Ohio Law prevents Real estate agents from offering an opinion on "best" or "good schools. Here is a link that will provide you with info: http://www.ode.state.oh.us/GD/Templates/Pages/ODE/ODEDetail.aspx?page=3&TopicRelationID=115&ContentID=50598&Content=140915
I specialize in the German Village area: Call Me! 614-595-0732... more
If you were to put a home in contract say next week it would take you about 6 weeks to close on the property. That would be early to mid April. Your first payment on your new home would be June 1. Have you spoken with a lender and been pre approved for a loan ? This is the first step in the home buying process. If you are working with an agent they can guide you thru the provess if you are not working with an agent and should you care to discuss further please feel free to contact me at 614-323-0420 or e mail me at email@example.com. Dale Cook... more
Congrats on thinking outside the box and looking into a Rent-to-Own/Lease Purchase. Just keep in mind that many real estate agents are not sufficiently knowledgeable when it comes to doing Rent-to-Own/Lease Purchase transactions. They are typically a "list a home"…wait for a buyer….wait…wait….then hand the buyer over to his/her mortgage people while praying that they meet the lenders guidelines.
An agent who ACTUALLY knows and HAS EXPERIENCE with MULTIPLE lease purchase transactions is worth their weight in gold. Many times they end up being an investor themselves. That should be the FIRST question you ask of the agent….How many successful lease option transactions have you completed? And don't take the, "Oh…well….I'm sure we can put something together to help you out." That equals a Red Flag as far as I'm concerned.
Since you said your credit is awful…….finding a credit improvement company or doing credit repair is ESSENTIAL if you want to be a serious lease purchase candidate. DO NOT put it off! We've seen too many times were a potential tenant/buyer gets into the home…then a few weeks go by…then a few months go by….then before you know it, the 12 months have come & gone and they didn't do the work necessary to put themselves and their credit in a position to be ready for traditional financing (a mortgage).
You can check out some of my blog posts on Rent-to-Own/Lease purchase information but the key is to educate yourself as much as possible so you can ask the agent the best questions possible.
Independent Consultant... more
I have a bunch of duplex properties available and would be more than happy to have my team show them for you. We have been extremely successful in finding the best property for the best price to individuals moving in from out of state. We actually currently have one that is relocating down to Atlanta. Listed and put their home in contract in just one day. Will close in 3 weeks. Nobody works harder than we do to get you the very best deal available and ensure all i's are dotted and t's crossed when it comes to successful closings. Look forward to speaking with you soon!
KW Consultants Realty
First and foremost it is important to understand that there aren’t any restrictions on buying a home after a short sale, just on getting a home loan after a short sale. You certainly are free to purchase a home, you’ll just need to find a very flexible lender (which could be tough) or purchase the home with cash.
Obtaining financing through the traditional sources will be difficult as the majority of financing currently available right now is subject to either Fannie Mae or FHA guidelines, both of which restrict lending to homeowners with a short sale in their credit history.
Short sales and foreclosures negatively impact your credit, and bad credit implies that you as a borrower represent a higher credit risk which in turn hurts your chances of securing a mortgage. The logic is, if you weren’t able to make your payments just a year ago, you’re still considered a risky candidate for a new loan today. Here are the guidelines:
WAIT TIME AFTER A SHORT SALES
FHA- 3 year waiting period
VA- 2 year waiting period
Both FHA and VA require clear Caviers (Credit Alert Interactive Voice Response System)
2 year waiting period at 80% ltv*
4 year waiting period at 90% ltv *
WAIT TIME AFTER A FORECLOSURE
FHA -3 year waiting period
VA - 2 year waiting period
Both FHA and VA require clear Caivrs
7 years waiting period- all ltv’s
3 years with extenuating circumstances
Additional requirements after 3 years up to 7 years.
90% Max LTV
Purchase, Principal Residence
Rate and Term Refinance, all occupancy
Note on FHA only- SHORT SALE WITH NO MORTGAGE LATES
No waiting period if there were 0 late payments throughout the entire Short Sale process and the borrower is relocating to another area.
For more info visit http://columbusrealestatenews.featuredblog.com/waiting-period-after-a-short-sale/
Better Homes and Gardens Real Estate
The listing agent probably put the status as "under contract" to avoid more offers coming in until these have been reviewed. With your offer coming in at full price, there is little reason for them to keep fishing for more offers unless your financing or other terms were shaky.
Unfortunately the "under review" time is as much time as the bank wants. There are 2 rules with banks and time frames, yours and theirs. You must hurry up whenever they ask and they can take their time and get back to you when they are ready.
The main question you could be worried about is did any of the other offers come in above list price? Chances are, they will come back to you and the others and request 'highest and best." You'll have a chance at that point to decide if you want to improve your offer. Discuss this in detail with your agent, to see if the home was priced correctly to begin with and if you should go any higher or not. The choice will be up to you.... more
First you need a agent whom is experienced in lease option/purchase deals and I would be more than happy to help
In regards to this property, a lease term of # years, 1, 2, 3, whatever seller is entertaining, a % or small amount up front in down payment, your 1st months rent and security deposit etc... Once lease is up perform a purchase with % of ALL rent accumulated PLUS the money up front to apply to purchase price
This in negotiating is where you need a detailed agent to present figures to seller. Make sure it makes sense, a lot of owner or unrepresented sellers will ask for terms that doesnt make sense for buyer in the end, or not apply any rent which is essentially the whole goal in this creative source of financing. Have you reached out to a lender to see how long your financial situation would take to mend , ?
Email me or call I would be able to help further
Good luck hope this helps!
You can actually do 3% down on a condo - just depends on the condo and if it's conforming:)
Give me a call or email!
To apply online go to: www.lenderohio.com
Jodi McCoy Vermillion
(NMLS # 227336) (LO.021770.001)
SENIOR LOAN OFFICER
THE VERMILLION LENDING TEAM
CONCORD MORTGAGE GROUP
A Full Service Mortgage Banker
735 Ceramic Place, Suite 220
Westerville, Ohio 43081
Loan Officer Assistant/Processor (Kristin): 614/212-6916
203K Coordinator (Tammy): 614/212-6954
To Apply On-Line Click Here: www.lenderohio.com
My business is based on referrals. If you know anyone who might be purchasing or refinancing a home, I would be happy to help. Any referral would be greatly appreciated.
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Hey there Teresa,
Many banks and brokers have programs out there to assist in 1st time buyer programs. You can easily ask your bank what programs they have. They can vary between banks and mortgage brokers. Often banks are limited with their programs while mortgage brokers have a funnel of lenders to work with.
It is very advisable to connect with a Realtor who has contacts/relationships and success stories of similar closed deals. These programs are easy to qualify for and usually consist of taking a class to qualify during the process. There are income limits to some programs however these programs can save you 2.5% of your downpayment towards a home that typically requires 3.5% down.,
So for example, you want to purchase a $100k home and typical financing would require 3.5% down payment you would be bringing $3500 to close. With some programs, you can get a grant to cover 2.5% of that leaving only $1000 or so to bring to closing., There are even some lenders that can do a zero down program but they are limited. Again, find an agent to work with. Many times it will take patience.
Find someone that has the experience that can coach you through it. A good agent/lender will stick with you even with less than perfect credit to get you there. Hope this helps.
This is a great question......
In our location, we are finding the recent trends show that people are placing less importance on a formal livng room and are seeking to make their home's space more useful to their family's needs. People are finally coming to grips with the fact that a formal living area ends up being a museum for furnishings that are seldom used.
With this said, your proposed plans are in step with a changing trend that so many home owners are moving toward. Additionally, today's builders are also moving away from building homes with a formal living area. It just isn't a good use of square footage and results in money poorly spent.
It is my opinion that it's very unlikely that you will decrease your home's value and probably should increase its market value and buyer appeal.
Your adjustment is one that is keeping pace with the current trend....don't second guess yourself.
Good luck with your project. I'm sure the change is one that will be a welcomed improvement.
There are a couple of factors that would come into play here including: do you have reserve funds and what is the amount of these reserve funds, are you already behind on your payments and if so how far behind, what type of loan is this a purchase money loan or a home equity line of credit, etc. That said, how the deficiency will be handled is part of the short sale negotiations. You clearly have a justifiable hardship given the job loss and your efforts to rent the home demonstrate to the bank you've attempted to do the responsible thing. It also appears as though the property is located in the Galloway area based on the location included in your profile and this is an area that's been hard hit and seen values tumble in recent years. We specialize in short sales and I'd be happy to discuss your situation with you further. I'd invite you to give me a call or send me an email. You may also visit our site using the link below for additional information on short sales and the general process.
Better Homes and Gardens Realty
My husband and I are current residents and we are also looking to move .. I have been doing a lot of hands on research driving going into neighborhoods..
Right now we are leaning toward the Northside because what we actually want in a rental is out of our means although it is in a worn down neighborhood.
Price ranges 750 to 1500 fr a 4 bedroom, as long as it isnt near a college.
The house we want and would fit our family is right across from Columbus State so for sure 1500 off top.
We have found really good properties off of livingston avenue near Nationwide Childrens Hospital.
If you dont mind a little crime and keep to yourself that is okay .. there is a really good elementary school there. I suggest lottery for middle and high school. There is one really great middle school called Yorktown and there is also some really nice homes in that area. Going to run you 900 and up for good living, single family homes. but there are some ok homes and apartments in the area as well.
Also the far westside.. It is being revitalized .. because of the casino. there is a wonderful apartment complex FAMILY ORIENTED across from there.
Dont go south .. lol... more
I work with buyers in 43207. I am with Keller Williams are you willing to pay commission if I bring a buyer? Please let me know.
Thanks a lot.
Ajay B Pandya
Keller Williams Greater Columbus
The best place to start is find out your credit score. Once you know that, reach out to a lender and see if they have programs that fit your criteria. If you do not qualify right now, hopefully the loan officer will take the time to analyze your credit and assist with increasing your score.... more
FHA is the main outlet for this type of program, but Fannie Mae also has an outlet for this type of financing as well. Please feel free to give me a call and I would be happy to discuss your mortgage financing options with you.
Julie A. Horvath
NMLS ID: 563029... more