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Home Buying in Charlotte County : Real Estate Advice

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  • Home Buying6
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Activity 386
Fri Jun 23, 2017
Kathy Burgreen answered:
Let me get this straight. You are willing to use your savings for a huge upfront deposit on a Rent To Own + pay a monthly rent + a monthly premium amount + sign a contract for doing so and the contract will state you will not get your money back if you don't buy the house YET you don't want to wait 6 months for your credit to improve/

What's wrong with you? I'm guessing you don't understand how Rent To Own / owner financing works. Allow me to explain (I'm a former realtor).

In a Rent To Own situation, you (the tenant) will sign a contract with the owner that says you will pay a huge upfront deposit + a monthly rent + a premium rent. The deposit goes towards the down payment and the premium rent goes towards the purchase price. The regular rent goes towards the owner. When the lease is finished, you will need to qualify for a mortgage loan from a lender.

The risks to you are as follows:
1. Suppose you don't qualify for a loan? The contract you signed says the owner keeps the house and all of the money you paid (upfront deposit, rent, etc.). Sorry, no refunds.
2. Suppose you don't like the house after 2 years? Again, the contract you signed says the owner keeps all of your money. No refunds
3. Suppose you get a job in a different area or you need to relocate for whatever reason? Again, the contract you signed says the owner keeps all of your money. No refunds.

Do you still want to take this risk? You will lose thousands of dollars. A much safer method is to wait those 6 months (too bad, so sad), work on improving your credit to at least 620, then buy a home. You will have plenty of options for a loan with a credit score of at least 620. Also you just need 3.5% down payment for an FHA loan.
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Wed May 24, 2017
Cmez29 answered:
What does ground maintenance consist of?
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Sat May 20, 2017
lostbuckeye21 asked:
Thu May 18, 2017
Dieckmann asked:
Mon Apr 17, 2017
Shirley Esposito asked:
Thu Apr 6, 2017
Jarmacee answered:
Sometime cash is the only option because the structure doesn't meet the qualifications for a home mortgage, either due to structural damage or incomplete construction.
0 votes 17 answers Share Flag
Fri Mar 17, 2017
Kelcole64 answered:
try watiching on line or on tv. for condo deals. seen places in florida sell for 30k and hoa one was 185 a month. seen some as low at 125 per month.
0 votes 6 answers Share Flag
Sat Feb 11, 2017
Kathleen Quinn-Leslie asked:
Wed Feb 1, 2017
Diane Christner answered:
If your mother is not an actively licensed real estate agent, then no, she cannot get a commission. They do require agents to provide their state license number, which is verified.

In FL it is a crime to collect a commission on a real estate sale if you are not appropriately licensed.

Since the money is collected either way, why not hire your own buyer's agent, one that is well versed in dealing with Hubzu. Hubzu is not the easiest company to deal with as an experienced agent. As an inexperienced buyer, it makes sense to have representation.
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Mon Jan 30, 2017
Musacman answered:
If me and my wife buy a home in a 55+ community are we aloud to have our niece who is 34 live with us, and if so should something ever happen to us and she is still living there would she have to sell our house and move due to the age limit ? ... more
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Mon Nov 14, 2016
Diane Christner answered:
The CDD fees for a property are included on the property tax bill in Florida. You can look up the property tax bill by going thru the Charlotte county property appraiser's website, pull up the individual property address.

Please note there are generally 2 portions of a CDD fee. The bond portion runs for a specific number of years and can be paid off early if you wish to do so. The Operations & Maintenance portion will vary from year to year, depending on budgets set, is not based on bond payments, does not get paid off in a set number of years.
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Thu Oct 13, 2016
Ethan Massa answered:
I advise anyone purchasing any real estate to obtain title insurance. Especially when purchasing a property from a bank.
0 votes 2 answers Share Flag
Sun Aug 21, 2016
Manugit asked:
Like the area to retire,but many neg comments about
KB Home. Anyone have up to date comments as most I see are years ago.
0 votes 0 Answers Share Flag
Thu Aug 18, 2016
Froken128 answered:
what does deed restricted mean
0 votes 12 answers Share Flag
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