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Home Selling in 60617 : Real Estate Advice

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  • Home Buying7
  • Home Selling5
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Activity 5
Fri Aug 19, 2016
Sheree asked:
hello everyone. My question is Would anyone buy a town house with water damage for 40,000 or 55,000? And well our mortgage company try and garnish wages if we walk away from the house? Every…
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Tue Feb 2, 2016
Jack Lewitz answered:
If there is any restriction it would be stated in the Short Sale Approval Letter. I have never seen one in any of the short sales that I have done. On the other hand Foreclosures will have a time restriction. ... more
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Wed Sep 10, 2008
Louis Jeffries answered:
Hi Cheri,
I see you are looking to sell your home. It also seems as you would do a rent to own contract. In todays market the lease option or land contract may be a viable solution. I would caution you on a few things first. If you are doing a rent to own you need to make sure the buyer will qualify to buy in the time frame you set up. There are no guarantees but you want a reputable lender to review their qualifications and give you an honest assesment. here is nothing worse than doing this again and again because you choose the wrong person.

Also, it is very important to have a real estate attorney who understands, rent to own, lease options, land contracts, and articles of agreements. hey need to understand which is in your best interest and which will allow for ease of financing.

Let me give you and example: If you allowed someone to rent your home with an option to buy it in one year for $200,000.00 and after a year the value of your home went up to $220,000.00 based on the market and improvements they made. the buyer would have to come up with a down payment and qualify for financing as if they never had an agreement because in reality you are renting to them, not selling to them.
This options gives you the greatest protection because in essence you are just a landlord renting to a tenant.

If you chose to sell to them under a land contract or articles of agreement they have an ownership interest and for financing purposes would not have a down payment.

As I am not an attorney nor am I giving you legal advice. I am suggesting you get an attorney and to work with a lender who fully understands what you are getting into and that can best advise you from the beginning.

If you have further questions feel free to contact me at 708.299.3244 or check out my website.
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Wed Sep 10, 2008
Louis Jeffries answered:
Hi Luis, I am a mortgage banker and I do a lot of work on the south and southeast side of Chicago. First question i have is how many units is the property and does it need work. Those answers would help me refer you to someone, maybe even a buyer as I do have buyers looking for investment properties as well.
You can contact me at 708.299.3244 or go to my website below.

Thanks,
Louis
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