Rental properties in this area do not stay on the market long. Have you thought about getting prequalified to see if you would qualify for a mortgage? There are even some 100% financing programs in certain areas that may interest you. Feel free to give us a call and we can let you know what is currently available for rentals and/ or get you some information about a lender who can help you!... more
It sounds like an FHA 203k Renovation Mortgage would be a good mortgage product for that type of property. I have a list of lenders in our area that work with the 203k loans if you would like me to send that over to you.
Call or text me if you would like to talk more. 601-672-8147
I have never closed a take-out loan for anyone that did a lease option. But I have spoken to a lot of people that lost a ton of money trying to use this method, anything you do to try and circumvent the rules that protect you puts your hard earned money at risk. The link below may help understand the deal. I hope my thoughts protect you and keep you from being hurt, good luck,
NMLS # 6395
Financing Kentucky One Home at a Time... more
I'm not sure what you mean by "take up payments." Do you mean refinance? If you're not trying to sell, you may want to try your lender that currently has the note on you home. If I'm not understanding you correctly, please feel free to call me and I'll try to get you an answer.... more
The truth is that abandoned homes are targets for vandals. This can happen anywhere. Also, some teens are just looking for something to do. I cannot speak as to the fact of having unsupervised children in the neighborhood. I personally believe that there are unsupervised children in every neighborhood, regardless of price range. That being said, the area that you are asking about is an area of homes that are in the the under $100K range. Some homeowners in this neighborhood take care of their property, and some do not. Some homes have no garage, so there is no place to store some items and the owners may choose to have a lot of things visible from the road. Lower priced home areas may have a higher incident in crime and then again, they may not. It really depends of the current residents, and the choices that they have made for their lifestyle. My best advice is to call the local police station to ask about the crime in this neighborhood. They can give you the most accurate information in that regard.... more
Many different ideas on value, Most important if home is for sale, people liking what they see outside creates the desire to go inside. (thats value) Keep yard well groomed with some color and a bench or chair to sit and enjoy the yard. Creating a warm inviting feeling to go inside.... more
You can make sure the selling party knows these fees need to be collected. Many times if a property does go into foreclosure these fees have to brought up to date before a sale transfer can take place including taxes. The bank after foreclosure would become responsible. I believe having the lien filed is a plus for your HOA. I am in Florida so I recommend you speak with an attorney or a local Realtor for your area.
Most everything is subordinate to the first mortgage... more
Regarding property worth: Let's say the property is worth $200,000, based on the comps. It's priced at $210,000. You offer 10% under the asking price, or $189,000. No, that's not a lowball offer at all. (And I hate the term lowball, by the way.) You've made an offer 5% under the comps. The only thing wrong with that is that maybe you offered too much. The seller counters at $199,000 and you accept. You've essentially bought the home for what it's worth.
On the other hand, let's say the property is worth $200,000. It's priced at $200,000. You offer 20% under the asking price, or $160,000. Is that a lowball offer? Maybe, depending on your definition and, more important, the seller's definition. Maybe the seller bought the home 30 years ago and now owns it free and clear. He just wants to sell. So he might accept your offer. Or perhaps he bought it 5 years ago for $175,000, so he'd barely be breaking even. He can't afford to sell for $160,000.
And I've known some sellers who--even though they've overpriced their homes--think they're doing buyers a favor and are adamant that they won't take a penny less. So even an offer of $209,000 on a home priced at $210,000 might be considered a "lowball."
But: So what? What's it matter? Don't worry about whether the seller thinks your offer is a lowball. Unless you're the Amazing Kreskin, you can't read their minds. Here's what you do: Find out, based on the comps, what the home is really worth. Then pay no more than that figure. Probably offer less. It's that simple. And you notice that the asking price doesn't figure into the equation at all. Doesn't matter. What matters is the property's true value. You pay no more than that, and you offer less.
I am not sure exactly how long it takes to approve the loan. I am sure they take into account whether all the information ndeedd has been provided or not. If there are not additional funds needed, just getting a Rural Housing Loan, I would recomend to my buyers to have between 30-45 days from contract to close. I hope this has helped. Fore more information specifically, please contact your lender or rural housing office directly. Thanks!!!... more