You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!
The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.
There is no FORM printed by anyone; there are just too many variables.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?
This is the Ultimate Caveat Emptor!
Good luck and May God bless... more
Install a really, really, really big sign in front of your $750,000 to $850,000 home.
There are many many ways to drive traffic to your listing. However, what you really want is buyers who are qualified, motivated and capable of making a home purchase.
Access to those strategies, that critical mass of buyers, the network of solution providers is worth paying for.
Meanwhile, you always have Craigslist, newpaper, community bulletin boards and of course Zillow and the FATAL ZESTIMATE.
By the way, just to avoid much confusion. the term 'Listing' refers to a home for sale that is 'listed' in the Multiple Listing Service by a REALTOR. What you have is not a listing. It is a FSBO. A home for sale by owner. FSBO Listing is a contradiction of terms.... more
Joseph - there are no indicators pointing to the national upswing in housing prices slowing down anytime soon. Whatever type of home you are interested in, most likely it will be more expensive int he spring.
That being said, if you have personal reasons to hold off on making a purchase, like having a bunch of stuff going on during the holidays which prevents you from dedicating the type of time needed in order to make a wise buying decision, then it might make better sense to hold off until after the 1st of the year. I don't see why one would wait until the spring thaw though.... more
For any loan, the minimum is typically 640, but I've heard of some banks offering loans with lower scores. But the 100% financing is tough to find. I would talk to a local lender and see what your options are.
This is why we had the housing market meltdown a few years ago -- there were too many people who didn't qualify, and were getting 100% financing -- then everything came crashing down.
I would suggest you work on your credit score, and start saving money for a downpayment. For FHA the minimum is only 3.5% Think about it. If you don't put any money into it, then what's to keep you from stop making payments??? You have zero invested in the house.
And if you have zero money saved what happens when your furnace dies this winter, or your hot water heater breaks, or whatever. How will you pay for that.
Buying a home costs money.... more
Sure. Your Realtor can help you with that--it deals with debt-to-income ratios.
However, I think you're confusing a couple of different things.
The buyer's qualifications depend on those ratios I mentioned, as well as credit scores, etc. The question to be answered is: Can your buyer afford the payments he'd be making?
However, you've got another problem: The house might not appraise for $870,000. Your buyer could be pre-approved for a $870,000 but that really wouldn't be the salient factor. The bank is only going to lend based on the appraised value of the property. So let's say the bank appraisal comes in at $775,000. If they're prepared to lend 80% of that, or $620,000, then your buyer has to come up with the difference: $250,000 (plus his share of the closing costs).
Now, you said he's prepared to put 30% down. That's $261,000. That looks like it could work. From the bank's perspective, your buyer might be overpaying by $95,000...but the bank won't care so long as there's 20% equity in the property, based on the appraised value...and so long as your buyer is capable of making payments on that $620,000 mortgage.
Check with your Realtor for more information.
Hope that helps.... more
Joseph, it's possible to use conventional loans on any house that passes appraisal, regardless of where it's located.
If my response was helpful, consider clicking BEST ANSWER!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax... more
This depends on which lending institution you are using.
Some lendings are known for NOT being quick while other can get you processed rather quickly from appaisal to clear to close.
Would you like a recommendation of a lender with fantastic rates/closing cost and one which moves the process along quickly?
Please email me directly if you are interested. My buyers have been thrilled with them.
Dawn Noak, REALTOR
They always go down in Nov. Dec. Jan. Home sales are seasonal. They will pick up again in the Spring. This doesn't mean that no homes are selling, you just have to be more patient in the fall / winter months.... more
There is more to this strategy than listing your place at the low end of market value. Before you do this, you need to fully understand the strategy, trust your agent and the process and be realistic as to what outcome you can expect. No strategy will get you more than your home is really worth. In most cases buyer's will need a loan and require an appraisal. The key to having a great outcome is realistic expectations and the right pro on your side.... more
i can only give you my personal opinion from experience. I have represented many new construction homes in the past and required the buyers to bring in inspectors only to find there were issues.
My personal opinion is that as people are living in homes, they typically repair and maintaining.
If you are buying anything, get an inspection to be done by a certified inspection engineer.... more