Unfortunately, this is quite common in today's world and more unfortunately, too many people must fall prey to these scammers or it wouldn't be going on so much. My advise is if it's too good to be true, it probably is a scam and NEVER ever pre-pay for anything or provide personal information before getting an authorized vist of the rental property. Your best bet is to always go througgh a REALTOR or licensed property management company. Good Luck... more
That's a great way to go because you already know the home and the neighborhood. We still think you need some unbiased advice on the value of the home. You can't trust automatic home valuations on Trulia and Zillow because they are based only on computer algorithms. Realtors provide the best information about home values. It sounds like you're working this out with your landlord so you may not have the option of asking a realtor.... more
You have gotten some good answers. All of the first time home buyer program have income limits. Some have limitations on where the house can be located. Others are limited by one's credit score. It is best to work with an experienced hard working mortgage banker or broker to find out all of the financial options available to a client.
Both the USDA or VA loans do not require a down payment- 100% financing. If the first time homebuyer purchases a HUD house and uses the preferred lender of Homesteps, then 3% or 3.5% of the buyer's closing costs are paid for. If a buyer chooses a new home, then almost all of the production builders in Charlotte will pay for some if not all of the buyer's closing costs.
In addition, if the buyer is a policeman, nurse, firefighter, medic, then there are specific loan programs available to them. If the buyer is employed by a large bank, then there are buyer incentives for getting a loan with that bank. The only challenge is finding the dream house for the price and condition that the first time home buyer wants. Our housing inventory has been decreasing in the Charlotte area as buyers have realized what a great opportunity they have now.
Wishing you success,
Robin Faison, broker
Keller Williams Realty... more
The Folkston Drive in Medford Acres... commands slightly lower than the other streets in Medford Ac. But in general, fixer uppers have sold for around $100,000 with fixed up (those same 100K houses - 4 months, and 40K later) for about $160 - $180,000. In the past houses in this area sold for upwards of $200 - $250,000. The area is still doing good... If you are considering fixing a house up just make sure you get estimates before you put in an offer. There are some with a structural damage and are not good for amateur renovators - or quick flips.
Your agent can help you with this. Check out our webiste www.HipHoods.com to learn more about Medford Acres and other popular neighborhoods, like Merry Oaks, Eastway Park and Sheffield Park that are nearby. Also... Windsor Park.... more
i am sorry to hear about the issues you are having with your house. Unforutnately in the North Carolina offer to Purchase contract it does state that at closing the buyer accepts the home in the condition it is in now.
If you signed a due diligence repair request and agreement you MAY have some recourse. However; this is going to be something to take up with an attorney. Preferably the one that did the closing for you should know what legal rights you have.
The seller should have made you aware of the repairs being finished in a workmanlike condition and was to notify you in writing with documentation supporting that the repairs have been done. Your Realtor should have requested a copy of the invoices showing that and scheudled a reinspection prior to closing to verify that the work was completed as agreed upon.
The home isnpector has nothing to do with this. he did his job by doing the insopection and notifying you of what was wrong. You had the option to have him come back out for a reisnepction at an additional cost to you. On major repairs I usually do..something minor that you can tell by looking at it or turning on the water or flipping a sweithc I usually do not...But again this si something your Realtor should have advised you on.
The best answer here is unfortunatley to consult with an attorney and see what legal recourse, if any, you may have.
In my opinion the Plaza-Shamrock is an excellent choice for a home investment. You can get in at the price point you are comfortable with and your opportunity for equity growth is considerable...especially once the light rail is completed.
I have a small boutique real estate brokerage in NoDa, Progressive Urban Real Estate (PURE). My partner and I specialize in first time home buyers.
I would be happy to help you find just the right property if you would like to contact me. My cell number is 704 654 9995 or you can email me at firstname.lastname@example.org.... more
I am not sure if it has hit the bottom but we are shallow water. prices for homes are down statistically in many areas of DC Metroa are. This due to many factors such as obtaining credit, etc. If you have the income and money saved it is a great tiem to purchase and/or add to the your real estate portifolio.... more
I'm a Realtor with Coldwell Banker in Charlotte with over 12 years experience in property management. My wife ( also a Realtor) and I work as a team currently managing 35 properties. We charge a one time initial setup fee of $125 as well as fee to market, meet applicants and process applications of half of the first months rent when property is rented. After a Tenant is secured, our monthly fee is 8% of monthly rental amount. Let me know if I can assist you further.
Coldwell Banker United... more
Don't panic. I was in this situation a year ago and everything worked out great. If you play your cards right you are about to save a boatload of money.
First, if you can locate your current landlord, find him and get him to sign a new lease for however long you wan't to stay in the property. Because of new tenant protection laws the lease will be honored. I signed a new lease the day before the foreclosure and was able to stay 18 months after the foreclosure.
If you plan to buy a house in 18 months or so make the landlord a cash offer for the washer, dryer, fridge, stove ext. Right before foreclosure he will be very receptive to a little extra cash especially since he will be losing those items anyways. I bet you can get them for $50 each. Just make sure you right up and keep the contract.
Keep paying your rent and sit back and wait for the foreclosure notice. Once this happens the bank (most likely Fannie or Freddie) will send contact information for an agent to discuss moving out. Show them the lease you have and tell them you want to stay. They will make you a good offer to leave (2 months rent + lost security deposit). If you decline to leave, you can talk them into lowering the rent and staying through the end of your lease (thatâ€™s what I did - shoot for 15% lower rent).
If you really want to squeeze all you can out of it, delay contacting the agent they assign to sign a new lease with you. You could push it until you get an eviction notice but thatâ€™s playing with fire. Regardless, you won't be paying any rent from the date of the foreclosure until you sign a new lease with them.... more
Your on the right track with wanting to invest in a Duplex. I have been traveling the country mentoring now for the past 6 years and have trained 100's of students, it refreshing to hear that you get it!
A few questions you need to ask yourself.......
1-Arrmse you living on either side?
2-Are you looking for CASH FLOW or APPRECIATION?
3-Will you manage it or do you get a property manager?
4-How are you funding this deal?
Sit down with a local realtor and let them show you all duplex listings. Let the agent run a report for you on sales and DOM. I suggest you pick 4-5 areas to farm. Try to get owner owned properties ONLY if you are looking to e bcrearive with the terms. If you have funding in place look at the REO's as well. Just remember it's AWLAYS about the NUMBERS. Once you get your list go after higher days on market properties first.
Hello Chris. I completely disagree. I am a former sales counselor for CP Morgan, my husband worked construction for them & I own a CP Morgan home. My home is now 2 years old & any minor problems that I have had (nothing out of the norm for new construction) have been fixed & I have had no major problems. I am VERY familiar with all of their plans, building process, & I know a large part of the staff. I will do my very best to get you the very best deal & of course the very best service. What neighborhood are you looking at?
Please let me know if you have any additional questions at all.