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Home Buying in Glen Carbon : Real Estate Advice

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Activity 4
Wed Jul 31, 2013
dedesellman answered:
The replacement cost on the home is what you are insuring. It doesn't matter how much you purchased the home for. Your agent should have done a replacement cost estimator to find out how much it would cost to replace your home if there was a total loss. ... more
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Wed Mar 17, 2010
Mom_of_too_many asked:
The seller's agent is making it sound like the lien will no longer exist. That isn't the case, someone else is just assuming the tax debt and they will need to be paid with interest.…
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Wed Mar 17, 2010
Cherrie Catama-Smith answered:
Hi Mom of too many,

The tax liens will not affect your transaction. The current owners or the bank are responsible for the taxes on the property. When the transaction closes, they will just pay the amounts due on the tax lien. I have dealt with quite a few foreclosures and short sales that had tax liens on the property. They will all get paid at closing. Hope this helps!

Cherrie Catama
Newman Realty
cherrie@newmanrealtyillinois.com
... more
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Sun Nov 1, 2009
Marge Haworth answered:
Hi Amricha,
In short yes you can. The seller would still hold deed until pay off- usually 36 months. That would give you time to get credit issues in hand. A contract can basically say any thing two people agree. Typically in our area the seller would ask for a substantial down payment you could counter that with a clause that the down payment amount would be due back to you if the insurance paid a total loss or verbiage to include if the home were not livable.You will need an attorney to draw up and look over contract. Make sure it is recorded. Some sellers are considering contract for deed because they must sell- ie relocation ect.. and they have lived in their home a short time therefore reducing any profit they will make and many times are upside down with mortgage. In three years the home will most likely appraise for the sale price you owe- making loan value. And really the ONLY advantage to you buying CFD is that you will have time to fix credit.. If down payment or cash out of pocket is a problem and you have good credit - score 580 there are grant programs available for assistance. If you would like to discuss further give me a call.
Sincerely,
Marge Haworth
618-410-9830.
... more
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