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85374 : Real Estate Advice

  • All15
  • Local Info0
  • Home Buying8
  • Home Selling3
  • Market Conditions0

Activity 11
Wed Apr 8, 2015
Bill Ormsby answered:

I have not seen many rent-to-own that turned into owning and be very cautious before you commit to anything long term.

Owning may be a better bet, especially on a fixed income, since the payment remain fairly stable except for changes in taxes and insurance.

I have worked with lenders that are well versed in FHA and VA loans with lower down payments requirements and also have experience using down-payment assistance programs. In some cases buying a home was actually less out-of-pocket than what it would have cost for the total move in costs for a new rental.

Let me know if this helps!

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Wed Apr 8, 2015
Bill Ormsby answered:
VA loans are still assumable but the buyer must qualify. Depending on the age of the loan it may not make sense to assume when the currents rates are so low.

If qualifying is a challenge there are programs that can help Another option that is not frequently used is owner financing. There may not be as many home options but with work you can find them.

Explain your situation to an experienced realtor and they should be able to help you.

Hope this helps!

Bill Ormsby
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Mon Mar 31, 2014
Kent Brown answered:
There are dozens of companies who's purpose is to help FSBO's. Just google "FSBO" and you will find several. It will be important that you create a good website for your property and make sure it is properly syndicated as over 90% of home buyers are beginning their search for a new home on the internet.

You should also know when your listing expires you will be bombarded with agents wanting to re-list your home. They will call your phone number if its not on the do not call list. They will mail you letters. And some will come by and knock on your door.

Most real estate agents are part-timers and sell less than 2 properties a year. A good active agent will have sold 20+ in the last year. You might also consider interviewing a couple professional agents like myself who actually sell homes for a living and know how to market your home in a market that is quickly becoming a buyers market. Inventory in Surprise is way up, almost double what it was just a year ago, with a big drop in the number of active buyers in the market. So that may be part of the reason why it's not selling. Consider re-evaluating the price of your home and how you stack up to the other homes in the area that buyers are considering.

Please let me know if you have any additional questions.

-- Kent
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Wed Jan 16, 2013
Gene Platt answered:

Call me or we can meet at my office to talk about referring you to the most qualified Real Estate Broker / Agent in Northern Ohio. We are a member of Leading Real Estate Companies of The World (The largest Relocation network).


Gene Platt
Illustrated Properties
(561) 632-5400
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Thu Jun 21, 2012
Leroy answered:
Only if the owner is carrying the loan.
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Tue Jan 18, 2011
Spirit Messingham answered:
As the others stated, Off The Market could mean a lot of things. Primarly it means it is no longer availble. Please remeber that Truila gets its information from MLS (Multiple Listing Service) & it is done automatically. I have found the information is not always up to date or accurate, it is on MLS. Sounds like it was listed at one point, the sellers took it off the market & according to a local agent in the area, it is now back on the market.

Good luck.

Spirit Messingham
Tierra Antigua Realty
Tucson, AZ
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Fri Jan 14, 2011
Brad Bergamini answered:
We have deals up north in Prescott that would fit the bill.
and all of these are owner carry or assumption.

We are in Prescott, not sure if you are interested,
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Thu Oct 21, 2010
Jonathan Dalton answered:
The prices are no more or less negotiable than outside the retirement communities. Like in any area, some sellers are more realistic about current values and others are not.

So far, none of the communities have held their value over the past 18 months ... values have dropped not so much because of foreclosures and short sales but because of a lessened demand that's been in place since the final quarter of 2008.

On the rentals for this season, check or It's going to be tough finding a rental this late in the season - most in booked in May or June - but those sites are your best chance.

Good luck!
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Mon Dec 28, 2009
Jeffrey Masich answered:
Dear Lee:
Good question. I am assuming that you are looking to sell your home in a short sale. Even if you are looking to buy, this answer will address your question.

What is a 9;Short Sale'? The “short” sale definition, which deals with the bank’s willingness to release their lien or security interest in a home if it is being sold “short” or for less than the amount that the owner/borrower owes on the mortgage loan to the bank(s).

There are several advantages to a short sale:

Behind the scene, the bank(s) (one or two) are negotiating with the owner/borrower for the owner to pay the difference or a portion of the difference between the sale price and the amount on the loan (the short amount). This negotiation is somewhat invisible to the prospective buyer, but is the main reason that the offer/purchase process can take so long (months).

The bank may eventually send the property into a foreclosure if the owner does not agree to sign a note to pay a portion of the “short” amount. The signing of a short sale note by the owner/borrower will not be secured by a mortgage lien associated with the home as it has been released when sold to the new buyer. The net effect of the note for the short amount lowers the amount the bank(s) will have to “write off” or take a loss on for the amount the owner/borrower owes. Note, a foreclosure or short sale, does not prevent the bank from continuing to collect from the owner/borrower, especially if their financial situation improves after the home is foreclosed upon or sold. Although, Arizona is an "non-deficiency state. This means the bank is prevented from coming after the borrower for the "shorted" amount, unless there a special circumstances. You attorney would have to advise you on this special circumstance issue.

The negotiation in the short sale process has several major goals:

1. Owner/borrower looks to sell home for less than is owed and have the bank(s) release their lien on the property
2. Owner/borrower looks to protect their credit rating somewhat in a short sale as opposed to a foreclosure
3. Owner/borrower asks the bank, based on their financial hardship, to write off the balance owed or write off a portion of the balance owed after the short sale proceeds are paid to the bank
4. Bank looks to prevent a foreclosure, expecting the home to get a higher price with the owner taking care of the property. Many foreclosure properties are abused by angry owners. Conversely, a short sale property tends to be in better condition.
5. Listing agent or hired negotiator for owner/borrower presents offers received to the bank(s) negotiators and works on an exit strategy where the bank will write off all, some or none of the difference between the selling short sale price and the amount that the owner owes on the property.

Banks are extremely backed up in the short sale negotiation area. Often they are in no rush to do anything. This allows the homeowner to continue living in the home while the lender is assigning the case internally to a loss mitigator.

For an excellent webinar on the entire short sale process see my website link:

Note, I am not a CPA or financial counselor, see you’re your accountant or lawyer if you ever have specific questions in the short sale or foreclosure area.

If you are unrepresented, let me know if you would like me to sell your home and bring in a short sale negotiator that is professionally trained to represent you to settle with your lender(s) in your best interest.

Regards, Jeff

Jeff Masich, Realtor®
Arizona Homes and Land

HomeSmart Real Estate
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Tue Jun 24, 2008
Marina Kocian answered:
The listing agent is representing the seller and now she is representing you. Dual agency. i can't tell you abou the compensation without reading the buyer-broker agreement. However probably you should talk to her and express your concerns and if you wish to cancel she should be able to do so. I belive our Buyer-broker agreements are good as long as relations are good.
Best Wishes on your future purchase.
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Wed Sep 26, 2007
Joe Bourland answered:

The packaging your properties will probably not carry the weight in the market as keeping them separate. As of yesterday according to the Multiple Listing Service numbers, 95% of the homes listed will not sale this month.

We are certainly in a buyer's market. At the current rate of homes being sold, Surprise would need 17.1 months to sell all the active listings. A normal market has between 3-6 months.

I agree with Steve that to advise switching agents without knowing the marketing plan and service is a bit presumptive. If the contract is up and you want someone else to try, then select another agent. Interview a few REALTORS and select the agent you think has the best plan and service.

Maybe your current agent is the best.
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