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60110 : Real Estate Advice

  • All16
  • Local Info2
  • Home Buying5
  • Home Selling3
  • Market Conditions0

Activity 10
Tue Sep 27, 2016
Maricris A answered:
Hello,

To post your property for sale by owner on Trulia, click the link below and select “Submit listings for sale.”

http://www.trulia.com/submit_listings/

You will be redirected to our partner site, Zillow. Once you’re on Zillow’s posting page, please make sure to select “For Sale by Owner” under the address field. Once you activate your listing on Zillow, it will appear on Trulia within 24 hours.

For future reference, you can feel free to contact us about this type of inquiry through our contact form here:

http://www.trulia.com/help/ask/


Regards,

Maricris
Consumer Care Advocate
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Sun Sep 25, 2016
Deleonnegrita asked:
Wed Mar 18, 2015
Jeff Nobleza answered:
work with a licensed real estate broker.

Also, finding the owner of record on a home is possible by sifting through public records.
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Thu Feb 19, 2015
Mark Zatz answered:
These homes are in all different stages of pre foreclosure or listed as short sales. Best to check each one you are interested in and follow up that way.
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Thu Feb 19, 2015
Mark Zatz answered:
Check with Home Partners of America. They have a rent to own program that may qualify.
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Thu Aug 16, 2012
Geoff Ommen answered:
Angel

Land contract listings are very rare. There is a section in the MLS for financing options, where it should be placed, but I would recommend making it the first sentence in the description section as well. Letting people know up front that you are willing to finance it will put it to the top of many potential buyer list's.

Geoff Ommen
847-271-2622
www.geoffgetsit.com
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Tue Aug 7, 2012
Randy Schulenburg answered:
Amy,

The answers you've received are good. There are some nice programs available for a first time home buyer. In the past a lot of those programs were created to allow someone to purchase a home for the first time that may not have saved enough money for a traditional down payment to get a conventional type of loan to finance the home.

Roscoe, IL offers 3 homes homes in our Multiple Listing Service that are under $100,000. Of these 3 homes here is a breakdown of the type of seller on each of these.

1. 'Short Sale' - the seller of the least expensive home of these three is trying to attract a buyer in order to present a contract to their lender to see if their lender will release them of the difference between what they owe and what they are 'short' to pay off their loan in full. This process can sometimes take over 90 days to complete. The lender is pursuing a foreclosure for breach of contract but the homeowner is trying to do their best to avoid this damaging mark on their credit.

2. 'FHA/HUD Home' - the seller of the second least expensive home of these three is a HUD Home. The type of financing that was on this home when it was foreclosed by the bank was an FHA Mortgage. HUD stands for Housing of Urban Development. There are many HUD homes and as you'll read from Melissa's comments in a previous answer, for certain types of buyers there is a great program available from HUD.

3. 'REO/Bank Owned' - the last of the three least expensive homes is a REO/Bank Owned property. REO stands for Real Estate Owned. Many times the best deals are found when negotiating an owner occupied contract for the purchase of a REO.

Additionally, guidelines at banks, credit unions and other lenders are ever changing with the ebbs and flows of our economy. If you researched first time home buyer programs over 6 months ago you may want to check again for current opportunities available. Your local loan officer or realtor should be a great resource for you.

If you're still in the market and need a referral to an agent in your area please contact me at the number below.


Randy Schulenburg
Managing Broker
Mortgage 1st Realty, Inc.
224-805-2616

www.ActiveRain.com/mmortgage
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Tue Nov 1, 2011
Marc White answered:
Great answers, its all about the condition of the property and if you truly want to sell. If your property is in bad condition, then it may not be worth your time...but that should be found very quickly in an inspection. Have a discussion with your agent and let them help guide you through this process. ... more
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Sun Jun 19, 2011
answered:
When you purchased your home with a mortgage you told the lender you intended to occupy it in a certain manner - either as your primary residence, second/vacation home or investment/rental property.

If you purchased it as a primary residence, most standard mortgages require that you intended to live there as your primary residence and you will do so for the first 1 year of the loan, then afterwards you are free to move out without any further consequence (making you pay back the loan). However not EVERY mortgage is that way, so you should read your mortgage documents and within there you will find the security instrument (this is typically called the "Deed of Trust", "Security Deed", or "Mortgage") which will have those details, it could be that you are required to live there as long as you have the mortgage (unlikely, but possible).

If you purchased it as a second home, then a lot of lenders require the occupancy and usage to be used for that purpose, without limitation on the amount of time. Seasonal/weekend/weekly rentals are usually permitted, but putting a long term tenant in there would not be acceptable. Again check the security instrument for details.

If you purchase it as an investment/rental property, since that is the riskiest type of occupancy in the eyes of a lender, you would be free to continue to rent it out, move into it as your primary residence, or not rent it out and use it as a 2nd home. The usage of an investment property is much more flexible.
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