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General Area in Fairhope : Real Estate Advice

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  • Home Buying26
  • Home Selling2
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Activity 4
Thu Feb 13, 2014
Marilyn Taylor answered:
Please contact Marilyn or Genie at Roberts Brothers Inc. We manage a number of vacation rentals in the Fairhope, Al area. Our number is 251-928-2109 or visit our website www.robertsbrothers.com ... more
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Tue Jan 14, 2014
Keith Jean-Pierre answered:
I would suggest you try the regular rental sites:

http://www.craigslist.com
http://www.apartments.com
http://www.trulia.com (Rentals Section)
http://www.zillow.com (Rentals Section)
http://www.realtor.com (Rentals Section)

Between all of those, you will get a very clear picture if you can find what you are looking for. Good luck!
... more
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Tue Jul 16, 2013
Mary McNair answered:
Please visit my profile (click on my picture) to call or send an e-mail to me with details regarding your needs and budget. There are wonderful rentals available in the area, but they don't last long. Once I get your specific details, I'll send you an e-mail with listing details so you can decide which you'd like to see. I'll then save the criteria for automatic hourly updates so you have a better chance of being the first one to get your application and deposit to the listing agent. ... more
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Mon Oct 29, 2012
Rodney Mason answered:
I do not suggest doing lease purchases. There are simply way too many things that can go wrong with one from either side.

In order to do true owner financing, the owner must own the property free and clear of any mortgages. Very few sellers are going to be in that position.

If the property currently has a mortgage on it, the owner cannot legally transfer the title to a buyer without the mortgage first being paid in full. Most all mortgage loans have a due on sale clause. This due on sale clause requires that the mortgage be paid in full should a title transfer occur.

The buyer is also at great risk on a lease purchase transaction should the seller quit making their mortgage payments. Right now, many sellers cannot afford to make their mortgage payments or simply chose not to continue making them. I have seen where the buyer is making their rent payment, but then the owner is not paying the mortgage. The next thing the buyer knows is that the home is in foreclosure. That means the buyer will generally not get back any of the money they have given as earnest money or security deposits.

It is also a big risk on the buyer. If your credit is not where it needs to be now, there is no possible way of you knowing it will be acceptable in a set amount of time.

Before entering into any type of agreement like that, the buyer needs to make sure that they fully understand the potential pitfalls that could arise. Should the seller default on the mortgage, the buyer could lose ALL of the money that they have invested. Until you are able to purchase, renting is generally the safer option.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
... more
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