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Home Buying in 19115 : Real Estate Advice

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  • Local Info2
  • Home Buying18
  • Home Selling5
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Activity 13
Sat Nov 2, 2013
Philip J. Cunningham Sr answered:
Please call me in my office which is in N.E. Philadelphia and I would be able to show all that are available in you price range I will have to ask some questions which are better asked in a personal conversation. My cell number is 267-934-1971

Philip J. Cunningham Sr.
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152
215-725-5700X49 cell 267-934-1971
philcunningham2004@yahoo.com
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Thu Jul 25, 2013
answered:
Good afternoon,

Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.

Saving money for a down payment? Well, heck, you can do that on your own.

If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.

Find a way to save up on your own; not with Rent To Own.

Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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Wed Jul 24, 2013
Chandra Watkins answered:
Calling the local police department for the area that you would like to move into is the best and most up-to-date information. Don't call 911, just the office number for the police department. ... more
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Wed Jul 24, 2013
Chandra Watkins answered:
I would be interested to hear what is going on with condominiums in Philadelphia. Here in Southerm California, very few condo complexes are FHA approved. The complex either has too many renters on site or the HOA dues are delinqent which are reasons the complex cannot be FHA approved. ... more
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Wed Jul 24, 2013
Chandra Watkins answered:
Foreclosures can be a challenge with an FHA loan mainly because the condition of the home has to meet FHA appraisal standards. Some homes will be meet the guidelines and some may not. Work with an agent in your area that is familiar with FHA guidelines and they should be able to help you. ... more
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Wed Jun 8, 2011
Renata Martello answered:
Hello Ferko,

The answer to you question is yes. This home does have a handicap lift.
If you are interested in looking at this home or getting more information on this or any other property please contact me at 267-978-3951 or renata_martello@yahoo.com
I would be more than happy to help you and your family find the right home that meet your needs!


Sincerely,

Renata Martello
Realtor, GREEN House Specialist
Prudential Fox & Roach -CC
210 W. Rittenhouse Sq.
Philadelphia, PA 19103
215-546-0550 Office
215-875-3352 Direct
267-978-3951 Cell
renata.martello@prufoxroach.com
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Wed Apr 29, 2009
Heather Moriah Martin answered:
Hello Coll:

Well, Actually that is a loaded question believe it or not. It all depends on what you are referring too.

Since you status says you are a Home Buyer I will assume you are a residential home buyer and not an investor. So, I would like to share some video's with you that I have prepared for times just like these. I do not cover your area but this will help anyone in the State of PA. ... more
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Mon Oct 20, 2008
Bill Lublin answered:
Gene:
Though your question is a little vague, I would caution you about refusing to pay your monthly condo fees because of a perceived (or real) lack of repairs. The obligation of a member of a condominium to pay their monthly fee is not in anyway related to the performance of the condo association, and a self-help solution like putting money in an escrow account is just asking for a legal problem at some point.
As a member of the association, you do however have certain rights contained in your condo documents. I would review those documents and if needed consult an attorney.
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Fri Aug 8, 2008
Joe Michalski answered:
Realtors are a good source, as is the internet, and sites like Angie's List (where the clients rate the inspectors) or Service Magic. I have worked throughout the Southeastern PA area for about 6 years and my clients have found me through internet searches, consumer sites (like Angie's List), and realtor or family referrals.

This is a blog I did some time ago, coaching people in what to look for and what questions to ask to help separate the good inspectors from the bad (there are good and bad in every profession). http://activerain.com/blogsview/206184/How-To-Hire-a

It's like anyone you hire - interview them well and hire the one who most impresses you.
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Sun Jul 27, 2008
Joe Michalski answered:
While I am an ASHI member, it is not accurate to say that they are the only qualified inspectors. I know several good inspectors who are members of both NAHI and interNACHI. With all due respect, the best way to judge an inspector is not by his association (anyone can pay dues), but by experience and credentials - and even then, you have to find the right fit for you.

Some inspectors are very stiff and academic - and some clients prefer this "just the facts" approach. I prefer a more personal style with more client interaction and education. (My inspections are more like a 2 hour "This Old House" episode with your home as the subject.)

In the end, it's all about YOU and YOUR needs - so make sure that you find someone who will take time with you, answer whatever questions you have, help you learn how to operate and take care of your home (and the point about providing cost estimates is a good one!)

Here in PA, it takes more than $40 to be an inspector. You must be a full member in good standing of a national association, you must have performed at least 100 fee-based inspections, you must have E&O insurance, and you must abide by a code of ethics. It is a pretty low bar to be sure, but at least it is something. Again, I refer you to the blog I posted earlier for some other points to consider and questions to ask. http://activerain.com/blogsview/206184/How-To-Hire-a

Remember, you are a potential employer interviewing job appliacnts - put them through their paces and take the best one!
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