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76102 : Real Estate Advice

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  • Home Buying3
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Activity 3
Mon May 19, 2014
Bruce Lynn answered:
All of these people from out of state answer you, but they don't know the Texas law.

YES....the option fee is non-refundable. Typically this might be $100-$200.
You might try to get it lower since this is a backup contract.

I normally don't like to do back up contracts due to this reason and also that you tie up your earnest money on a house hopefully that has a good buyer and seller.

I normally just tell the seller that we like the house, come back to us if something happens. In the mean time you keep looking for the house you will contract on. If you don't find another and this one comes back then be in line.

It happened this week for one of my buyers.

Good'll find the right place.
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Thu Feb 6, 2014
donnatupper answered:
We are looking for people who want to own a home but can't get approved for a loan because of bad credit or who show little to no income due to self-employment. Let me be clear, this is NOT a free-for-all on home buying. My company finds buyers who have the funds to support a mortgage payment but show very little income or have a poor credit score. We find homes for those looking, remodel the home to the buyer's wants/needs and put them in it. A 10% deposit is necessary to secure a home in your name. If you want to own your own home and have a stable, verifiable income that can support a monthly mortgage payment, we need to talk. Let us do the work for you and see if we can get you into your own home. Again, this is NOT a government sponsored program or a loophole in the system. We are an honest company helping those who cannot find funding in a traditional manner. Contact me and let's start examining your options!
Donna T
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Fri Jan 27, 2012
Barbara Coker answered:
These agents are giving you good warnings about this type of situation. There is great risk, and that is why there are no TREC promulgated forms to fit it.

From the lender's standpoint, I need to add that any "rents" that the seller would give you back as credits towards your down payment are only allowed to the extent that they exceed the fair market rent, as determined by the appraiser. You would need to provide cancelled checks to prove your payments. Of course, he can pay closing costs and prepaids, again following the guidelines of your mortgage type. ... more
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