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Home Buying in 60014 : Real Estate Advice

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  • Local Info4
  • Home Buying9
  • Home Selling1
  • Market Conditions0

Activity 9
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
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 Celeste Mosley 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 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
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
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
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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