Unless you can prove the previous owner had knowledge of this defect and purposely did not disclose this information, there isn't much you can do. My advice would be to hire and attorney and seek out your options there.... more
Each subdivision has its own Homeowner's Association which has the rules and regulations for that particular subdivision. Homes without HOA's will have to abide by the regulations of the city of Yorkville or if it's in unicorporated area, Kendall County.
Which restriction are you most concerned about? Do you need a specific usage for your home? Let me know if you need additional information.
I am a Grande Reserve homeowner. We purchased our house in 2007, its big, its beautiful, and the neighborhood is perfect. We do unfortunately pay SSA, which is built into our mortgage. There are pros and cons to it, SSA funded the community to have it's own private club house (available for rent) and access to the pool and multiple parks/fields. $20K is a lot of a neighborhood that still has vacant lots but you do have an elementary school on site and I definitely see police presence. On a 30 year loan it doesn't seem like much and if you utilize the facilities it is fine.
Our neighbors just relocated jobs and rented their home out to a great family. We were interested in renting our house out as well to relocate closer to our jobs.... more
If your documented income is large enough to support two mortgages, you should definitely qualify. However, if you plan to use rental income to supplement what you are making now in order to qualify for the second mortgage - you would have to show to the lender that you had a full-year rental income from your current residence and that it was reported to the IRS.... more
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.
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?
There are several places to go. Tax records are public information, and many towns and township assessor sites have recent sale information available, although it may take months for the data to be posted. You can also watch the local papers for this information as property sales and prices are public information. There are also several websites which carry sales info, and will actually generate a market analysis for you. Zillow.com is probably the most popular. Be careful of these sites however, as the info is not always accurate, as I have seen the estimates be as far as 20% off.
As already mentioned, the most accurate data will come from a licensed Realtor. We have the most up to date information on what has sold, for how much, and if there were any seller concessions. In addition, in a market like we have today, the properties that have just gone under contract are a more important indication of market value. This is because the market is still shifting, in some instances weekly. Because it takes, typically, 45 or more days for a property to go from an accepted offer to actually closing, closed sales data represents the market 45+ days ago.
As a buyer, the professional services of a trained realtor cost you nothing. The seller nearly always pays the commission, so there is no reason not to enlist the expertise of a realtor... more