Because the home is a piece of crap and is located in a bad neighborhood. As a matter of fact, the entire city of Mountain Home is a bad neighborhood. The home is not selling because nobody other than conspiracy-theorist teabaggers with buried buses and huge collections of firearms and ammo would want to live there.... more
One of the first steps in buying a house would be getting pre-approved for a home loan. The reason why you should get pre-approved first is so you can get an accurate idea of how much you can afford. Once you know this, you can start looking for houses in your price range. Also, offers from buyers who are already pre-approved are taken more seriously than offers without a pre-approval.For a pre-approval a lender will review your credit files to see if you are able to qualify you for a loan.
Here is a list of documents you may want to have ready when seeking a pre-approval:
- W2 forms from the past 2 years
- Pay stubs from the last 2 months
- Tax returns for the past 2 years
- Checking or savings bank statements for the past 3 months
- Statements for all your other assets like stocks, bonds, retirement accounts for the last two months
- Business tax returns if you are self-employed
These are just some basic things you'll need for the first steps in looking for a home. If you have any other questions or need a loan please contact me through the information on my profile page!
Hope this helps and good luck!
Sr. Mortgage Banker
NMLS # 659743
I wonder if it is possible to have the buyer's get pre-approved from the park before you agree to sell it on contract. That way, they can take full responsibility for the space rent and you can always take a bit less on payments and extend the time period if they buyer gets in a pinch.... more
There is no magic answer to how much a Pet Deposit should be. The quickest easiest answer is "when in doubt, say no".
Each bread of pet is unique and different so there is no one size fits all answer. Did you know some insurance carriers won't even give you Home Owner's Insurance if you have certain breads of pets (i.e. pit bulls)?
If a puppy chews all your door casings and pees all over, how much will it cost to replace?
If a cat pees all over and sprays the walls, how much will it cost to use a product like Kills to seal in the odor before you replace the carpet and pad?
I have pets, so I am sympathetic to pet owners; however, I have personally spent over $3,000 repairing damages over and above a pet deposit since the tenant didn't have any money to go after for the additional damages!
People trying FSBO sometimes have luck with the local assessor's tax records for looking up sold properties. This information does not always include important details, such as closing costs, etc.... more
You might want to look at the link below.
The problem is that most home sellers are pricing their homes too high. They lower the price later, but by then the market has fallen farther. We have a term for that "chasing the market".
So, what to do?
Do you absolutely need to move? What alternatives do you have?
If you need to move, can you rent it out instead of selling? Check with your CPA on the tax implications. That happened to my wife and I, 18 years later we sold the property for a lot of money.
If you do need to sell, then price the property slightly BELOW market. Hopefully you will attract multiple offers and you will be able to sell for the best price.
Buyers are in control. I work with buyers occasionally, and their current attitude is: unless it scream BUY ME I am going to wait because I don't have to buy right now and I think that prices are going down.
Who can argue with that logic?
I would ask your Realtor to show you, since your home hit the market, how many homes, like yours, have:
come onto the market
Lowered their price
The truth is that homes are selling...just not yours. Price is right, and it will sell. In most areas the market is active enough where very few homes will actually sell below market.... more
Charles, the answer to your question depends on the value of these lots. If these are individual lots at a value of $12K or less for each, your mother can gift these to you every year, free of gift taxes for the next 10 years. If on the other hand, the value of the entire 10 lots is $50K, then some parts may be gifted and the others would be treated as income to you. Once the property is in your name, you can acquire funding for a loan to build. Hope this helps.... more