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Mount Morris : Real Estate Advice

  • All21
  • Local Info2
  • Home Buying8
  • Home Selling0
  • Market Conditions1

Activity 19
Sat Apr 2, 2016
Amanda Arnell asked:
My fiancĂ© and I are trying to buy. We were going through a mortgage company that originally pre approved both of us on the loan for $75,000. Last week, our mortgage lady called me and said…
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Tue Jan 21, 2014
Sally Grenier answered:
Good question! Where did you see this list? If it was a listing here on Trulia, you should "flag" the listing.
0 votes 1 answer Share Flag
Sat Jun 29, 2013
Ron Thomas answered:
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
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Sun Feb 17, 2013
Douglas Funk answered:
Hi Jenn,

Most homes in that price range are purchased straight out for cash because most mortgage companies do not do loans in that price range and it becomes even harder if the home needs repairs (furnace, copper missing, etc.). However, if you have a good relationship with your bank or credit union, sometimes they will do loans in that price range.

Your best bet is to find a private owner that will do a land contract. I would put aside at least $5,000 to put down. This shows seller that you are serious and makes the risk a little better for him. Also, if there are real estate agents involved, on a home of this price the seller is paying $2-$3000 in commissions, so the $5k gives him enough money to pay the commission and put a little in his pocket.

As to area, I like to try to find the best home for the money I have in the best school district. I say this because if in a year or 2 you need to sell, your home in a better school district will sell faster then identical home in poor school district. Also try to get 3 bed with basement even if you do not need the 3 bed or basement. Again, if you have to sell, it will usually sell before a 2 bedroom or a home without basement.

Hope this helps.
Douglas Funk, Burrell Real Estate, Flint MI
... more
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Mon Jan 28, 2013
Marge Bennett answered:
Dale, Florida is a large state with areas with different characteristics, and price points. Have you visited our state? What do you enjoy? Are you golfers, love the beach? Do you want an area that rarely sees freezing temperatures or would you occasionally like a light snowfall? Do you want to live on the water, lake canal, river, gulf, ocean, the choice is yours. Price points too are all over the board. If you would call this Florida native, I would be happy to chat with you to help you decide where you may want to look.

Marge Bennett
RE/MAX Realty Group
Fort Myers, FL
239-560-4159
Marge@MargeBennett.com
www.SouthFortMyersDreamHomes.com
... more
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Mon Jan 21, 2013
Anna M Brocco answered:
For an accurate picture of costs, contact a few local licensed contractors and ask for free estimates, then go from there....
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Thu Aug 9, 2012
Eric Michael answered:
You should try to get a mortgage first, but if you must go land contract, read my blog using the link below. It talks about some of the pitfalls of land contracts.
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Thu Aug 9, 2012
Eric Michael answered:
It's better to purchase a house the regular way instead of going land contract.

Read my blog link about some of the pitfalls of land contracts.
0 votes 1 answer Share Flag
Fri Apr 6, 2012
Suzi Davidek answered:
Tue Jun 21, 2011
Karen Paytas answered:
As far as I can tell from the County website $804.40 is due for 2010 and 121.50 is due for 2011. Your best bet is to contact Mt. Morris Township at 810-785-1054.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
... more
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Mon Oct 25, 2010
Derek Bauer answered:
Karen - we need much more information here to give you the most valuable input possible. Are you saying you have a verbal acceptance and are awaiting paperwork?
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Sun Oct 24, 2010
Anna M Brocco answered:
What is your agent suggesting--the purchase agreement should have already been signed....ask your agent the question.
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Tue Dec 15, 2009
2boys9297 answered:
What I did not mention here is that we would really like to get into a land contract-- or a lease to own-- thank you for any type of input you may have.
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Tue Aug 18, 2009
Djkevinpaul asked:
property. The first company has excepted the short sale and is offering 1,000 to the second, the second wanted 3,000. As a buyer is there anything I can do it has been weeks now since we…
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Fri Jun 12, 2009
Tony Grech answered:
It's all about what you make at the end of the day verified through tax returns - the past 2 years. So unfortunately since a lot of self employed borrowers try to minimize their tax liability, it winds up hurting them when they apply for a loan. Because these days lenders are only concerned with the bottom line of what you make after all deductions. Sorry it's probably not the answer you wanted to hear, but its a sign of the times and a result of long time abuses in the industry ... more
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Thu Jun 11, 2009
Jason Diperstein answered:
Hello Malisa,

Bob is correct, you can put the loan just in your name and still have your husband on title and deed as long as you meet minimum guideline requirements. Take a look at HUD.gov to learn more about the process and good luck!

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com
http://emortgagemanagement.com/?page_id=72
... more
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Wed Jun 10, 2009
Malisa answered:
I live on a street off of church street. I havent had a problem. Very quiet neighborhood. Most u get is the kids walking by, laughing and joking. But nothing to worry about. We watch out for our neighbors around here. ... more
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Tue Nov 20, 2007
smith3gary answered:
AW, I was unable to locate any condo or duplexes in Flint or Mt. Morris including the townships that were for lease in a community with security patrol or gatehouse.
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