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Home Buying in Crystal Lake : Real Estate Advice

  • All74
  • Local Info8
  • Home Buying18
  • Home Selling4
  • Market Conditions2

Activity 20
Thu Apr 20, 2017
Lovey Jeffery answered:
hello my husband and I are looking for a rent to own property my credit is not good at all and his is fair can you help us?
0 votes 19 answers Share Flag
Thu Feb 11, 2016
Harjeet Bhatti answered:
2 years from discharge date to disbursement date and 4 years from dismissal date to disbursement date. Bankruptcy is not factor for higher interest rate if you complete your waiting period. The down payment requirements will be same as regular conventional loan. ... more
0 votes 2 answers Share Flag
Sun Sep 27, 2015
My NC Homes Team answered:
Be careful what you ask for. Rent to Own is more urban myth than reality. There are only two situations where someone like yourself will encounter "Rent to Own" and neither is desirable.

In the first situation the Seller has been unsuccessfully trying to sell their property often for a year or more and they cannot find a buyer. The reasons for this can be many such as; high crime rates, terrible condition of the property, stigmas the house may have such as some one murdered in the home, or a home used as a meth lab for example. There are others but I'm sure you get the idea. In this case the seller is so anxious to sell their willing to do anything, but Buyers should ask themselves why would I want to inherit this Seller's headache?

The second situation is in my opinion actually worse: it's when very savvy Sellers set out to intentionally take advantage of less savvy Buyers. They never have any intention of the Buyer owning the home and the contract they prepare almost ensures that a Buyer will never be successful in meeting the terms. Their intent is to get above market rental income with the promise that one day you'll own the property and if by chance you actually were able to fulfill the terms of their agreement their OK as they got well above market price for the property, but what happens 95+% of the time is that they simply take the home back when a buyer fails to fulfill one or more of their contract terms and they then repeat the process.   I've been active in all aspects of residential real estate for more than three decades and can honestly report that I have never once met a single buyer who was successful with "Rent to Own" 

Right now we're in a strong sellers market, and frankly there's no reason any legitimate seller would offer a Rent to Own option.
... more
0 votes 1 answer Share Flag
Sun Apr 6, 2014
Sheryl Kise answered:
Where can I find a home , I can take over payments ? I Need a Home for my family of 5 . A.S.A.P. Any suggestions ? Thank You !!! God Bless !!!
0 votes 18 answers Share Flag
Mon Feb 24, 2014
Paul Hespen answered:
K - If you were behind on payments you may be subject to a waiting period prior to qualifying for a new mortgage unless you have a significant down payment of 25% or more & can work with a portfolio lender who will hold the note. You might wish to consider a lease with purchase option program that is designed for folk that have good steady income & can afford a home but do not qualify for a mortgage at this time. The program allows you to qualify for a monthly payment then allows you to shop for any home for sale (with a few restrictions) - the program buys the home for cash & allows you to rent the home for up to 5 years while assisting you with credit repair so that you can qualify for a mortgage & close as quickly as possible. Very little cash needed for move-in. I have helped a number of families in your situation get into affordable homes that they chose thru this terrific program. Call/text me at 815-354-5526 for more info. ... more
0 votes 3 answers Share Flag
Fri Feb 7, 2014
Amy Frappier answered:
jlajka82,
If you are not currently working with a real estate professional, please feel free to contact me and I will see what we can do for you, I work with several lenders and can look at various options to see what would be the best for you.

Amy Frappier
afrappier@firstpru.com
... more
0 votes 1 answer Share Flag
Mon Dec 16, 2013
Lawrence T. Madigan answered:
I do work with renters, what ever your situation is. However, I will be very honest thru out the process and let you know if the process will work for you. As Paul Hespen mentioned, Hyperian Homes process is very good especially for persons who have gone thru a short sale or forclosure, need a home for the family but will not be able to finance one right away. Call me and I can go over all of the requirements to get you in that rental that you may looking for. 815-878-3549
Larry Madigan Prudential First Realty
... more
0 votes 3 answers Share Flag
Sun Mar 24, 2013
Randy Schulenburg answered:
Micheffe,

The bank approved short sale could be a good idea. I'd be happy to provide you a consultation with a Crystal Lake attorney for FREE to discuss whether a bank approved short sale would be the best option for you, given your current situation. You may contact me at 224-805-2616 or email me at randy.schulenburg@gmail.com.

If your condo is already listed with another real estate agent, I would recommend you contact your agent. He/She should be able to help you figure out the best plan of action.


Randy Schulenburg
Managing Real Estate Broker
Mortgage 1st Realty, Inc.
224-805-2616 Direct
... more
0 votes 9 answers Share Flag
Sun Mar 3, 2013
Gary Geer answered:
pattyroman30,

Usually if your income will support it and your current home has a lease that shows those expenses are covered you may qualifify for another loan. Contact a mortgage professional in your area and discuss your situation.

All the best,
Gary Geer
... more
0 votes 9 answers Share Flag
Tue Feb 26, 2013
Bob Brandt answered:
Yes, it happens a lot. The new HAFA Short Sale guidelines that were just implemented have addressed this and other negatives in Short Sales.
0 votes 14 answers Share Flag
Tue Jan 29, 2013
Riccardo Wardlow answered:
We can go as low as 580 credit scores. Let me know if I can be of any assistance.


Sean Cochran
Quality Mortgage Lending
www.qmlending.com
630-470-6830 office
630-330-2229 cell

sean@qualitymortgagelending.net
... more
0 votes 6 answers Share Flag
Sun Apr 1, 2012
Rawdil49 asked:
We are trying to buy a house and during the inspection we found that the furnace would not turn on. The house is bank owned, they said they would not fix this. Nothing else in the house…
0 votes 0 Answers Share Flag
Mon Dec 12, 2011
Donna Larrabee answered:
Denise:

I would highly recommend contacting Tricia Rieth. She is a Senior Loan Consultant at Baird and Warner Financial Services and works closely with the agents in our office to make sure customers like you are given quality advice. Her cell is 847-312-4202.

Donna Larrabee, Broker
Baird and Warner
Cell: 847-977-5564
... more
0 votes 5 answers Share Flag
Mon Nov 21, 2011
Marilyn Little answered:
Thank you for your inquiry on the rental property at 1262 Mulberry. The owner will allow up to 2 dogs, with pet weight restriction of 15 lbs with a pet deposit.
0 votes 3 answers Share Flag
Sat Sep 3, 2011
Cindy McDowall answered:
Hi Diana:

Thank you for your question, as the other agents replied working with an agent will help you immensely in narrowing down your search even to the exact neighboorhood. Right now you proabably dont want agents calling and preassuring you. The best way is to use all the free web sites, chose the advanced searches and type in the school district. When they map it out you can zoom in on your choice of homes. Anything further than that you would need an agent - who not only is expeirenced but also knows the schools, history of the neighboorhood, easiest commutes etc. . Which is where I can help you. I live in Crystal Lake and grew up here. I have been a realtor since 1993. My website can help narrow your search with out any pressure. Feel free to visit, anytime. I look forward to helping you in any way I can. See 1000's of homes instantly at www.buyandsellmchenrycounty.com.
Thank you for your time,
Cindy McDowall, CRMS.CCPS
Coldwell Banker Primus
1-815-370-3884
... more
0 votes 5 answers Share Flag
Sat Jun 4, 2011
Cindy McDowall answered:
It depends on what part of town you are looking at. . . 45K up to 160K. Some will have perk tests on file while others may not. They are at your expense. As well as checking into sewer hookups, water etc. Most sellers of their lots have knowledge of this but it is in your best interest to verify all information yourself and or through your buyers agent. HOA's and the city will have restrictions and conformitys. Hope this helps . . .
Cindy McDowall, Realtor, CRMS, CCPS
Coldwell Banker Primus
Crystal Lake
... more
0 votes 2 answers Share Flag
Sun Oct 4, 2009
Rod answered:
I am sure you have done your work well, you don't buy a $855K home everyday....some one said to me "some times it is not how much you think your house is worth..it how much the sellers want to pay for it".
If you like it and have the money GO FOR IT!! Congratulations!
... more
0 votes 3 answers Share Flag
Tue Jan 27, 2009
Melissa Kampschroer Leetzow answered:
Joann

If you are working with an attorney in the purchase of this home, they should be able to tell you what other liens are on the property. If you are not working with an attorney, I would be happy to recommend one. ... more
0 votes 3 answers Share Flag
Wed Sep 24, 2008
Staci Wolff answered:
There are some really great buys in the rural areas of McHenry county right now. I would love to share some of them with you! If you would like, I can email some property listings to you so you can get a feel for what is available in your price range. ... more
0 votes 1 answer Share Flag
Tue Aug 26, 2008
Mwass answered:
PROS: (1) probably will cost you less, in terms of loan charges at the time of closing. (2) may POSSIBLY allow for more wiggle room to negotiate the interest rate, length of the loan, and similar terms; (3) may possibly allow you to buy properties, or borrow more money than conventional lenders might be willing to lend on

CONS: (1) few sellers are willing / able to give such financing; (2) few sellers are equipped to service loans as efficiently as conventional lenders - it will be harder to get a payoff statement and / or release of the mortgage when you are ready to repay the loan in full; (3) greater risk of disputes about the accounting / allocation of payments to principal, interest, escrows, or other costs (4) risk of problems if / when the seller-lender dies or moves out of state or sells the paper to a third party; (5) risk of seller not reporting interest payments properly to IRS or state department of revenue
... more
0 votes 2 answers Share Flag
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