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Home Buying in Fillmore : Real Estate Advice

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Activity 8
Sat Jul 16, 2016
Lister.sarah20 asked:
Should i contact the seller directly or do I need a third party? If I do need a third party to represent myself would the closing costs of the home be more than the 150,000 I am looking…
0 votes 0 Answers Share Flag
Mon Feb 8, 2016
Kathy Burgreen answered:
No it's not a good option. Some facts first:
1. The owner or landlord requires you to pay the regular rent + an additional rent which goes towards the purchase of the home.
2. If you don't qualify after 1 - 2 yrs. of the contract, the owner landlord keeps all of the money. Therefore you just lost thousands of dollars in a rent to own.
3. Most sellers find it easier & cheaper to sell than become a landlord and have their house as rent to own.
4. You will be required to have a down payment up front. The contract also states the owner landlord keeps your down payment if you don't buy the house.

Do yourself a favor. Forget the rent to own, fix your credit issues and buy in a year.
... more
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Mon May 19, 2014
Alex Ortiz answered:
Correct all unpaid collection accounts need to be used for your DTI and also need to be paid off.
0 votes 3 answers Share Flag
Thu Aug 22, 2013
answered:
I do not do 203K loans I would check with a lender that does them. From what I know it may be a problem. The end result most likely will be to tear down all the non permitted parts of the structure. On probate deals, the court makes an appeal for additional offers. ... more
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Thu Apr 26, 2012
Larry Stewart answered:
Hello Claudia! If your question was regarding the Goodenough Road property at $1,499,000 the answer is yes. Call me if you would like to make an appointment to see it. (949) 697-5142. Larry Stewart, Listing Agent. ... more
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Sat Sep 12, 2009
Barry Shapiro answered:
Jaysmom,

Ted accurate response addressed the question from a Seller and Listing Broker's perspective, in relation to their exclusive contract.

A cancellation clause in a purchase agreement is a clause that details the conditions under which each party may terminate the agreement. It appears to me that you may be confusing "Contingencies" with "Conditions" ... A Buyer has contingencies which enable them to cancel the contract within a specified and negotiated time period. "Conditions" are used in the lending arena, prior to funding the Buyer's loan. If you are only in the "offer" stage of the contract, and NOT in escrow or have a fully executed contract, then the Buyer may withdraw their offer, using a CAR Form WOO. If you are not in default and want to cancel the contract, use the CAR Form CC, Cancellation of Contract, Release of Deposit and Joint Escrow Instructions.

If you are a seller and in escrow with an executed contract, the only condition which allows you to cancel is if the Buyer is in default or if the Buyer should initiate the cancellation. Good luck on your transaction.
... more
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Thu Aug 20, 2009
Barry Shapiro answered:
Sybil,

Ted has offered some excellent advice and direction.

I would like to add the following information as I understand it, which may or may not apply to your particular situation. In a recent USDA Bulletin (no pun intended) comparisons were made indicating this loan is much like an FHA loan -- and even though the spouse is NOT going on the loan, they will count their Active debt againt the ratios. Key word: Active debt. Not chargeoffs The non-borrowing spouses debt is used to qualify the couple as if the borrowing spouse has the debt... They do not count the income and credit score ,,, only the ACTVE debt. (or what I call coop debt) Deferred student loans are included w/in 6 months of the application. Charge offs are not counted (collection accounts, not counted either) ACTIVE DEBT....Could be a friend or a foe. It raises your FICO scores, but makes it harder to qualify (ratios). If you reach an empasse on conventional financing, you could consider seller financing, which has fewer restrictions (but fewer choices of inventory). I know of 2-3 seller-financed homes available in Camarillo and Leisure Village. ... more
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