I think you should definitely start talking to a realtor or a mortgage broker about what you can afford. It's going to be significantly easier to go through this process if you start earlier. You should also look into getting the rest of your move planned as soon as you can. Once you know a bit more about where you'll be moving, you should try to find a moving company and start packing things that you don't use often. Taking those steps will make the move a lot easier when the time comes to actually make the move.
Rent to own is a horrible, horrible idea for the buyer. Renting and owning should be treated as two separate transactions, not one. Wait until you can qualify for a traditional mortgage; then buy a home.
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You would be turning into a condo/ Your first call should be to a real estate attormey to see if you have to register condos with your state. The lawyer then will set up a declaration of condomium and record it with the new deeds. Along with basic condo inf it should include who and how common insurance is paid, short time mainteance like lawn care and long term like the roof.... more
You can get an FHA loan with a 610 credit score, have you tried The Lenders Network? They referred us to a lender that was able to approve us with a 600, even when we were declined by multiple banks. I would highly recommend them. Good luck!... more
Hi Jennifer, I am a mortgage broker/loan officer here in the Indy area. I've been in the business for 13 years. I work with first time home buyers often and am happy to answer any questions you may have and help direct you in the home buying process. If you need any assistance, just let me know. Good luck!... more
You're definitely going to want to talk to an attorney about this. Beyond that, you should try to do whatever you can to repair the problem and keep a detailed record of all of the money you're paying for this problem. If you have a solid number, it will be easier for the lawyer to get you compensated for it.
Talk with your Realtor they always have tried and true recommendations. The lenders I work with I know will get my clients to close with as little stress as possible. There is nothing worse then a lender that the day before closing lets you know they can't close on time. Or your sitting at the closing table and are literally waiting for the settlement statement . A good lender is just one of the pieces of the purchasing experience but can make it either smooth or a night mare.
You can check with local Title companies and ask them what certain lenders reputation to close are.
they will let you know also.... more
Sad crummy situation. The seller is suppose to disclose all known defects even in a for sale by owner situation the seller has to fill out the state disclosure form.
If an inspection was completed 4 years prior a lot can happen within that time frame and wouldn't of put any weight on its relevance as this homes condition. You need to talk with an attorney but also talk with your Real Estate agent. The seller saying the HVAC was new when it wasn't but in fact old and at end of life is misrepresentation. Was this listed with a Real Estate agent? Try to have your agent and their agent resolve if they can't resolve then you will need legal council.
Very few transactions go like the one your unfortunately in.... more
Nope. A short sale is when a bank (the lender) allows the home to be sold for less than what the current owners owes to the lender. In some states the bank can then go after the ex-owner fro the money the bank lost allowing the sale. Those are called recourse states.... more