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East English Village : Real Estate Advice

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  • Home Buying7
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Activity 9
Wed Sep 17, 2014
Junior Beaubrun answered:
Most rental clients have some issue that makes them resort to renting. Some have no down payment money, getting evicted, bad credit, low income, shortsale etc etc etc... Most are usually not by choice. ... more
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Tue Aug 20, 2013
Video Inspectors answered:
We Buy, Sell and Rehab Detroit Investment Properties.
SheriffWholesale@gmail.com
http://www.SheriffWholesale.com
0 votes 5 answers Share Flag
Thu Jan 31, 2013
Pam Sawyer answered:
Land contract
From Wikipedia, the free encyclopedia
A 'land contract' (sometimes known as a “contract for deed,” "agreement for deed," "land installment contract" or an “installment sale agreement”) is a contract between a seller and buyer of real property in which the seller provides financing to buy the property for an agreed-upon purchase price and the buyer repays the loan in installments. Under a land contract, the seller retains the legal title to the property, while permitting the buyer to take possession of it for most purposes other than legal ownership. The sale price is typically paid in periodic installments, often with a balloon payment at the end to make the timelength of payments shorter than a corresponding fully amortized loan without a final balloon payment. When the full purchase price has been paid including any interest, the seller is obligated to convey legal title to the property to the buyer. An initial down payment from the buyer to the seller is usually also required by a land contract. The legal status of land contracts varies from region to region.
Since a land contract specifies the sale of a specific item of real estate between a seller and buyer, a land contract can be considered a special type of real estate contract. In the usual, more conventional real estate contracts, a seller does not provide a loan to the buyer; the contract either does not specify a loan or includes provisions for a loan from a different "third party" lender, usually a financial institution in practice. When third party lenders are involved, typically a lien called a mortgage or trust deed is placed on the property so that the value of the property is used as collateral until the loan is paid in full.
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Wed May 30, 2012
answered:
Hi, Kbuys. What do you consider bad/poor credit? Furthemore, you're better off improving your credit score and history first. It will save you significant time and money in the short and long run. Most LO, like myself, offer free credit counseling and can help you better your credit and chances of getting approved and saving time and money. ... more
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Wed Sep 7, 2011
Brian Williams answered:
This is a very good thing. Iam a real estate investor in Detroit. I am fixing up homes in the city. We need responsible landlord here. If you would like to discuss further contact me at info@onlybrickhomes.com.


Thank You
... more
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Wed Jun 30, 2010
Scott Godzyk answered:
Assuming there is no mortgage on the property, Usually buying out a partner consists of quitclaiming the interest of one party to a second party. It could differ in state to state and differ if it is in a business name. Usually a title search is conducted to make sure there are no other liens, then a new deed is typed , signed and recorded. Average cost can be 275-550 depending on teh going rate for real estate attorneies and any speical things you need.

You can simply call a real estate attorney or closing attorney and they can give you a quote of your exact costs. this isnt meant as legal advice but industry averages as each persons situation may be different.
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Fri Feb 1, 2008
smith3gary answered:
Danel, You will usually be paying for such things as real estate commissions, private home inspector, appraisal fees, loan fees, State and Local taxes and fees, escrow charges, advance payments such as property taxes and homeowner's insurance, title insurance premiums, pest inspections, City inspections or re-inspections and the like.

I agree with Bill, all costs are negotiable. I always recommend a private home inspection to buyers and in your case, also suggest paying for an appraisal. Better to spend a few hundred extra than find out you cannot afford to make major structural repairs on a home you purchased for more than market value.

Make sure you understand all items on the City of Detroit property inspection before signing an Affidavit of Compliance and Responsibility (ACR). When I did not pass my first inspection prior to selling my home in Detroit, the inspector found 10 items the first missed.
... more
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