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Dry Ridge : Real Estate Advice

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  • Home Buying4
  • Home Selling0
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Activity 7
Sun Mar 5, 2017
Christinahutchinson89 asked:
Thu Feb 11, 2016
MCM_STL answered:
Very few mortgages are assumable so I can pretty much promise you that's not an option. At no point can you negotiate with the lender directly. That's why they aren't calling you back. Aside from the foreclosure auction, if they ever want to sell this, they will use a real estate agent.

Not knowing exactly where this house is in the process, here are the options:

1) If the home- owner has missed payments, they can sign a listing agreement with an agent and try to pursue a short sale. Those are fully dependent on the lender's approval and tend to be a giant, drawn-out headache if the sale ever closes at all.

2) There will be an auction where you can buy this home from the lender for cash.

3) If the home fails to sell at auction, the lender will assume ownership. At some point after that, the home will be listed for sale with an agent at which point you an try and buy it.
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Sat Jun 13, 2015
Josh Barnett answered:
Here the only two that trulia has http://www.trulia.com/for_rent/Erlanger,KY/SINGLE-FAMILY_HOME_type
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Mon Apr 29, 2013
Trevor Curran answered:
Good evening aroberts.2012,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-help-yourself

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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Sat Sep 8, 2012
mefcincinnati asked:
I'm Handy and can fix just about anything so if anyone has a home where they would like to work out the rent as partial payment and they pay for the materials I can do the work. I'm…
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Tue Aug 7, 2012
Allison Z answered:
150 Ten Mile Drive, Crittenden KY

3 bedroom, 2.5 bath 2 story newer house with a fenced yard that backs up to a farm.
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Sun Jun 24, 2012
LorrieSchumacher answered:
There are always different houses/mobile homes for rent in the area. The problem is they are usually rented very quickly since it is a desirable place to live. Another problem is most landlords either don't know how or just don't want to bother with listing online for rent. I recently had a rental property that I just spoke of getting ready to rent and before I could advertise it, someone had wanted to rent it. Also most renters in the area stay for long periods of time.

The housing shortage in this area will only get worse and become more expensive once the new theme park "The Ark" is built.

Your best bet is to drive and catch the numbers on the for rent signs that you see.

Other than that, have you considered buying? So many think it is beyond their ability, but its usually not. With a little time and effort, in six months to a year, even the worst credit can be fixed. But you have to want it.

On that note, this area will be an excellent investment area because of the planned expansions.

I watched someone buy a mobile home (granted it needed a little tlc) for $2k earlier this year. So, don't give up!
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