style. In Montana it might be one quarter acre or thousands? What does the buyer envision? It is important to qualify buyers' visions and match it with their financing capability.... more
Pools are like sports cars, everyone wants one at some point. The question is will you ever want another one again. I went through the pool crazy for 11 years and I don't miss it much at all. Extra expense to do chemicals, back washing, pool heat expense, and neighbors kids over all the time. The only time I got in it much was to clean it. Each to his own, but I don't miss it.... more
That means that someone has put a deposit on the property with contingencies. We don't know what those are, however, usually a mortgage and an inspection. During the contingency period the house may continue to be shown for back up offers if that is what the sellers want until all contingencies are met. Once that happens the house gets moved from Show status to Under Deposit.... more
The listing agents first responsibiltiy is to the seller. If you enter into an agreement with the listing agent keep this in mind. He then becomes a dual agent and will represent both of you. The commission has been already agreed upon in the listing agreement so there is no benefit working directly with the listing agent.
Personally I think you are always better off to have a professional representing you alone. Plus, it costs you nothing....the seller pays.
If you would like more information, please visit my website at amanda.prudentialct.com
I hope this helps you....
That is not necessarily true. This particular situation you are stating, the seller does not have the time, expertise or desire to market their own home. Basically, I see them as folks who know their limitations and know when to call in the experts. Experts cost money. I could do my own taxes, but I don't know enough about that process to take on the task myself. I want it done right...so, I hire an accountant.
The sellers agree to what the amount of commission at the time the listing is taken and therefore agree to pay (out of their share) the commission. That is why many of the agents here are saying it is free to the buyer.... more
It really depends on the house. There are fantastic neighborhoods and areas in both parts of town...I was born and raised in Glastonbury. I lived in East growing up and now am closer to South Glastonbury. If you would like any further information about the town, please let me know. My email is email@example.com... more
The benefit of a buyers agent is that you get their expertise and experience for FREE. You may be comfortable with the price of the house you are looking at but a buyers agent will know if the price is reasonable or if there is something better that is available for you. Remember, the buyer does not pay a commission, the seller pays the comission. The sellers agent will gladly sell you the house even if he or she knows of a better deal since they work for the seller. Get yourself a buyers agent. The also have access to the MLS system You don't. It won't cost you anything. -Steve... more
Looking at the Multiple listing Service, there are currently 18 that are active.The market changes everyday. Latley, it seems more come on each day in the area, or there is that chance that one might price reduce into that price range, but the area is desirable and the market is still healthy there. Keep your eyes peeled and maybe the lucky one will show up! :)... more
The issue that you're dealing with is that this listing is brand new to the market...so the homeowner most likely won't be willing to entertain very low offers quite yet. Also, this is a very popular neighborhood and houses don't often come on the market there...... more
I've had buyers make low offers on overpriced houses and I wish I could tell you they were successful but they weren't. I'm sure you've heard the phrase "unmotivated buyer", well there's such a thing as an "unmotivated seller" too. For the most part, I don't believe these overprices houses are really for sale.... more
I have included a copy of a blog entry I have sent with information to help you find a rent to own.
-My first suggestion to begin your search for Lease Option/ Lease Purchase properties would be to contact a local Real Estate Agent, unless you are sure you can handle this situation on your own. By handling it on your own, I mean you understand the pitfalls that can come about if you do not have a firm grasp on the contract and the owner of the home.
Please review the following questions:
What do I do if I enter a lease option and the owner of the home forecloses on the property?
What happens to my option money?
Will the bank evict me once it forecloses on the property?
What if the Appraisal comes in lower than the purchase price?
What if the Seller owes more than our purchase price?
Whats are my remedies if the Seller Defaults?
All of the questions mentioned are potential deal breakers that you should address if you are thinking of entering a contract for Lease Option/ Lease Purchase and they may indicate the fact you may not be ready for this type of Real Estate transaction. These are just a hand full of obstacles that may come up when entering a Lease Option/ Lease Purchase Property, more than likely if the owner of your home forecloses on the property, you will be out money and a place to live. Yes you will have a contract and you will probably be able to recover some, if not all of your expenses, however that may take a legal proceeding. If the Seller owes more than the purcahse price and or if the Appraisal does not come in at the value of the home, there is a good possibility you may not be able to purchase the property. All of these details and questions can be addressed in your contract.
The National Residential Real Estate Market has brought many recent cases of tenants being forced from their homes due to a Seller foreclosing on a property. Unsuspecting tenants have been caught in the crossfire as they do not always receive notice of impending foreclosure proceedings. Generally their will be a 3 day notice posted and basically you are forced to vacate the premises. The bank will change the locks on the property and many times tenants are locked out and forced to pick up their belongings at a later time. I trust that by following a few steps noted below, we can help future Lease Option/ Lease Purchase prospects reduce the risk of these unpleasant surprises.
Fortunately there are a few simple steps you can take to protect yourself from having the encounters mentioned above. First, speak to a Las Vegas Realtor. Second, have the agent research a potential property you may be interested in purchasing. Your Las Vegas Realtor should be able to research the property to find out if the mortgage is in default with the lender. Third, try to get information about possibly recording your interest in the property, by recording your interest, you may be able to receive updates on any default with the property (Seek Legal Advice on Recordation of Interest). Crucial updates from the Clark County Assessors office can make the difference between having a chance to move or just be locked out of your home. Keep in mind, Clark County NV county records are public and available for Las Vegas Real Estate Buyers and any consumer interested in the information.
Aside from the pitfalls you need to be aware of, there are some great opportunities for Lease Option/ Lease Purchase prospects to begin the dream of home ownership while working on their credit worthiness. Many people whom take the route of a Lease Option are seeking to purchase a home in the near future and may not have quite the credit score they desire to get the loan that works best for them. A Lease Option/ Lease Purchase can lock you into a property and give you enough time for credit repair and or to clear up any other obstacles a home purchaser may have at the time.
Consumer Note: A Lease Purchase/ Lease Option may benefit the Seller more than they Buyer, or vice versa, it all depends on the terms of the agreement.... more