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Home Buying in Carbondale : Real Estate Advice

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  • Local Info5
  • Home Buying7
  • Home Selling0
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Activity 10
Fri May 26, 2017
Mary answered:
Hi,

Thank you for reaching out. Unfortunately, we currently do not have listings for rent to own homes. You may try your luck though and search our website using the Keyword section of the search filter which can be found in the All Filters button. However, these listings are extremely rare.

Let me know if you have additional questions and I will be happy to assist you.

Thank you for using Trulia!

Mary
Consumer Care Advocate
http://www.trulia.com/help/ask/
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Sat Apr 8, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

I can lend nationwide. Your score is high enough for an FHA loan.

If you have any other questions or would like help with this you are welcome to get in touch with me. ... more
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Mon Nov 14, 2016
Rbake5 asked:
Tue Mar 10, 2015
Josh Barnett answered:
Did you end up purchasing this home?
0 votes 3 answers Share Flag
Sat Jun 22, 2013
Bob Brandt answered:
We do not know what your contract says.
Check with your Lawyer. Not many lawyers answer questions here.
Perhaps you will be unable to get your mortgage for another reason.
0 votes 8 answers Share Flag
Wed Aug 29, 2012
Janet McCready answered:
We would need a property address or MLS # to answer a price question. We can also send you a listing sheet with much more information if you would like.
0 votes 1 answer Share Flag
Mon Jan 17, 2011
Suzanne Hamilton answered:
Dave -

For most REO properties, the transaction is very much the same to any other transaction. As the buyer, you are not responsible for commission, taxes or anything to do with selling the property. Any buyer can expect the fees for an inspection(s), lender (vary), title insurance, attorney, and various other closing costs. With any transaction, but especially with a bank purchase, using an agent is a good idea. Banks can be very particular about contracts and sometimes required follow up with the listing agent. A buyer' agent has no cost to you and can help. ... more
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Tue Dec 21, 2010
Michael Cline answered:
I noticed not one of the previous answers was from a lender, so I'll give you a straight forward answer. The industry standard these days requires a minimum of a 620. Some lenders may go down to a 600. The score is not everything. It also depends on what your history looks like. Contrary to popular belief...do not dispute items on your credit. If the account is yours, and the payment history is correct, it MUST NOT be disputed. Having a larger down payment helps, but if your credit is garbage then you're still going to get denied. Best advice...pay your bills on time! ... more
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Sat Oct 31, 2009
Don Tepper answered:
You need to be a lot more precise than a "rule of thumb." Regarding flipping, you only have half the equation, and the 30% number worked in good times; now it's 35%. The formula is: MAO (maximum allowable offer)=(ARV [after repair value] x 0.65) minus repair costs. So let's say a house, fixed up, would sell for $500,000. That's its ARV. You multiply that by 0.65. You're down to $325,000. Now let's say it costs $20,000 to fix it up. You subtract the $20,000 from $325,000, and the most you can pay for the house is $305,000. That's the formula to "flip" houses.

As for buying and making sure you get your money back after two years--I'm not aware of any such formula. Problem is, two years is two long. Even the formula for flipping wouldn't have worked at the top of the market if you were holding for two years. I know plenty of houses that at the top of the market had an ARV of $500,000. They're now selling at $250,000.

The house flipping formula doesn't take into account appreciation or depreciation. A two year holding period needs to take those into account. But there's no way of knowing.

So, you have to make assumptions. If you assume the market will stay flat, then you have to buy cheap enough now to cover all your transaction costs going in, plus your sales costs going out. It'll cost about 10% to sell the house--maybe a tiny bit less. And it'll cost you a few percent going in. So, you ought to buy about 15% or more under market today if you're assuming the market will stay flat and you want your money back in two years.

Similarly, if you think the market will go up 5% a year--so slightly more than 10% in two years--you'd only have to buy at 6%-7% under market. Or if you think the market will decline 5% a year, you'd have to buy at about 25% under market.

Again, those are only rough approximations. But you get the idea.

Hope that helps.
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Sat Oct 31, 2009
Brenda Straddeck answered:
If the taxpayer obtains the "benefits and burdens" of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. (New 7/2/09)
This information is from the IRS web site.
If I can help you with anything else let me know.
Brenda Straddeck
Brenda.Straddeck@century21.com
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