Ok here we go for a 3 bed home with 3 or 4 people. The gas bill should be around $40, with a pool maybe 50 to 60. Your water bill should is roughly 30 for sewer and total water bill should really be about 12 dollars. If you have grass in back and front plan on spending about 40 dollars more. I hope this helps.... more
Absolutely. Prices have been appreciating since the beginning of 2013 in Columbus and suburbs. There are many buyers out looking to purchase a home but nothing to buy. Inventory is the lowest it has been in years. Interest rates are still at historical lows. When interest rates are low, typically, home prices go up. Right now, it is all about supply and demand. We are getting into bidding wars on nice properties. Homes are listed and flying off the market.... more
What if it's not an FHA or HUD loan and is that 3 years from the foreclosure date? I am looking into a rent-to-own program and I just want to make sure this is the way to go. I hate renting and I am just wanting to get back on track with my life.... more
The market has picked up over the past few months. There is always a market. The best way to find out what the market is saying, is to have a Comparative Market Analysis (CMA) done to see what the market value is. We would be happy to do this for you. It does not cost anything and you will be able to see for yourself. Justin 614-419-3271 www.mypataskala.com... more
Be very careful about making a large good faith deposit in a lease option or rent to own, research the subject in depth before jumping in. It is probably not what you expect. In this type of transaction the underlying assumption is the seller will be able to perform in addition to the tenant/buyer. That is a very big what if, sellers are not subject to the same federal regulation as banks, do you really know the seller well enough to give them your hard earned money? I have discussed this in the blog entry linked below.... more
Good advice Daniel. Reese you should get an idea of where you stand from a local loan officer, because you will likely want to obtain a mortgage on the property at some point so you can pay off the land contract and obtain the deed to the home.
To add to that even though land contracts are slightly more prevalent nowadays due to the difficulty of selling a home, there still are not a ton of sellers out there willing to do them. From a sellers standpoint carrying the financing on a property is very risky, especially if the bank won't lend to the buyer, so in a lot of cases they may require a hefty down payment from you and/or charge you a lot higher interest rate.
With that being said, if you can provide assurances to the seller that you'll be able to qualify for a loan in say one or two years then that might be enough.
Speak with a knowledgable local loan officer, then you can talk to a local agent who can find listings available for land contract terms for you.
I recently closed on a foreclosed home with VA financing and currently have another foreclosed home with VA financing under contract and it also passed the inspections/appraisal(one even had part of the ceiling missing from a busted water pipe, but VA was fine with it since the bank did fix the pipe and there was running water). With any home, it is going to depend upon condition on the property. Use an experienced realtor that knows VA guidelines so you don't waste time trying to close on a property that would obviously not qualify for VA financing. VA has been more flexible than in the past, so Karen was correct that it isn't that hard.... more
You can also research on the licking county clerk of courts website to see if the home has been through the auction and then if the sale has been confirmed yet. If it hasn't been confirmed yet, then the bank or third 3rd party purchaser does not legally own it yet. The clerk of courts will name the lender that is foreclosing(notes are transferring to other banks even halfway through a foreclosure, so make sure to read the dockets to make sure that you are contacting the correct bank). Let me know if you need any help on this.... more