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Arkadelphia : Real Estate Advice

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Activity 8
Sat Apr 25, 2015
My NC Homes Team answered:
You can do this but only if you are financially capable of carrying both mortgages while waiting for your current home to sell. Needless to say this could be both expensive and stressful. I would suggest instead that you wait till your current home is under contract and then you could make an offer on a new home with a contingency that the home you are selling closes. Speak with your Realtor about this. ... more
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Fri Dec 5, 2014
Yanoska Diaz answered:
Not understanding what you mean by "I add my home". If the property appears sold, it may be referring to a previous sale, please double check the date.
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Mon Sep 29, 2014
Jason Edington answered:
There is no doubt there is more money in a Bedroom than in the Laundry Room, when it comes to return on investment... The real question would depend on what is common in your neighborhood. Personally I didn't mind having the laundry room located outside in the carport, when I purchased my home. But this was common in my neighborhood. The difference between sales price for an indoor laundry room vs the carport was minimal in my case. If your home is currently on the market, just gage the responses of those you have shown the home too. If you listen to their feedback, they will tell you what you need to do - or not do - every time. ... more
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Mon Jul 29, 2013
Tim Krukowski answered:
Thu Apr 12, 2012
Jason Edington answered:
Mary,

The first thing one ask when they hear someone wants to owner finance is "why" when the rates are so low and down payment requirements are between 3-20% depending on the loan. In order to perform a successful owner finance agreement, one must think “WIN WIN”. Many people do not own their home “Free and clear” which usually is the first problem with getting an acceptance. If the home is vacant, then one must think how to present an offer that is better than a typical renter agreement. Try saving enough money to place as a down payment, a payment term that includes interest, and a term that includes a balloon payment. Sellers do not want to carry the note for 20 or 30 years. An example would be for a $100,000 property, $6,000 down payment, payments figured over 20 years at 5% interest with a 10 year balloon payment. Remember that not every seller is in a situation that can afford to do “owner finance”. Look for vacant homes that have been on the market a long time (over a year) and ask the tough questions to determine if owner finance is a “win” for the seller as much as it is for you. Explain the benefit to the seller like the total interest paid during the 10 years (example above) and how the note would be paid off in 10 years once you are able to obtain a loan traditionally. Be prepared, if you cannot obtain a loan you are now running the risk as all monies paid to the seller will be forfeited if you cannot obtain the loan by the balloon payment (another benefit to the seller). If they home is an estate then you do not need to waste your time as there are many people in play and they all have their own opinions about financing. Simply put, find another home and another seller. If you need professional help, feel free in contacting a REALTOR!
PS. If the seller has the home currently on the market and a good tenant, then it is an uphill battle as they have the “win win” situation.
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Fri Aug 19, 2011
Guy Barre answered:
Dear Jesse,

Many factors must be known before a meaning=ful and accurate rate quote can given. You are giving only only factor- your FICO score.

However here is a partial list of factors that will determine your final rate:

1. Loan Amount
2. Loan Program (30-year fixed, 15-year fixed, Adjustable,fully-amortized or interest only, etc)
3. Type of Loan (conforming, high-balance conforming, portfolio jumbo, FHA/ VA, etc)
4. Loan-to-value
5. Purpose of the loan (purchase, rate/term refinance, cash out refinance)
6. Type of property (detached single-family home, condominium unit, 1-4 units)
7. Occupancy (owner-occupied, investment property)
8. Rate lock period
9. Location (lenders have different pricing according to the state or specific market)
10. Current promotional pricing (rate incentive on specific types of mortgage transactions)
11. The actual day your rate is locked (your final rate is final only when locked)

All these factors affect your final rate. So do not be fooled by advertised rates. Each borrower is different. Without the information listed above the lender cannot give you a realistic rate quote.
... more
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Thu Oct 25, 2007
Emily Erekuff answered:
Hi Amber,

The listings on featured on Trulia are extracted from broker/agent and franchise websites. Unfortunately I can't tell you where your listings are coming from without an example listing but if you can access the link below and send our customer support team an email with an example they will be able to.

Best Wishes,

Emily Gibson
Customer Service Representative
... more
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